ADMS 2500 Final: ADMS 2500 Financial Accounting Notes.docx

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orchidherring520

15 Oct 2012

School

York University

Department

Administrative Studies

Course

ADMS 2500

Professor

Brian Gaber

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ADMS 2500 Full Course Notes

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Document Summary

They engage in auditing activities, including governmental agencies, private firms that do business with governmental units, act as consultants to clients. Requires license to practice by their professional association. Employers include manufacturers, wholesalers, retailers; job includes data keeping, reporting, designing edp systems. Assist management in planning and controlling the firm"s operations. Controller is the head of the accounting department; interacts with executive management. Internal auditing staff reports to a management officer ; found in large companies. Internal auditor investigates policies, provide reliable info, promote operational efficiency. Managers need the accounting records to use the data to summarize accounting reports. Serves both people in and out an org; detailed accounting info is often needed to be reported to different levels of government. Helps measure management"s performance, compares investments, make decisions on loans. Accounting- process of recording, classifying, reporting, interpreting financial data of an organization. Bookkeeper is a job, accountant is a career.

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

Which of the following statements is true of managerial accounting?

a. The external stakeholders of a company are the primary users of managerial accounting.

b. Managerial accounting information is used to help managers plan and control their operations.

c. An external audit by an independent CPA is required for managerial accounting information.

d. Managerial accounting information must comply with Generally Accepted Accounting Principles.

tanclam998

You will explore the profession of accounting, from theperspective of managerial accounting work and careers. Below issome information that can get you started, though you will need todo some additional research on your own. You can use the library,the Internet or interview a managerial accountant to accessadditional information. Create a written document in the properform that includes the following: What is managerial accounting?What is the difference between managerial and financial accounting?Who are the users of financial accounting and managerial accountinginformation? How is managerial accounting information used to makedecisions? Identify some different jobs someone with a managerialaccounting education/experience can engage in. What is the IMAStatement of Ethical Practice and how does it impact the behaviorof an accounting professional? Describe the CMA certification forManagerial Accounting Professionals.

ADMS 2500 Final: ADMS 2500 Financial Accounting Notes.docx

ADMS 2500 Full Course Notes

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