ACC 406 - Test 1 with verified detailed answers
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Managerial Accounting: ||\\//||
Providing accounting information for a company's internal users. Any tool or technique
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that helps the organization improve.
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Objectives of Managerial Accounting: ||\\//|| ||\\//|| ||\\//||
(1) Planning; (2) Controlling; and (3) Decision Making.
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Planning:
Detailed formulation of action to achieve a particular end, from setting objectives to
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identifying methods to achieve those objectives. ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
Controlling:
Monitoring a plan's implementation and taking corrective action, comparing between ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
expected performance and actual performance.
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Decision Making: ||\\//||
Process of choosing among competitive alternatives.
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, Financial Accounting has ___ and ___ ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
external users; follows externally imposed guidelines.
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Managerial Account has ___ and ___ ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
internal users; does not follow any guidelines.
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Management Accounting (Type of Information): ||\\//|| ||\\//|| ||\\//|| ||\\//||
Includes historical events, but focuses on future events.
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Management Accounting (Degree of Aggregation): ||\\//|| ||\\//|| ||\\//|| ||\\//||
Performance of entities, product lines, departments, and managers.
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Management Accounting (Breadth): ||\\//|| ||\\//||
Multiple disciplines; managerial economics, industrial engineering, management studies,
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etc.
Management Accounting (Time Orientation): ||\\//|| ||\\//|| ||\\//||
Includes historical events, but focuses on future events.
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Ethical Behaviour:
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Managerial Accounting: ||\\//||
Providing accounting information for a company's internal users. Any tool or technique
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
that helps the organization improve.
||\\//|| ||\\//|| ||\\//|| ||\\//||
Objectives of Managerial Accounting: ||\\//|| ||\\//|| ||\\//||
(1) Planning; (2) Controlling; and (3) Decision Making.
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
Planning:
Detailed formulation of action to achieve a particular end, from setting objectives to
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
identifying methods to achieve those objectives. ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
Controlling:
Monitoring a plan's implementation and taking corrective action, comparing between ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
expected performance and actual performance.
||\\//|| ||\\//|| ||\\//|| ||\\//||
Decision Making: ||\\//||
Process of choosing among competitive alternatives.
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
, Financial Accounting has ___ and ___ ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
external users; follows externally imposed guidelines.
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Managerial Account has ___ and ___ ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
internal users; does not follow any guidelines.
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
Management Accounting (Type of Information): ||\\//|| ||\\//|| ||\\//|| ||\\//||
Includes historical events, but focuses on future events.
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
Management Accounting (Degree of Aggregation): ||\\//|| ||\\//|| ||\\//|| ||\\//||
Performance of entities, product lines, departments, and managers.
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
Management Accounting (Breadth): ||\\//|| ||\\//||
Multiple disciplines; managerial economics, industrial engineering, management studies,
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
etc.
Management Accounting (Time Orientation): ||\\//|| ||\\//|| ||\\//||
Includes historical events, but focuses on future events.
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Ethical Behaviour:
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