 Show Alaa Aliasrei سيف @Aliasrei ماركلتنحش نسحه ءلاع 1 Copyright © 2018 Pearson Education, Inc. Cost Accounting: A Managerial Emphasis, 16e (Horngren) Chapter 1 The Manager and Management Accounting 1.1 Objective 1.1 1) Management accounting ________. A) focuses on estimating future revenues, costs, and other measures to forecast activities and their results B) provides information about the company as a whole C) reports information that has occurred in the past that is verifiable and reliable D) provides information that is generally available only on a quarterly or annual basis Answer: A Explanation: Management accounting has a forward-looking orientation as opposed to financial accounting which has a historical perspective. Diff: 1 Objective: 1 AACSB: Analytical thinking 2) Managers use management accounting information to ________. A) help external users such as investors, banks, regulators, and suppliers B) communicate, develop, and implement strategies C) communicate a firm's financial position to investors, banks, regulators, and other outside parties D) ensure that financial statements are consistent with the SEC rules Answer: B Diff: 1 Objective: 1 AACSB: Analytical thinking 3) Financial accounting ________. A) focuses on the future and includes activities such as preparing next year's operating budget B) must comply with GAAP (generally accepted accounting principles) C) is the process of measuring, analyzing, and reporting financial and nonfinancial information related to the costs of acquiring or using resources in an organization D) is prepared for the use of department heads and other employees Answer: B Diff: 1 Objective: 1 AACSB: Analytical thinking 4) Which of the following would most likely be the user of financial accounting information? A) factory shift supervisor B) distribution manager C) current shareholder D) department manager Answer: C Diff: 1 Objective: 1 AACSB: Analytical thinking 3) Financial accounting provides a historical perspective, whereas managementaccounting emphasizes:A) the future4) A data warehouse or infobarn:C) stores information used by different managers formultiple purposes5) Which of the following is true of planning in decision making?A) It helps anorganization to select goals and strategies. 6) Strategy is formulated ________.A) by identifying the most important customers 7) Management accounting ________. Get answer to your question and much more 9) Which of the following groups would be LEAST likely to receive detailedmanagement accounting reports?A) stockholders10) Which of the following deals with management accounting?B) developing budgets11) TheD) controlleris primarily responsible for management accounting and financialaccounting. 12) Which of the following statements refers to management accounting information? Get answer to your question and much more 13) Which item is an indication of competence under the Standards of EthicalConduct? Get answer to your question and much more 14) Prime costs include ________.A) direct materials and direct manufacturing laborcosts15) Which of the following statements is true?B) Inventoriable costs are assigned toinventories under GAAP. 16) Manufacturing overhead costs in an automobile manufacturing plant most likelyinclude: Get answer to your question and much more What is the difference from your perspective between financial accounting and management accounting?The first difference is that management accounting is presented to a company's internal community, while financial accounting is prepared for an external audience.
What is accounting from management perspective?Managerial accounting involves the presentation of financial information for internal purposes to be used by management in making key business decisions. Techniques used by managerial accountants are not dictated by accounting standards, unlike financial accounting.
Is management accounting a historical?According to (Chandler, 1977), management accounting systems (MAS) first appeared in the United States during the nineteenth century. These MAS employed both simple and complicated accounting methods. Cost accounts were used to determine the direct labor and overhead costs of converting raw materials into goods.
Is financial accounting historical scorekeeping or is it future oriented?So, it is primarily future oriented. On the other hand, the financial accounting information reflects the historical records of a business entity in relation to the past accounting transactions and events. Therefore, the financial accounting information is considered historical in nature.
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Financial accounting provides a historical perspective, whereas management accounting emphasizes
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