Managerial Accounting (5th Edition)
5th Edition
ISBN: 9780134128528
Author: Karen W. Braun, Wendy M. Tietz
Publisher: PEARSON
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Textbook Question
Chapter 1, Problem 2QC
(Learning Objective 2)
- a. tends to report on the company as a whole rather than segments of the company.
- b. emphasizes data relevance over data objectivity.
- c. is used primarily by external decision makers.
- d. is required by Generally Accepted Accounting Principles (GAAP).
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The field of accounting that focuses on providing information for external decision makers is A. managerial accounting B. nonmonetary accounting OC. financial accounting OD. cost accounting
Identify the true statement in relation to management accounting
a . There are structured standards of acceptability for managerial accounting b . The structure of managerial accounting practice is relatively flexible
c . Managerial accounting information is a legal requirement
d . Managerial accounting information is prepared for external users
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)
Chapter 1 Solutions
Managerial Accounting (5th Edition)
Ch. 1 - (Learning Objective 1) Which of the following...Ch. 1 - (Learning Objective 2) Managerial accounting...Ch. 1 - (Learning Objective 3) Which of the following...Ch. 1 - (Learning Objective 3) Of the following skills,...Ch. 1 - (Learning Objective 4) Which of the following...Ch. 1 - Prob. 6QCCh. 1 - Prob. 7QCCh. 1 - Prob. 8QCCh. 1 - (Learning Objective 5) Which of the following is...Ch. 1 - (Learning Objective 5) All of the following are...
Ch. 1 - Managers responsibilities (Learning Objective 1)...Ch. 1 - Contrast managerial and financial accounting...Ch. 1 - Prob. 1.3SECh. 1 - Prob. 1.4SECh. 1 - Prob. 1.5SECh. 1 - Prob. 1.6SECh. 1 - Violations of ethical standards (Learning...Ch. 1 - Identify current competitive tools (Learning...Ch. 1 - Identify ethical standards violated (Learning...Ch. 1 - Define key terms (Learning Objectives 1, 2, 3, 4,...Ch. 1 - Define key terms (Learning Objectives 1 2)...Ch. 1 - Prob. 1.12AECh. 1 - Identify users of accounting information (Learning...Ch. 1 - Classify ethical responsibilities (Learning...Ch. 1 - Equipment purchase cost-benefit analysis (Learning...Ch. 1 - Lean production cost-benefit analysis (Learning...Ch. 1 - Identify sustainability efforts as impacting...Ch. 1 - Prob. 1.18BECh. 1 - Prob. 1.19BECh. 1 - Identify users of accounting information (Learning...Ch. 1 - Classify ethical responsibilities (Learning...Ch. 1 - Equipment purchase cost-benefit analysis (Learning...Ch. 1 - Lean production cost-benefit analysis (Learning...Ch. 1 - Prob. 1.24BECh. 1 - Management processes and accounting information...Ch. 1 - Ethical dilemmas (Learning Objective 4) Barb Perot...Ch. 1 - ERP cost-benefit analysis (Learning Objective 5)...Ch. 1 - Online order system cost-benefit analysis...Ch. 1 - Continuation of P1-28A: revised estimates...Ch. 1 - Management processes and accounting information...Ch. 1 - Ethical dilemmas (Learning Objective 4) ETHICS...Ch. 1 - ERP cost-benefit analysis (Learning Objective 5)...Ch. 1 - Online order system cost-benefit analysis...Ch. 1 - Continuation of P1-33B: revised estimates...Ch. 1 - Discuss how managerial accounting can be used at...Ch. 1 - Discussion Questions 1. What are the three main...Ch. 1 - Prob. 1.37ACTCh. 1 - Prob. 1.38ACTCh. 1 - Ethics and casual conversations (Learning...Ch. 1 - Using managerial accounting information to manage...
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- What are the key differences between financial accounting and managerial accounting?arrow_forwardManagerial accounting produces information: to meet the needs of external users that is often focused on the future to meet the needs of investors that follows the rules of GAAParrow_forwardShould a managerial accounting system provide both financial and nonfinancial information? Explain.arrow_forward
- Which of the following statements is incorrect? The practice of management accounting is fairly flexible. The information gathered from management accounting is not required by law. Management accounting focuses mainly on the internal user. Reports produced using management accounting must follow GAAP.arrow_forwardWhich of the following does not describe a management control system? A. establishes a companys strategic goals B. implements a companys strategic goals C. monitors a companys strategic goals D. a system that only measures profitabilityarrow_forwardAn important goal of a responsibility accounting framework is to help ensure which of the following? A. decision-making is made by the top executives. B. investments made by each segment are minimized. C. identification of operating segments that should be closed. D. segment and company financial goals are congruent.arrow_forward
- Which of the following groups would have access to managerial accounting information? A. bankers B. investors C. competitors of the business D. managersarrow_forwardAll of the following are examples of managerial accounting activities except ________. A. preparing external financial statements in compliance with GAAP B. deciding whether or not to use automation C. making equipment repair or replacement decisions D. deciding whether or not to use automationarrow_forwardWhat is the purpose of management accounting?arrow_forward
- When managerial accountants design an evaluation system that is based on criteria for which a manager is responsible, and it is structured to encourage managers to make decisions that will meet the goals of the company as well as their own personal job goals, the framework used is _______. A. a controllable factors framework B. an uncontrollable factors framework C. a strategic plan framework D. a responsibility accounting frameworkarrow_forwardWhich of the following does NOT describe management accounting?A. Emphasis on the pastB. Evaluation of products and their performance within the companyC. Externally focussedD. Often provided detailed informationarrow_forwardExplain the differences between managerial accounting and financial accounting. (arrow_forward
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