Statement 1: Managerial accountants are in the best position to aid managers in making business decisions by gathering data inputs from various sources, designing the management information system that obtain inputs and generate information in the form of management reports and assist managers to interpret the information reflected in these reports. Statement 2: Controllers are often involved in preparing financial statements, defining cash collection procedures, establishing credit policy, internal audit, economic appraisal and supervising the company’s financial planning process. Both statements are true. Only Statement 1 is true. Only Statement 2 is true. Both statements are false.
Statement 1: Managerial accountants are in the best position to aid managers in making business decisions by gathering data inputs from various sources, designing the management information system that obtain inputs and generate information in the form of management reports and assist managers to interpret the information reflected in these reports. Statement 2: Controllers are often involved in preparing financial statements, defining cash collection procedures, establishing credit policy, internal audit, economic appraisal and supervising the company’s financial planning process. Both statements are true. Only Statement 1 is true. Only Statement 2 is true. Both statements are false.
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter2: Financial Statements And The Annual Report
Section: Chapter Questions
Problem 2.11E
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Standard Costing
The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.
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Statement 1: Managerial accountants are in the best position to aid managers in making business decisions by gathering data inputs from various sources, designing the management information system that obtain inputs and generate information in the form of management reports and assist managers to interpret the information reflected in these reports.
Statement 2: Controllers are often involved in preparing financial statements, defining cash collection procedures, establishing credit policy,internal audit, economic appraisal and supervising the company’s financial planning process.
Statement 2: Controllers are often involved in preparing financial statements, defining cash collection procedures, establishing credit policy,
Both statements are true.
Only Statement 1 is true.
Only Statement 2 is true.
Both statements are false.
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