ACC 110 Chapter Notes - Chapter 1: Canada Revenue Agency, Canada Business Corporations Act, International Accounting Standards Board

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skywombat72

1 May 2012

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It is a system for gathering data about an entity"s economic activity, processing and organizing that data to produce useful info about the entity and communicating that info to ppl who want to use it to make decisions. Entity: is am economic unit of some kind such as a business, uni, gov"t, or a person. Gather data -----------> process and organize data -------------> communicate info. Through this process, an accountant or a manager must make any decisions regarding what data to collect and how it should be organized. Financial accounting: provides info to ppl who are external to an entity------ like lenders, taxation authorities, competitors, cra, etc. These ppl usually rely on the entity to provide them with the info. Managerial accounting: addresses the info needs and decisions of the managers of an entity. Assist in operating decisions like price setting, evolution of products, etc. Accounting is important because it has economic consequences where it affects ppl"s wealth.

Related Questions

1.________ is the field of accounting that develops informationfor external parties such as stockholders, suppliers, banks andgovernmental regulatory bodies.

A) Auditing

B) Internal auditing

C) Management accounting

D) Financial accounting

Answer:

Financial reports prepared by financial accountants focus on________. Financial reports prepared by management accountantsfocus on ________

A) segments of the organization such as departments anddivisions; segments of the organization such as departments anddivisions

B) the organization as a whole; the organization as a whole

C) the organization as a whole; segments of the organizationsuch as departments and divisions

D) segments of the organization such as departments anddivisions; the organization as a whole

Answer:

What are accounting systems?

A) The process used to streamline production processes

B) The process used to generate performance measures

C) Formal mechanisms for gathering, organizing and communicatinginformation about an organization's activities

D) none of the above

Answer:

A(n) ________ is a review to determine whether the policies andprocedures specified by top management have been implemented bylower managers.

A) management audit

B) internal audit

C) internal control

D) internal accounting control

Answer:

A budget ________.

A) is a quantitative expression of a plan of action

B) provides feedback by comparing actual results with plannedresults

C) includes deviations from planned results

D) ignores areas that are presumed to be running smoothly

rosemouse550

An important focus of management accounting is decision makingauthority. Everyone within an organization has some decision makingauthority. Discuss ways that employees and management use theaccounting reports to make decisions about the manufacturingprocess?

ochredinosaur480

How relevant is managerial accounting for a firmâs decisionmaking process? Is managerial accounting more than just estimatinga cost for the financial accounting systems of a firm?

Does managerial accounting systems have an impact the value of afirm? If so, how?

sangriapug575

ACC 110 Chapter Notes - Chapter 1: Canada Revenue Agency, Canada Business Corporations Act, International Accounting Standards Board

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