Explain how management accounting should not fit the straitjacket of financial accounting.

Q: Which of the following statements about finance, accounting, and financial management is most…

A: Finance is the amount or value of money being held by the business. Accounting is the process of…

Q: While business decisions should be data-driven and usually involve consideration of quantitative…

A: Following are the qualitative factors that should be considered while making a make and buy decision…

Q: Which one of the following statements is not correct regarding financial accounting and management…

A: Financial Accounting - This is a branch of accounting under which business transactions are recorded…

Q: Explain the problems associated with inappropriate accounting practices.

A: Fraud: Fraud is a malicious act committed by people to fulfill their personal benefits. In case of…

Q: Management accounting information

A: Management accounting information is the information generated within the entity for the use of…

Q: difference between financial accounting and management accounting

A: Financial accounting is the process of collecting data to create financial statements. Managerial…

Q: Define materiality.  How does materiality come into play when assessing financial statement…

A: Materiality is the threshold above which missing or incorrect information in the financial…

Q: Evaluate the strengths and weaknesses of interpretive accounting theory

A: Interpretive Accounting theory:-Interpretive Accounting theory has evolved and made significant…

Q: What is the relationship among management, auditors, investors, and creditors that tends  to…

A: Preclude the “What would you like it to be?” Attitude. Making it impossible to deviate from the…

Q: How are financial accountants challenged in their work to make ethical decisions? Is technical…

A: Ethical behavior implies taking such actions which are not only as per laws but also confirm to…

Q: What are some of the shortcomings of teaching accounting only as a skill?

A: The shortcomings of teaching accounting only as a skill are being discussed considering the dynamics…

Q: What are the costs and benefits of management’s use of judgement in financial reporting?

A: Management is the internal part of any organization and thus it plays a very crucial role in making…

Q: Managerial accounting places less emphasis on_______________ and more emphasis on___________ than…

A: Financial accounting: Financial accounting is the process of recording, summarizing, and reporting…

Q: Management, not the accountants, prepares a company's financial statements. Think what what this…

A: The answer :

Q: What is an externality, and why do financial accounting practices typically ignore externalities?

A: Externality is the benefit or the cost caused through the producer that is not incurred financially…

Q: “Management accounting should not fit the straitjacket of financial accounting.” Explain and givean…

A: Financial accounting is concerned primarily with the financial data related to an organization…

Q: State whether the following statement is true or false. "Accounting relies on inexact or approximate…

A: Financial Statements are the outcomes of accounting concepts and conventions combined with…

Q: Which one of the following statements is not correct regarding financial accounting and management…

A: Financial accounting is a branch of accounting which means preparation and circulation of financial…

Q: One major difference between financial and management accounting is that A. financial accounting…

A: Financial accounting includes preparation and presentation of financial statements primarily to…

Q: Why is it important to organizationally separate the accounting function from other functions of the…

A: Accounting functions: The functions that are related to maintenance of records of the financial…

Q: How is financial accounting different frommanagement accounting?

A: The financial accounting and the management accounting are used for taking decisions for the…

Q: The origin of management accounting is due to limitations of Financial accounting and cost…

A: Management accounting means an field of accounting where accounting information is used in such a…

Q: But what's the distinction among accounting and management

A: Accounting: It is the process of recording any financial transactions incurred in the financial year…

Q: Which of the following is most closely linked to accounting conservatism? a. Lower-of-cost-or-market…

A:

Q: How do the subject matter of reports and the verification of reports differ between financial…

A: Both financial and managerial reporting have different scope and objectives .Detail explanation…

Q: It has been suggested that not all accounting choices are made by management in the best interest of…

A:

Q: Is there a distinction between management and financial accounting?

A: Accounting refers to a process through which all day-to-day activities or transactions occurred or…

Q: Financial accounting information can be used for internal reporting purposes.

A: The costs involve the fixed cost and variable cost in the production process of the company.

Q: rial accounting and financial accou

A: Managerial accounting is the accounting used by managers and other internal users to make corporate…

Q: Why are some managers motivated to manipulate amounts reported in the financial statements?

A: Financial statements are prepared at the end of the year to analyse the financial position and cash…

Q: Test your knowledge • The role of management accounting does not normally include the function of •…

A: Management accounting is a form of accounting under which financial information and financial…

Q: Managerial accounting is different from financial accounting in that

A: Managerial accounting is the branch of accounting which deals with the forecasting, predictions or…

Q: Describe why financial management within an organization is such a difficult task and importance of…

A: Financial management (FM) means managing all the activities which are related to funds like…

Q: Financial accounting data prepared in accordance with GAAP. But management accounting don’t follow…

A: The answer for the theory question on Financial Accounting vs Management Accounting is presented…

Q: Both financial and managerial accounting rely exclusively on GAAP for reporting. True False

A: Generally Accepted Accounting Principles (GAAP) are framed for uniformity in accounts. Different…

Q: Why accounting is an infromation system? Explain with your own point of view with example.

A: Accounting Information Systems helps to perform the tasks in the job of Budget Analysis. An…

Q: Explain the difference between earnings management and financial statement fraud.

A: Definition: Fraud: It refers to the intentional misrepresentation of the financial information or…

Q: The major objective of financial reporting is to provide information that is useful to management in…

A: Financial reporting consists of: Financial statements  Annual report Prospects issued to the…

Q: Why does the Accounting system used for financial statement preparation not always provide the…

A: Management needs detailed information for making a decision. Many times accounting systems do not…

Q: Management accounting is required to follow generally accepted accounting principles. Select one:…

A: Management accounting is done mainly for users like executives , product managers, sales managers to…

Q: Explain differential effects on accounting standards.

A: Accounting standards deals with the issues of: Recognition of events and transaction in financial…

Q: Financial accounting is concerned with how and why profits arise. Select one: True False

A: