Accounting Alternatives Case At the beginning of the year 20x1‚ two companies began operations to sell home heating units. Eads Heaters Inc. is located in Eads‚ Colorado‚ and Glenwood Heating Inc. is in Glenwood Springs‚ Colorado. The companies operate under similar economic conditions and have identical operations during the year. However‚ each manager makes different accounting choices and estimates when applying generally accepted accounting principles (GAAP) in preparing the company’s financial
Premium Expense Generally Accepted Accounting Principles Depreciation
CHAPTER 1 INTRODUCTION TO COST ACCOUNTING QUESTIONS 1. Management accounting stresses the informational needs of internal users over those of external users (the focus of financial accounting). Because of this perspective‚ management accounting provides information in a format that is flexible and relevant to a particular manager‟s usage. Financial accounting‚ on the other hand‚ must provide some uniformity in the manner in which information is presented for it to be comparable among companies and
Premium Strategic management Management accounting
making across the various functional areas of an organization Managerial accounting: the form of accounting concerned with providing information to managers for use in planning and controlling operations and for decision making Financial accounting: the form of accounting concerned with providing information to shareholders‚ creditors‚ and others outside the organization The work of managers and their need for managerial accounting information Every organization has managers – someone must be responsible
Premium Management Management accounting
Cost Accounting - Chapter 1 1. Flexibility is said to be the hallmark of modern management accounting‚ whereas standardization and consistency describe financial accounting. Explain why the focus of those two accounting systems differs. Financial accounting is more about the bigger picture—it evaluates the finances of the organization as a whole‚ using historical‚ quantitative‚ monetary‚ and factual data. It is more formal and requires the use of GAAP. The information financial accounting
Premium Cost accounting Management Management accounting
Homework Assignment 1: MC 3. (A) MC 4. (D) MC 5. (B) 1) What are the three major business activities of a company that are motivated and shaped by planning activities? Explain each activity. Investing Activities: consists of the acquiring and disposing of assets needed to produce and sell a company’s products or services. These assets may be long-term or short-term assets depending on the nature of the company. Financing Activities: the methods companies use to fund the investments in assets
Premium Generally Accepted Accounting Principles Balance sheet Cash flow statement
the 300‚000 that get injured yearly? There are many ways to prevent these accidents. The first is to just simply not do it! According to a Nationwide Insurance study in 2008‚ 66% of drivers between the age of 18 and 24 send or receive text messages while behind the wheel. Text messaging while driving leads the list as the biggest distraction while driving. National Highway Traffic Safety Administration reports that distracted drivers account for almost 80% of all crashes and 65% of near-crashes
Premium Text messaging Instant messaging Philippines
Thank you‚ Niveet‚ for that lovely introduction. It’s a pleasure to be with all of you tonight at the 24 Karat Club of Southern California. This organization shares many of the values and visions of the American Gem Society‚ such as a commitment to excellence and business ethics. Al Woodhill‚ who was our executive director for many years‚ always made a point of attending the 24 Karat Club dinners. The Society’s roots are here in Southern California‚ so in many ways‚ this is like a homecoming for
Premium Family High school United States
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:
Premium Management accounting Management
Case Study in Managerial accounting Case 1: Southwest Airlines Part A : General Information Company Name: Southwest Airlines Co. Company is traded on the New York Stock Exchange trade market (NYSE) with symbol LUV. Corporate Headquarters are located at the physical address: 2702 Love Field Drive‚ Dallas‚ Texas 75235. Corporate Web Site: http://www.southwest.com. Corporate Web Site for business travelers: http://www.swabiz.com/ Industry Classification Company operates in the Industrial
Premium Airline Southwest Airlines
How to Clean Boxing Gloves Why is it important to clean your boxing gloves? If you can’t provide a good answer to this question‚ then you may be missing some important information you should know. Cleaning your boxing gloves helps to prevent them from being infested with bacterial. When these gloves are left unattended to‚ bacterial can develop on them and that could lead to bad odor. There are preventive measures you can take to protect your gloves from being attacked by bad odor causing bacteria
Premium Hygiene Skin Bacteria