ACCT 2200 M ODULE 1 EXTRA CREDIT EXAM 2024 -2025 |ACTUAL COMPLETE QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS ) ALREADY GRADED A+. Which of the following statements is true? - ANSWER -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 acc ounting focuses more on historical data? - ANSWER -Financial accounting. Managerial accounting focuses more on current and future data while financial accounting focuses on reports that explain historical data. For example, financial accounting seeks to determine the amount of income that has been earned in the past while managerial accounting provides information that will facilitate the amount of income to be earned in the future. The Financial Accounting Standards Board (FASB) establishes standar ds for the preparation of financial accounting reports while the Securities and Exchange Commission (SEC) establishes standards for the preparation of managerial accounting reports. This statement is - ANSWER -False The FASB and the SEC provide standar ds, rules, and guidance for financial reporting. Managerial accounting is largely unregulated. Managerial accounting focuses on the needs of external users while financial accounting focuses on the needs of internal users. This statement is - ANSWER -False The relationships described in this statement are reversed. Specifically, managerial accounting focuses on internal users while financial accounting focuses on external users. Which of the following are characteristics of managerial accounting information? - ANSWER -Is more willing to sacrifice reliability to gain relevance than is financial accounting. Is future oriented. Provides information to the company's management team.
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