Compare and Contrast Managerial Accounting and Financial Accounting. Be sure to discuss how managerial accounting is useful for providing information for at least one of the following management functions: planning, directing, controlling. or To act ethically in accounting/business is only necessary to follow the law. Do you agree or disagree? Give at least three specific reasons for your answer and provide at least one counter argument and rebut it.

Identify the following questions as most likely to be asked by an internal (I) or an external (E) userof accounting information. What are the costs of our service to customers?

Managerial accounting reports must comply with generally accepted accounting principles. Is it true or false ?

Which of the following statements is FALSE? Select one: A. Managerial accounting information includes both historical and estimated data. B. Accounting is an information system that provides essential data about the economic activities of an entity to various users to aid them in making informed judgments and decisions. C. Managerial accounting reports are prepared according to generally accepted accounting principles. D. Since there are few rules to restrict how an organization chooses to arrange its own internal data for decision making, managerial accounting provides ample opportunity for creativity and change.

The following are basic characteristics of management accounting, except A. It is future-oriented. B. It is used by both the external and internal stakeholders C. It may use non-financial data or information D. It complies with generally accounting principles. (choose letter only)

The qualitative characteristics that make accounting information useful for decision-making purposes are as follows. Relevance   Neutrality   Verifiability Faithful representation   Completeness   Understandability Predictive value   Timeliness   Comparability Confirmatory value   Materiality   Free from error Instructions Identify the appropriate qualitative characteristic(s) to be used given the information provided below. a.    Qualitative characteristic being employed when companies in the same industry are using the same accounting principles. b.    Quality of information that confirms users’ earlier expectations. c.    Imperative for providing comparisons of a company from period to period. d.    Ignores the economic consequences of a standard or rule. e.    Requires a high degree of consensus among individuals on a given measurement. f.    Predictive value is an ingredient of this fundamental quality of information. g.    Four qualitative characteristics that are…

Management accounting focus on the benefits of users. Select one: True O False PE cam ump toa Retum to: General

Listed below are selected Rules of Conduct and ethical problems. Match the rule with the problem to which it applies. (One Rule of Conduct may apply to more than one ethical problem.) Rules A. Independence B. Integrity and objectivity C. General standards D. Compliance with standards E. Accounting principles F. Contingent fees G. Acts discreditable H. Advertising and other forms of solicitation 1. Commissions and referral fees J. Form or practice and name Rules A CPA performs tax services that the CPA is not competent to perform. An audit client owes the CPA past-due audit fees. A CPA robs a service station. The auditors fail to qualify their opinion on financial statements that do not properly apply FASB standards. A CPA accepts a percentage of the client's loan as an audit fee.

Which of the following is a fundamental characteristic of accounting information? Select one: O A. Predictive Value O B. Completeness OC. Faithful Representation O D. Comparability Tin Finish

Which of the following is a fundamental quality of useful accounting information?   Select one: Comparability  Consistency Relevance Materiality