Financial managerial accounting difference
[DOCX File]Chapter 1
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Accounting is the language of business. Financial accounting is used by a variety of decision makers outside the company, including individuals, businesses, investors, creditors, and taxing authorities, while managerial accounting is directed to decision makers inside …
[DOC File]Understanding GAAP, GAAS, and the Accounting Cycle
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SFAS – Statement of Financial Accounting Standards. SOP – Statement of Position, issued by the AICPA. There are two types – those dealing with accounting matters (for example, SOP 97-2, Software Revenue Recognition), and those dealing with specific auditing/reporting matters (for example, SOP 04-1, Auditing the Statement of Social Insurance).
[DOC File]Chapter 1—Introduction to Cost Management
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The branch of accounting that serves as a bridge between financial and managerial accounting is _____ accounting. ANS: cost. DIF: Easy OBJ: 1-1. 4. The balanced scorecard perspective that focuses on using a firm’s intellectual capital to adapt to customer needs through product or service innovations is the _____ ... One major difference ...
[DOC File]CHAPTER 18 – Understanding Financial Information and ...
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6. Financial accounting differs from managerial accounting because the information and analyses are for people outside the organization, while managerial accounting is used to provide information and analysis to managers within the organization. Financial accountants have the responsibility of preparing the annual report. 7.
[DOCX File]Chapter 16
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The chapter introduces students to managerial accounting as distinguished from financial accounting. Students learn about the information that managers—the decision makers inside the business—must know and use in order to effectively plan and control the business. The differences between financial and managerial accounting are delineated.
[DOC File]Answers to Chapters 1,2,3,4,5,6,7,8,9 - End of Chapter ...
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After the Enron and World Com financial frauds the SOX held the CEO and the CFO liable and responsible for the financial statements produced by the company. The SOX required more documentation of process, decreased the time between reporting financial statements, and prohibited accounting firms from selling their non audit business to the ...
[DOC File]Chapter 5
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Risk: The financial reporting process may fail to function properly (e.g., it may not comply with the Sarbanes-Oxley Act of 2002) as the business grows. Control activities: Implement additional financial accounting systems and internal control over those systems. Blue Nile faces various risks that are not easily reduced through control activities.
[DOCX File]Managerial Accounting
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Managerial Accounting. Course Description. This course will serve as an introduction to managerial accounting, starting with the basics about cost concepts, budgeting, and performance analysis and moving on to fundamental concepts like costing methods, master budgets, budget variance analysis, capital budgeting, and financial statements analysis.
[DOC File]Chapter 1
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Financial accounting reports are prepared for . external parties, whereas managerial accounting reports are prepared for . internal users. Emphasis on the future. Financial accounting summarizes . past transactions. Managerial accounting has a strong . future orientation. Relevance of data. Financial accounting data are expected to be ...
[DOCX File]chapter
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Reinforce the fact that accounting is best learned by doing. Students must work the exercises to grasp the concepts introduced in this chapter. The chapter ends with an explanation and demonstration of analyzing financial statements using horizontal analysis. Interpretation explains possible relationships among the changes revealed in the analysis.
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