Financial & Managerial Accounting Chapter 11

cash dividend A cash distribution of earnings by a corporation to its shareholders. common stock The stock outstanding when a corporation has issued only one class of stock. cumulative preferred stock Stock that has a right to receive regular dividends that were not declared (paid) in prior years. discount The interest deducted from the maturity […]

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chapter 1 and 2 managerial accounting garrison

Financial Accounting concerned with reporting financial information to external parties (stockholders, creditors, and regulators). Managerial Accounting concerned with providing information to managers for use within the organization. Budget Detailed plan for the future that is usually expressed in formal quantitative terms Performance Report compares budget data to actual data in an effort to identify and […]

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Managerial Accounting vs Financial Accounting

Primary users of the information are the internal users such as managers managerial Primary users of the information are the external users, such as creditors, stockholders, and government regulators Financial The purpose of the information is to help managers plan, direct, and control business operations and make business decisions Managerial The purpose of the information […]

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Chapter 1 Quiz

Budgets are a way for managers to communicate their: A. hiring practices B. decision-making C. plans D. control C. Plans The ability to meet the needs of the present without compromising the needs of the future is often referred to as: A. just-in-time B. the bottom line C. total quality management D. sustainability D. sustainability […]

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Managerial Accounting Ch. 1

Managerial Accounting the process of identifying, measuring, analyzing, interpreting, and communicating information in pursuit of an organization’s goals. Managerial accounting concepts and tools are used by all managers, and professional managerial accountants are important strategic partners in an organization’s management team. Explain 4 fundamental management processes that help organizations attain their goals In pursuing its […]

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Chapter 18-Managerial Accounting

Financial Accounting Information is reported at fixed intervals in general-purpose financial statements. These financial statements are prepared according to GAAP. (1) prepared according to GAAP (2) prepared at fixed intervals (3) prepared for the business as a whole. Managerial accounting reports do not always have to be: Financial Accounting Characteristics -External users. -Financial statements. -Annual […]

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Managerial Accounting Chapter 1

State the primary goal of managerial accounting. to provide the information managers need for planning, control, and decision making. If your goal is to be an effective manager, a thorough understanding of managerial accounting is essential. Describe how budgets are used in planning. a profit budget indicates planned income, a cash-flow budget indicates planned cash […]

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Ch 1

Which of the following statements is true? Managerial accounting reports are less regulated than financial accounting reports. Managerial accounting focuses on preparing information for internal users. The types and quality of information are dictated by the management of the reporting entity and are not subject to regulatory requirements. Which of the following branches of accounting […]

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Chapter 16 : Introduction to Managerial Accounting

what is the primary purpose of managerial accounting Providing internal management with information needed to run a company efficiently and effectively Define Managerical reports for planning (budget) describe the differences between service , merchandising and manufacturing companies -Manufacturing companies purchase materials and convert them into various finished goods, -merchandising sector companies purchase and sell tangible […]

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