Accounting Tools For Business Decision Making Final Paper Tested Questions With Verified Answers Complete Study Sheet

ACCOUNTING TOOLS FOR BUSINESS
DECISION MAKING FINAL PAPER TESTED
QUESTIONS WITH VERIFIED ANSWERS
COMPLETE STUDY SHEET

●● Managerial Accounting
Answer: Is designed primarily for decision-makers within the company
(Internal).


●● What are the differences in Financial Accounting?
Answer: Communicates info. for external users.
Adheres to General Accepted Accounting Principles (GAAP) and
external standards.
Reports info. in aggregated, general purpose financial statements.
Summarizes past decisions and results that can inform the future.
Focuses on info. relevance, reliability, and comparability.
Created and communicated in regulated intervals (Quarter or yearly).
Emphasizes objective data.


●● What are the differences in Managerial Accounting?
Answer: Communicates info to internal users.

, Created specifically to answer a business question or as the basis for
business decisions.
Creates analyses in aggregate or in detail, depending on the need.
Creates accounting data that impacts current and future performance.
Focuses on decision-relevant info..
Created and communicated as needed for decision-making.
Uses only data relevant to question being analyzed.


●● Mission
Answer: And organization's mission is the basis purpose toward which
its activities are directed.


●● For-Profit Organizations
Answer: Aim to maximize profits.


●● Not-For-Profit Organizations
Answer: Maximize the execution of their respective missions.


●● Nonprofit
Answer: Used to refer to not-for-profit organizations.


●● Not-For-Profit Organizations, including governments, ...