(1) What are some key differences between financial and managerial accounting?
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(1) What are some key differences between financial and managerial accounting?
(b) Is it permissible to violate generally accepted accounting principles (GAAP) when preparing reports used strictly by company management? If so, why?
(c) Please discuss two of the five basic phases of the “management process” discussed in Chapter 18.
(d) The top management of a fast-food hamburger chain is considering installing point-of-sale machines that will allow customers to pay for food with a debit or credit card. Previously, the restaurant has accepted only cash.
What information could the management accounting department supply to assist management with this decision?
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- (1A) Is it permissible to violate generally accepted accounting principles (GAAP) when preparing reports used strictly by company management? If so, why? And Please discuss two of the five basic phases of the “management process” (B) The top management of a fast-food hamburger chain is considering installing point-of-sale machines that will allow customers to pay for food with a debit or credit card. Previously, the restaurant has accepted only cash. What information could the management accounting department supply to assist management with this decision?Accounting information helps key stakeholders of the business to make decisions.From the following options,which one is the decision that an internal stakeholder is unlikely to make? A.Make decisions about how toset product selling price,whether to advertise and how much to spend on advertising B.Decide which products to continue to sell and when to add new products or drop old ones C.Identify what resources and employees the business needs,and to set benchmarks against which they can later measure the business's progress towards its goals D.Analyse the business's financial reports to decide whether to purchase shares of the companyWhich one of the following would be considered a financial cost of organizational control? The cost of failing to recognize opportunities to increase sales due to data loss. The cost of having financial statements audited by an independent accounting firm. The cost of an upset customer who leaves the store because it took too long for a manager to approve a price adjustment for a customer farther up in the line.
- answer these questions: step 1; Why do managers/accountants need to behave ethically? Explain. Step 2: Describe thestrengths and weaknesses of an accountant for icecream business. would they be good accountants?step 3:Compare and contrast manual accounting with computerized accounting, How are theydifferent?1. A clerk in the sales department receives a hard-copy customer order by mail and manually prepares four hard copies of a sales order. This is a typical event in the Group of answer choices b. Expenditure cycle d. Costing cycle a. Revenue cycle c. Conversion cycle 2. Which of these is not a true statement relating to manual and electronic accounting systems? Group of answer choices a. Large businesses integrate their accounting software with their overall computerised information system. b. The accounting principles underlying manual and electronic systems are fundamentally different. c. Computerised systems normally provide more reports, providing greater information to users, than manual systems. d. Most entities today use computerised accounting systems. 3. All of the following are advantages of using subsidiary ledgers, except Group of answer choices a. they make possible a division of labour b. they show all the transactions affecting customers and creditors.…The role of management accounting in directing attention involves: Select one: O A. The recording of sales by each sales person O B. Establishing why sales targets were not achieved O C. Establishing the selling price of a service O D. The calculation of depreciation on office computers
- 1(a) How can a Finance and Accounting department that currently uses a manual system be computerised. 1(b) Discuss the effect of the PESTLE Analysis from the Finance and Accounting Manager perspective. Suggest ONE factor from three of the six external influences (PESTLE) that may be upsetting the Human Resource Management process(es) and ONE factor from three of the six external influences (PESTLE) that may interrupt customers’ experiences.Hello! Please help me answer the question and activity costs. they are both in bold. Thank you!! :) Selecting Chart of Accounts The company’s accounting intern is new and has confused the Finn Corporation’s regular chart of accounts with the proposed chart of accounts for the lean accounting system. Review the charts of accounts on the Chart of Accounts I and Chart of Accounts II, and then answer the following question. Which chart of accounts should Finn Corporation most likely implement if they want to use lean accounting principles? (chart of accounts I, chart of accounts II, both will work equally well) Question Content Area Cost of Quality Report This year, Finn Corporation implemented programs designed to assess the costs of quality for the company. However, the company recently suffered a data loss, and some of its records have been either partially or completely erased. The accounting intern for Finn Corporation has located a copy of a recent cost of quality…Many accounting and accounting-related professionals are skilled in financial analysis, but most are not skilled in manufacturing. This is especially the case for process manufacturing environments (for example, a bottling plant or chemical factory). To provide professional accounting and financial services, one must understand the industry, product, and processes. We have an ethical responsibility to develop this understanding before offering services to clients in these areas. Required Write a one-page action plan, in memorandum format, discussing how you would obtain an understanding of key business processes of a company that hires you to provide financial services. The memorandum should specify an industry, a product, and one selected process and should draw on at least one reference, such as a professional journal or industry magazine.
- Many business events are recorded in the GL from feeder processes. The first list below identifies eight business events. The second list specifies five feeder processes. Match the events with the processes. Each process may have one or more event specified. Some events may not be used. Business Events Sales order is received from a customer. Inventory is sold to a customer. Inventory is received from a vendor. Inventory is returned from a customer. Cash is disbursed for inventory purchased. Bad debts are written off. Employer taxes are accrued. Cash is received from a sale. Employer taxes are deposited. Feeder Processes blank 11. B/AR/CR process blank 22. Purchasing process blank 33. OE/S process blank 44. AP/CD process blank 55. Payroll process1. Identifying alternative accounting treatments: A new restaurant is opening in one month, and the manager will be holding a one-week intensive training session for new employees. Describe two possible accounting methods for accounting for the costs of training the employees. Codification research is not required for this exercise; your goal on this exercise is just to brainstorm. 2. Identify at least one researchable question for the following issue:A vendor ships goods to a customer on credit but does not have previous credit experience with this customer. 3. Identify at least one researchable question for the following issue:A cable network has just entered into an agreement granting it the right to show reruns of a hit TV series. In exchange for this right, the network must pay the TV show’s creators a fee each time the show airs. 4. The six decision traps and biases are not an all-inclusive list. Perform an Internet search for one other bias that you believe could be applicable…You are an accountant for a small retail store and are tasked with determining the best presentation for your income statement. You may choose to present it in a multi-step format or a simple income statement format. The information on the statement will be used by investors, lenders, and management to make financial decisions related to your company. It is important to the store owners that you give enough information to assist management with decision-making, but not too much information to possibly deter investors or lenders. As you begin to create your presentation, consider the following: What is the purpose of an income statement for a retail business? Which statement format do you choose? Why did you choose this format? What are the benefits and challenges of your statement choice for each stakeholder group?
