The accountability instrument refers to the answer choices as below, except A. fiskal / fiscal B. Program / program C. pengurusan / management D. dasar / policy
Q: Which of the following are considered secondary characteristics of accounting information? a.…
A: Accounting information is used by various users for different purposes. The primary characteristics…
Q: Considering whether to use historical cost or fair value relates to which of the following…
A: The procedures applied and principles followed by the company to prepare its financial statements…
Q: Describe the Management’s Responsibility for Financial Statements.
A: The financial statements of the company are the responsibility of management. The financial…
Q: Accounting policies, methods, and estimates used in preparing fi nancial statements aremost likely…
A: Auditor's report is considered to be an very important tool particularly for companies as they…
Q: How does FASB use their conceptual framework (objectives, qualitative characteristics, elements, and…
A: Solution- Introduction to FASB Short for Financial Accounting Standards Board, FASB is a…
Q: How can a broader conceptualization of accounts, accounting and accountability (the 3As), and the…
A: These 3As like Accounts, Accounting and Accountability are three different concept and it must be…
Q: Explain the concepts of fiscal and operational accountability and the basis of accounting used to…
A: Financial accountability refers to the policies adopted by a board for the attainment of their…
Q: Determine the second level in the conceptual framework of accounting. a. Qualitative characteristics…
A: A conceptual framework of accounting is a system of ideas and major goal which lead to the making of…
Q: The Accounting research division of Accounting principle board (Apb) in it's research recommendation…
A: Financial statements are those statements which depicts the information related to the business over…
Q: GAAP provides rules for entities to follow when preparing financial statements which assist…
A: Accounting principles means the fundamental upon which the whole accounting is based. Every entity…
Q: he following is a list of qualitative characteristics of useful accounting information identified in…
A: SOLUTION- AN INDEPENDENT BODY OR ORGANIZATION WHICH IS INVOLVED IN PREPARATION OF FINANCIAL…
Q: e broad conceptual definition of management accounting presented in the text excludes a. public…
A: Management accounting refers to the system of accounting that uses the informal for internal use by…
Q: The following is a list of qualitative characteristics of useful accounting information identified…
A: An independent body or organization which is involved in the preparation of financial accounting and…
Q: Answer the following multiple-choice questions. Accounting standard-setters use the following…
A: Accounting standards are used for financial reporting. These specifies how an accounting transaction…
Q: xplain with examples the qualitative characteristics of financial statement that would made…
A: The primary aim of financial statements seems to be to inform stakeholders regarding their…
Q: Which is the first step within the hierarchy of guidance when selecting accounting policies? a.…
A: Accounting Policies - These are the fixed principles, concepts, rules, etc. which are used by a…
Q: Select Yes or No for each statement below: a. Information that provides feedback about prior…
A: Relevant refers to the information which is generated through the accounting system and could impact…
Q: Which of the following are considered secondary characteristics of accounting information? a.…
A: Secondary Qualitative Characteristics of accounting information is how useful the information is.…
Q: Which of the following is most associated with financial accounting reports? a.can be prepared for…
A: Introduction: The publishing of an organization's financial performance to its stakeholders and the…
Q: Evaluation of the appropriateness of accounting policies used and the reasonableness of accounting…
A: Management is primarily responsible for the preparation and presentation of financial statements.…
Q: Explain these qualitative characteristicsof financial report as per IFRS: Relevance Faithful…
A: * As per the bartleby guidelines, in case of interlinked answer first 3 only Relevance: Relevance…
Q: Budgets in governmental organizations serve :as all of the following except .a Control mechanisms .b…
A: Budget is the quantitative expression of estimated future course of action. For example, Sales…
Q: Providing information to internal users for decision making is the purpose of which of the…
A: Internal users are those persons who are inside the company and make direct decisions for the…
Q: Which of the following are the fundamental characteristics of accounting information? O a.…
A: The fundamental qualities of Accounting Information are Relevance and Faithful Representation.…
Q: This approach is useful for compliance reviews where operators should do what the contract, law,…
A: Answer: The correct answer is option (b) Value stream map Value stream Map gives the clear overview…
Q: _______ can be defined as compelling events to go according to plan. A. Budgeting B. Management…
A: Compelling events are events that forces to take some decision.
