Exam (elaborations)
A306 - PROF B - FIRST EXAM 2024/2025 WITH 100% ACCURATE ANSWERS
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A306 - PROF B - FIRST EXAM 2024/2025 WITH 100% ACCURATE ANSWERS
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A306 - PROF B - FIRST EXAM 2024/2025WITH 100% ACCURATE ANSWERS
What is the role of accounting? - Precise Answer ✔✔communication
Help decision-makers, _________, __________, and report the costs and
benefits of decision options - Precise Answer ✔✔measure, analyze
Two classes of decision-makers: - Precise Answer ✔✔outside/inside the
company
Who are the decision-makers inside the company? (3) - Precise Answer
✔✔executives (CEO, CFO, etc), dept managers (production, marketing,
etc), employees
What info is provided for decision-makers inside the company? (3) -
Precise Answer ✔✔planning, controlling, decision making
Financial vs. Management Accounting Summary of Key Differences
(On Test): Users - Precise Answer ✔✔inside the company
Financial vs. Management Accounting Summary of Key Differences
(On Test): Time - Precise Answer ✔✔focus on future performance &
decisions, all data (history, est, projections), financial & non-financial
, Financial vs. Management Accounting Summary of Key Differences
(On Test): Format - Precise Answer ✔✔decision based, any format
Financial vs. Management Accounting Summary of Key Differences
(On Test): Frequency - Precise Answer ✔✔info generated as needed
(timely)
Financial vs. Management Accounting Summary of Key Differences
(On Test): Content - Precise Answer ✔✔relevant
Financial vs. Management Accounting Summary of Key Differences
(On Test): Level of Detail - Precise Answer ✔✔pieces of the
organization, segment: product, region, dept, etc
Which statement best describes management accounting? - Precise
Answer ✔✔management accounting is primarily used for decision
making
Travel expenses - takeaways (3) - Precise Answer ✔✔need to know the
rules, not all about the numbers, ethics differ
Organizational goals and individual goals are often in ___________. -
Precise Answer ✔✔conflict
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