MBA Financial & Managerial Accounting – Final Prep OA
Comprehensive Resource To Help You Ace 2026-2027
Includes Frequently Tested Questions With ELABORATED
100% Correct COMPLETE SOLUTIONS
Guaranteed Pass First Attempt!!
Current Update!!
University of Missouri
1. Accounting is also known as the:
- ANSWER language of business
2. What are the 3 main parts accounting is divided into?
- ANSWER -financial accounting (accounting 1)
- cost/managerial accounting (accounting 2)
- tax accounting
3. What are the reasons we have different types of accounting? Each type:
- ANSWER serves a different purpose
- provides different information
- applies to different users
4. Users of Financial Accounting
- ANSWER general public
- investors
- managers
- employees
5. Types of information used in Financial Accounting
, - ANSWER - Audited financial statements (income statement,
balance sheet, statement of cash flows)
- Other public filings (press releases, quarterly updates, managers
discussion and analysis)
6. Purpose of information for Financial Accounting
- ANSWER To capture through accrual accounting a picture of economic
reality
7. Rules followed for Financial Accounting preparation of information
- ANSWER Generally Accepted Accounting Principles (GAAP)
8. Users of Cost/Managerial Accounting
- ANSWER - internal managers
- employees
(stays inside the organization)
9. Types of information used in Cost/Managerial Accounting
- ANSWER Budgets
- Manufacturing cost reports
- Financial statements (may be formatted differently to give a
different viewpoint on information)
- Department reports
10.Purpose of information for Cost/Managerial Accounting
- ANSWER To help make decisions in businesses (understand
product costs)
- Planning, time value of money and capital expenditure decisions
-
11.Rules followed for Cost/Managerial Accounting preparation of information
, - ANSWER No GAAP/IRC requirements
- The firm can use whatever reporting it wants to get needed
information
12.Users of Tax Accounting
- ANSWER IRS
- managers
13.Types of information used in Tax Accounting
- ANSWER Financial statements prepared under Internal Revenue Code
Statues
14.Purpose of information for Tax Accounting
- ANSWER To calculate taxes owed
15.Rules followed for Tax Accounting preparation of information
- ANSWER Internal Revenue Code (IRC) and Regulations
16.Types of roles that accountants play in organizations
- ANSWER Board of directors
- CEO
- CFO
- Controller
- Tax accountant
- Financial accountant
- Managerial accountant
17.When trying to determine whether a company is manufacturing,
merchandising, or service, think of their:
- ANSWER primary service
18.Manufacturing company
Comprehensive Resource To Help You Ace 2026-2027
Includes Frequently Tested Questions With ELABORATED
100% Correct COMPLETE SOLUTIONS
Guaranteed Pass First Attempt!!
Current Update!!
University of Missouri
1. Accounting is also known as the:
- ANSWER language of business
2. What are the 3 main parts accounting is divided into?
- ANSWER -financial accounting (accounting 1)
- cost/managerial accounting (accounting 2)
- tax accounting
3. What are the reasons we have different types of accounting? Each type:
- ANSWER serves a different purpose
- provides different information
- applies to different users
4. Users of Financial Accounting
- ANSWER general public
- investors
- managers
- employees
5. Types of information used in Financial Accounting
, - ANSWER - Audited financial statements (income statement,
balance sheet, statement of cash flows)
- Other public filings (press releases, quarterly updates, managers
discussion and analysis)
6. Purpose of information for Financial Accounting
- ANSWER To capture through accrual accounting a picture of economic
reality
7. Rules followed for Financial Accounting preparation of information
- ANSWER Generally Accepted Accounting Principles (GAAP)
8. Users of Cost/Managerial Accounting
- ANSWER - internal managers
- employees
(stays inside the organization)
9. Types of information used in Cost/Managerial Accounting
- ANSWER Budgets
- Manufacturing cost reports
- Financial statements (may be formatted differently to give a
different viewpoint on information)
- Department reports
10.Purpose of information for Cost/Managerial Accounting
- ANSWER To help make decisions in businesses (understand
product costs)
- Planning, time value of money and capital expenditure decisions
-
11.Rules followed for Cost/Managerial Accounting preparation of information
, - ANSWER No GAAP/IRC requirements
- The firm can use whatever reporting it wants to get needed
information
12.Users of Tax Accounting
- ANSWER IRS
- managers
13.Types of information used in Tax Accounting
- ANSWER Financial statements prepared under Internal Revenue Code
Statues
14.Purpose of information for Tax Accounting
- ANSWER To calculate taxes owed
15.Rules followed for Tax Accounting preparation of information
- ANSWER Internal Revenue Code (IRC) and Regulations
16.Types of roles that accountants play in organizations
- ANSWER Board of directors
- CEO
- CFO
- Controller
- Tax accountant
- Financial accountant
- Managerial accountant
17.When trying to determine whether a company is manufacturing,
merchandising, or service, think of their:
- ANSWER primary service
18.Manufacturing company