Q: Which of the following statements are True? a) The financial statements are management's…
A: management is primarily responsible for the preparation and presentation of financial statements.…
Q: 1. Which is the first step within the hierarchy of guidance a. Apply a standard from IFRS if it…
A: Comments; Multiple questions asked Question 1 IFRS - These are accounting standards that describe a…
Q: Administrative Managers were to oversee the areas of Strategy Planning, Finance and Contracts,…
A: The Sarbanes-Oxley Act of 2002 is a U.S. federal legislation that seeks to ensure that companies…
Q: Which of the following statements regarding users of financial information is correct? Managers of…
A: Financial statement means the statement including income statement , balance sheet , cash flow…
Q: The accompanying chart shows the qualitative characteristics of useful accounting information. Fill…
A: The usefulness of Accounting Information: Accounting information is used by various entities such as…
Q: According to the convention of consistency Select one: a. Accounting policies and practices once…
A: In accounting, the convention of consistency means that accounting methods once adopted must be…
Q: Which of the following is the first step within hierarchy of guidance to which management refers,…
A: SOLUTION- ACCOUNTING POLICIES ARE THE SPECIFIC PRINCIPLES AND PROCEDURES IMPLEMENTED BY A COMPANY'S…
Q: Can you tell us what accounting will be used to evaluate each of the responsibility centers?
A: There are three responsibility centres in accounting Revenue centre-The revenue centre have…
Q: The purpose of presenting comparative information in the transition to IFRS is: a. to ensure that…
A: International Financial Reporting Standards (IFRS) They are commonly known as IFRS. It is a set of…
Q: Briefly distinguish between management and financialaccounting information in terms of ( a ) the…
A: Financial accounting: Financial accounting is different from managerial accounting. Financial…
Q: Accounting policies, methods, and estimates used in preparing fi nancial statements aremost likely…
A: Accounting policies are the course of actions that an entity uses to make its financial statements.…
Q: Which is the first step within the hierarchy of guidance when selecting accounting policies? A.…
A: Accounting policy is the rule or method which is adapted by any entity to determine the error free…
Q: The responsibility for adopting sound accounting policies, maintaining internal control, fair…
A: The primary responsibility of adopting sound accounting policies, their effective implementation,…
Q: Evaluation of the appropriateness of accounting policies used and the reasonableness of accounting…
A: Evaluation of the appropriateness of accounting policies used and the reasonableness of accounting…
Q: Identify the second level in the conceptual framework of accounting. a. Objectives b. Recognition…
A: The conceptual framework consists of ideas and objectives that helps to create consistent rules and…
Q: Information is considered to be if it is of a nature that will influence the financial decisions of…
A: Comments; Multiple Questions asked Material information is the one that influences the financial…
Q: Which file has as its primary purpose to provide historical financial data for comparative financial…
A: General Ledger is collection of all the accounts in an accounting system. It is also known as…
Q: Financial Statements
A: Management reports are the reports that contain the data related to the performance of the company…
Q: Which of the following statements are True? a) The financial statements are management's…
A: Financial statements are the reports that are prepared to indicate the financial position of any…
The accountability instrument refers to the answer choices as below, except
A.
fiskal / fiscal
B.
Program / program
C.
pengurusan / management
D.
dasar / policy
Step by step
Solved in 2 steps
- Which among the following is a tool of management accounting? a. Risk analysis b. Budgeting c. Responsibility accounting d. All the options listedThe GAAP hierarchy lists which source of authoritative accounting guidance as highest in priority? a. AICPA Practice Bulletins b. GASB Implementation Guides c. GASB Technical Bulletins d. GASB StatementsIdentify the policyholder who transfers the title of the policy. a. Consignee. b. Nominee. c. Assignor. d. Assignee.
