Financial vs Managerial Accounting
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Questions and Answers

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?

    <p>GAAP/IFRS compliance</p> Signup and view all the answers

    In managerial accounting, the emphasis is on:

    <p>Relevance and timeliness</p> Signup and view all the answers

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

    <p>Big Data</p> Signup and view all the answers

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

    <p>Veracity</p> Signup and view all the answers

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

    <p>Operational excellence strategy</p> Signup and view all the answers

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

    <p>Managerial accounting</p> 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?

    <p>Indirect costs</p> Signup and view all the answers

    Which of the following is an example of direct labor?

    <p>Wages paid to automobile assembly workers</p> Signup and view all the answers

    What does manufacturing overhead include?

    <p>Indirect materials and indirect labor costs</p> Signup and view all the answers

    Which of the following is classified as an indirect cost?

    <p>$200 for property taxes for the entire production facility</p> Signup and view all the answers

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

    <p>Strategic decision-making</p> 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?

    <p>Common costs</p> 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?

    <p>Direct materials</p> Signup and view all the answers

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