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Accounting
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Which of the following statements is FALSE?

Financial accounting reports historical transactions.

Managerial accounting focuses on reporting the consolidatedresults of the company as a whole.

Managerial accounting reports do not have to conform togenerally accepted accounting principles.

Financial accounting helps investors and creditors makedecisions.

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Hubert Koch
Hubert KochLv2
28 Sep 2019

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Managerial accounting is different from financial accounting in that:

a. Managerial accounting is used extensively by investors, whereas financial accounting is used only by creditors.

b. Managerial accounting is mainly used to set stock prices.

c. Managerial accounting never includes nonmonetary information.

d. Managerial accounting includes many projections and estimates whereas financial accounting has a minimum of predictions.

e. Managerial accounting is more focused on the organization as a whole and financial accounting is more focused on the subdivisions of the organization.

Which of the following best describesthe 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 acceptedaccounting principles (GAAP), while financial accounting isrestricted to GAAP.

Managerial accounting does not result in financial reports whilefinancial accounting does result in financial reports.

Managerial accounting is concerned solely with the future anddoes not record events from the past, while financial accountingrecords only events from past transactions.

2. For which of the following wouldthe job order cost system be appropriate?

Manufacturer of individualized golf equipment

Rubber manufacturer

Crude oil refinery

Coal mining

3. For which of the followingbusinesses would the process cost system be most appropriate?

Custom jewelry manufacturer

Car rental agency

Crude oil refinery

Small engine repair shop

Which ONE of the following statements is TRUE?

Accounting focuses on quantitative financial information.

The balance sheet reports the excess of a company’s revenues over its expenses.

Accounting and bookkeeping are the same thing.

Managerial accounting information is provided to external users to aid in decision making.

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