- Which function is not contained in the management accounting department? a. Cost accountingb. Financial accountingc. Budgetingd. system studye, answer not given_______ can be defined as compelling events to go according to plan. A. Budgeting B. Management by exception C. Control D. Responsibility accountingWHAT ARE SOME EXAMPLES OF POLICY CREDITS AND ADMINISTRATIVE GUIDANCE
- what accounting method will be used to evaluate each of the responsibility centers?1. The GIFMIS interfaces with a number of systems and sub-systems. A number of these systems and sub-systems are listed below. Provide in full the meaning of these abbreviations and tell briefly how they interface with the GIFMIS. a. Program Based Budgeting (PBB) b. Payroll & HuRMIS (PSC) c. CS-DMRS (DMD-MOF) d. E-Monitor (Non-Tax Revenue-MoF) e. PIMS (PID-MoF) f. TRIPS & GCMS (GRA) g. T-24& SWIFT (BoG) h. E-Procurement (Public Procurement Authority)9) Which among the following is a tool of management accounting? a. Responsibility accounting b. All the options listed c. Risk analysis d. Budgeting
- For each of the following situations, two scenarios are described, labeled A and B. Choose which scenario is descriptive of a setting corresponding to activity-based responsibility accounting and which is descriptive of financial-based responsibility accounting. Provide a brief commentary on the differences between the two systems for each situation, addressing the possible advantages of the activity-based view over the financial-based view. Situation 1 A: The purchasing manager, receiving manager, and accounts payable manager are given joint responsibility for procurement. The charges given to the group of managers are to reduce costs of acquiring materials, decrease the time required to obtain materials from outside suppliers, and reduce the number of purchasing mistakes (e.g., wrong type of materials or the wrong quantities ordered). B: The plant manager commended the manager of the Grinding Department for increasing his departments machine utilization ratesand doing so without exceeding the departments budget. The plant manager then asked other department managers to make an effort to obtain similar efficiency improvements. Situation 2 A: Delivery mistakes had been reduced by 70 percent, saving over 40,000 per year. Furthermore, delivery time to customers had been cut by two days. According to company policy, the team responsible for the savings was given a bonus equal to 25 percent of the savings attributable to improving delivery quality. Company policy also provided a salary increase of 1 percent for every day saved in delivery time. B: Bill Johnson, manager of the Product Development Department, was pleased with his departments performance on the last quarters projects. They had managed to complete all projects under budget, virtually assuring Bill of a fat bonus, just in time to help with this years Christmas purchases. Situation 3 A: Harvey, dont worry about the fact that your department is producing at only 70 percent capacity. Increasing your output would simply pile up inventory in front of the next production department. That would be costly for the organization as a whole. Sometimes, one department must reduce its performance so that the performance of the entire organization can improve. B: Susan, I am concerned about the fact that your departments performance measures have really dropped over the past quarter. Labor usage variances are unfavorable, and I also see that your machine utilization rates are down. Now, I know you are not a bottleneck department, but I get a lot of flack when my managers efficiency ratings drop. Situation 4 A: Colby was muttering to himself. He had just received last quarters budgetary performance report. Once again, he had managed to spend more than budgeted for both materials and labor. The real question now was how to improve his performance for the next quarter. B: Great! Cycle time had been reduced and, at the same time, the number of defective products had been cut by 35 percent. Cutting the number of defects reduced production costs by more than planned. Trends were favorable for all three performance measures. Situation 5 A: Cambry was furious. An across-the-board budget cut! How can they expect me to provide the computer services required on less money? Management is convinced that costs are out of control, but I would like to know whereat least in my department! B: After a careful study of the Accounts Payable Department, it was discovered that 80 percent of an accounts payable clerks time was spent resolving discrepancies between the purchase order, receiving document, and the suppliers invoice. Other activities such as recording and preparing checks consumed only 20 percent of a clerks time. A redesign of the procurement process eliminated virtually all discrepancies and produced significant cost savings. Situation 6 A: Five years ago, the management of Breeann Products commissioned an outside engineering consulting firm to conduct a time-and-motion study so that labor efficiency standards could be developed and used in production. These labor efficiency standards are still in use today and are viewed by management as an important indicator of productive efficiency. B: Janet was quite satisfied with this quarters labor performance. When compared with the same quarter of last year, labor productivity had increased by 23 percent. Most of the increase was due to a new assembly approach suggested by production line workers. She was also pleased to see that materials productivity had increased. The increase in materials productivity was attributed to reducing scrap because of improved quality. Situation 7 A: The system converts materials into products, not people at work stations. Therefore, process efficiency is more important than labor efficiencybut we also must pay particular attention to those who use the products we produce, whether inside or outside the firm. B: I was quite happy to see a revenue increase of 15 percent over last year, especially when the budget called for a 10 percent increase. However, after reading the recent copy of our trade journal, I now wonder whether we are doing so well. I found out that the market expanded by 30 percent, and our leading competitor increased its sales by 40 percent.Which of the following characteristics does NOT pertain to management accounting?A. Has externally imposed standardsB. Provides information and estimates about future activityC. Provides financial and operating data multidisciplinary in scopeD. Generates specific-purpose financial statements and reportsThere are five name stages in the Financial Service Market Study: Problem Definition,Design of Questionnaire and Pretesting, Fieldwork, …………………………... andconclusion/recommendations.a) Positioningb) Segmentationc) Fieldworkd) Data Analysis