CHAPTER 1 THE ACCOUNTANT’S ROLE IN THE ORGANIZATION TRUE/FALSE 1. Management accounting information focuses on external reporting. Answer: False Difficulty: 1 Objective: 1 Terms to Learn: management accounting Management accounting information focuses on internal reporting. 2. A good cost accounting system is narrowly focused on a continuous reduction of costs. Answer: False Difficulty: 2 Objective: 1 Terms to Learn: cost accounting A good cost accounting system
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CHAPTER 1 MANAGERIAL ACCOUNTING‚ TYPES AND ETHICS. 1) Managerial Accounting: Firms internal accounting system and designed to support the information needs of managers in order to make decisions. Not bound by GAAP. a) Managerial accounting has 3 objectives: i) To provide information for planning organization actions ii) To provide information for controlling organization actions. iii) To provide information for making effective decisions. b) Reports that help mangers that are nonfinancial are:
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In this file ACC 291 Week 4 Chapter 14 Practice Quiz 1 you can find right answers on the following questions: Comparisons of data within a company are an example of the following comparative basis: In horizontal analysis‚ each item is expressed as a percentage of the: In vertical analysis‚ the base amount for depreciation expense is generally: The data in the schedule is a display of vertical analysis because the individual asset items are expressed as a percentage of total assets
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comprises ACC 306 Week 1 P12-7 - Amalgamated General Corporation Business - Accounting Week 1 Required Readings a. Chapter 12: Investments b. Chapter 13: Current Liabilities and Contingencies Discussions Equity Method. Complete P12-13 from Chapter 12. Post the answers to the discussion board by Day 3. Loss Contingency and Full Disclosure. Complete Judgment Case 13-9 from Chapter 13. Quiz Assignments 1. Due by Day 7. Week 1 Exercises. Complete these
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CHAPTER 0NE: ANSWER QUESTION ONE: The definition of marketing is the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return. Furthermore‚ it is more than just “telling and selling” because the marketing now is in the sense of satisfying customer needs. This means if the marketer understands consumer needs and develops the products that provide superior customer value‚ prices‚ distributes and promotes them
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Basic Accounting Equations Angela M. Hill-McBride ACC 205 Professor Ivory December 17‚ 2012 Basic Accounting Equations 1. Basic concepts. Jean’s Marine Supply specializes in the sale of boating equipment and accessories. Identify the items that follow as an asset (A)‚ liability (L)‚ revenue (R)‚ or expense (E) from the firm’s viewpoint. a. The inventory of boating supplies owned by the company. (A) b. Monthly rental charges paid for store space. (L) c. A loan owed to Citizens
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Accounting Cycle Description Paper DeDe Gearhardt‚ Jen Walker‚ Neal Hennessy ACC/340 02/02/2015 Joyce Williams Accounting Cycle Description Paper Currently we see that Riordan has three operating locations‚ each of these locations have their own accounting departments that each keep their own records. These records are all combined in the corporate office at the end of each period. Each accounting department contains the following system components‚ General Ledger‚ Accounts Payable‚ Accounts Receivable
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Managerial Accounting and the Business Environment Chapter 1 © 2010 The McGraw-Hill Companies‚ Inc. Learning Objective 1 Understand the role of management accountants in an organization. McGraw-‐Hill/Irwin Slide 2 Organizational Structure Decentralization is the delegation of decisionmaking authority throughout an organization. Corporate Organization Chart Board of Directors President Purchasing Personnel Vice President Operations Chief Financial Officer Controller
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Question 1 (a)(i) Historical Cost The historical cost concept can be defined as assets and liabilities that must be recorded at historical cost which is the fair value of the given acquired item at the time of acquisition or the amount of proceeds received in exchange for the obligation at the time of the transaction. Example: 1. One month ago‚ Company ABC purchased 10 units of an item at RM12 per unit. The price today is RM13 per unit. Using the historical cost concept‚ the inventory shall
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Week 2 Discussion Questions Chapters 6 & 8 1. Why is audit planning so important? What is the most important step in audit planning? Why is this step so important? Posted on wed 5/8/2013 Responded to one classmates on 5/08/2013 Auditing planning is important because it helps the auditor determine his/her approach to the audit. There are two considerations that affect the approach: 1). Sufficient appropriate evidence must be accumulated to meet the auditor’s professional
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