Ke toan quan tri 1-25

One major difference between financial and management accounting is that

• financial accounting reports are prepared primarily for users external to the company

• management accounting is not under the jurisdiction of the Securities and Exchange Commission.

•   government regulations do not apply to management accounting.

• all of the above are true.

Financial accounting and cost accounting are both highly concerned with

• preparing budgets.

• determining product cost.

• providing managers with information necessary for control purposes.

• determining performance standards.

Which of the following statements is true?

• Management accounting is a subset of cost accounting.

• Cost accounting is a subset of both management and financial accounting.

• Management accounting is a subset of both cost and financial accounting.

• Financial accounting is a subset of cost accounting.

Financial accounting

• is primarily concerned with internal reporting.

• is more concerned with verifiable, historical information than is cost accounting.

• focuses on the parts of the organization rather than the whole

• is specifically directed at management decision-making needs.

In comparing financial and management accounting, which of the following more accurately describes management accounting information?

• historical, precise, useful

• required, estimated, internal

• budgeted, informative, adaptable

• comparable, verifiable, monetary

Which of the following statements about management or financial accounting is false?

• Financial accounting must follow GAAP.

• Management accounting is not subject to regulatory reporting standards.

• Both management and financial accounting are subject to mandatory recordkeeping requirements.

• Management accounting should be flexible.

Financial accounting and managerial accounting are both highly concerned with

• preparing budgets.

• determining product cost

• providing managers with information necessary for control purposes.

• determining performance standards.

Which of the following best describes the difference between financial and managerial accounting?

• Managerial accounting provides information to support decisions, while financial accounting does not.

• Managerial accounting is not restricted to generally accepted accounting principles, while financial accounting is restricted to GAAP.

• Managerial accounting does not result in financial reports, while financial accounting does result in financial reports

• Managerial accounting is concerned solely with the future and does not record events from the past, while financial accounting records only events from past transactions.

Which of the following is not one of the five basic phases of the management process?

• Controlling

• Operating

• Planning

• Decision making

Which of the following is not considered a cost of manufacturing a product?

• Direct materials cost

• Sales salaries

• Factory overhead cost

• Direct labor cost