Management accounting system prepares reports for presentation to various levels of management which show the performance of various sections of the business. Such communication in the form of reports to various levels of management helps to exercise effective control on various business activities and successfully running the business. Select one: O True O False

Management accounting system prepares reports for presentation to various levels of management which show the performance of various sections of the business. Such communication in the form of reports to various levels of management helps to exercise effective control on various business activities and successfully running the business. Select one: O True O False

Pkg Acc Infor Systems MS VISIO CD

10th Edition

ISBN:9781133935940

Author:Ulric J. Gelinas

Publisher:Ulric J. Gelinas

Chapter10: The Order Entry/sales (oe/s) Process

Section: Chapter Questions

Problem 7DQ

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"Generally accepted accounting principles (GAAP) assist the development of management accounting systems." Do you agree? Explain. Question content area bottom Part 1 A. No. Although GAAP applies to internal accounting reports, managers rarely use it to develop management accounting systems. B. Yes. GAAP applies only to internal accounting reports. Therefore, managers must develop management accounting systems to comply with GAAP. C. No. GAAP applies to financial reporting for external users. Internal accounting reports are not restricted by GAAP. D. Yes. GAAP applies to internal accounting reports as well as financial reporting for external users. Managers must use GAAP in the development of all accounting systems.
row_forward Question Given below question on accounting information system subject. You are required to give answers based on your own understanding with revelent examples. 1. What are the four levels of activity in the pyramid representing the business organization ? distinguish between horizontal and vertical flows of information. 2. What is the relationship among data, information and an information system? 3. Distinguish between Accounting Information System (AIS) and Management Accounting System (MIS) 4. What are the characteristics of good or useful information? 5. What are the levels of data hierarchy ? 6. Distinguish the roles of internal and external auditors 7. Distinguish between the centralized and distributed approaches to organizing the IT function
1. The --------------data model was developed specifically for use in designing accounting information systems. Select one: O a. LGR O b. MPA O c. KPR O d. REA 2. One business activity data have been entered in to the system, they must be ------------- to keep the database current Select one: O a. Data report O b. Data input O c. Data processed O d. None of the other points
Question based on Accounting Information System subject . Required to answer based on your own understanding. 1. What are the four levels of activity in the pyramid representing the business organization ? distinguish between horizontal and vertical ows of information. 2. What is the relationship among data, information and an information system? 3. Distinguish between Accounting Information System (AIS) and Management Accounting System (MIS) 4. What are the characteristics of good or useful information? 5. What are the levels of data hierarchy ? 6. Distinguish the roles of internal and external auditors 7. Distinguish between the centralized and distributed approaches to organizing the IT function.
PLEASE ANSWER ALL 4. Management accounting informationa. Pertains to entity as a whole and is highly aggregated.b. Must be prepared according to generally accepted accounting principles.c. Pertains to subunits of the entity and maybe very detailed.d. Is prepared only once a year. 5. Which of the following is not an internal user?a. Corporate officersb. Staff employeesc. Stockholdersd. Department manager 6. Which term describes management accounting reports?a. GAAP reportsb. Special purposec. General-purposed. Regulatory reports
Question: b) Management accounting information is used by the internal users to make business decisions. reqiured: please answer this question by stating whether this statement is true or false.
CHOOSE A, B,C OR D Management accounting serves following purposes:A. provision of information used by management of a business entity for decision making, planning and performance evaluationB. producing general purpose financial statementsC. meeting regulatory requirementsD. display the income and expenditure for the company and a summary of the assets, liabilities, and shareholders or owners’ equity of the company on the date the accounts were prepared to by usage of Double-entry accounting systemAnswer the question and explain why did you pick this answer
PLEASE ANSWER ALL 7. Which of the following involves coordinating the company’s activities a smooth-running operation?a. Auditingb. Controllingc. Planningd. Directing 8. Which of the following statement about internal reports is true?a. Most internal reports are summarized rather than detailed.b. Internal reports focus on general purpose needs of users.c. The content of internal report extends beyond the double-entry accounting system.d. Internal reports are often very general. 9. Which one of the following describes internal reports?a. They are often audited by CPAs.b. They are highly regulated by SEC.c. They are aggregated.d. They are detailed.
Question based on Accounting Information System subject . 1. What are the four levels of activity in the pyramid representing the business organization ? distinguish between horizontal and vertical flows of information.2. What is the relationship among data, information and an information system?3. Distinguish between Accounting Information System (AIS) and Management Accounting System (MIS)4. What are the characteristics of good or useful information?5. What are the levels of data hierarchy ?6. Distinguish the roles of internal and external auditors 7. Distinguish between the centralized and distributed approaches to organizing the IT function.
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