Managerial accounting stresses accounting concepts and procedures that are relevant to preparing reports for: a. taxing authorities. b. internal users of accounting information. c. external users of accounting information. d. the Securities and Exchange Commission (SEC).

What are the key differences between financial accounting and managerial accounting?

Should a managerial accounting system provide both financial and nonfinancial information? Explain.

Which area of accounting needs a computerized accounting information system the most—payroll, tax, or preparing financial statements?

Typical accounting tasks include all of the following tasks except ________. A. auditing B. recording and tracking costs C. tax compliance and planning D. consulting E. purchasing direct materials

Indicate whether each statement describes financial accounting or managerial accounting. The information is directed at external users who are making decisions pertaining to investing, extending credit, and other decisions. The principal users are the organizations managers. The key focus is on the entity as a whole. The rules and principles are very flexible. The information gathered is usually available after an independent audit has been completed.

What is the purpose of management accounting?

The standards, procedures, and principles companies must follow when preparing their financial statements are known as which of the following? A. Financial Accounting Standards Board (FASB) B. generally accepted accounting principles (GAAP) C. Securities and Exchange Commission (SEC) D. conceptual framework

Which one of the following components of internal control over financial reporting sets the tone for the organization? a. Risk assessment. b. Control environment. c. Information and communication. d. Monitoring.

Management accounting: emphasizes special-purpose information relates to the company as a whole is limited to strictly cost figures is controlled by GAAP