Financial vs Managerial Accounting

In financial accounting, the emphasis is on:

Timeliness

Precision

Objectivity

Relevance (correct)

Which of the following is a key difference between financial and managerial accounting?

Users

Rules

Subject

Time focus (correct)

In managerial accounting, the work of management includes:

Controlling through GAAP/IFRS

Developing budgets (correct)

Mandatory external reports

Following prescribed formats

What is a primary focus of financial accounting?

GAAP/IFRS compliance Signup and view all the answers

In managerial accounting, the emphasis is on:

Relevance and timeliness Signup and view all the answers

What type of data provides opportunities for ongoing reporting and analysis?

Big Data Signup and view all the answers

Which of the 5 V's refers to the trustworthiness of the data?

Veracity Signup and view all the answers

Which strategy aims to deliver products and services faster, more conveniently, and at lower prices?

Operational excellence strategy Signup and view all the answers

What term is sometimes used interchangeably with 'management accounting'?

Managerial accounting Signup and view all the answers

What type of costs cannot be easily and conveniently traced to a unit of product or other cost object?

Indirect costs Signup and view all the answers

Which of the following is an example of direct labor?

Wages paid to automobile assembly workers Signup and view all the answers

What does manufacturing overhead include?

Indirect materials and indirect labor costs Signup and view all the answers

Which of the following is classified as an indirect cost?

$200 for property taxes for the entire production facility Signup and view all the answers

'Opportunity costs' are relevant in which type of decision-making?

Strategic decision-making Signup and view all the answers

Which of the following refers to costs that are incurred to support a number of cost objects and cannot be traced to any individual cost object?

Common costs Signup and view all the answers

Which type of costs become an integral part of the product and can be conveniently traced directly to it?

Direct materials Signup and view all the answers