ACCT 526 Exam Questions and Answers Already Passed Latest Update

ACCT 526 Exam Questions and Answers Already Passed Latest Update an information processing system that generates general-purpose financial reports for internal and external users - Answers Financial Accounting an information framework that supports the company's goals by generating special-purpose financial reports for internal users as needed for making timely decisions - Answers managerial accounting must adhere to external reporting standards - Answers financial accounting emphasizes objective data - Answers financial accounting does not adhere to any external standard - Answers managerial accounting measures performance in financial and nonfinancial terms, such as time and quality - Answers managerial accounting highly aggregated, non-detailed, reports on historical costs and past decisions over long reporting periods - Answers financial accounting detail is based on management needs, reports are oriented to future costs and decisions, and reporting periods are based on need - Answers managerial accounting concerned with keeping records of assets, obligations, and collection/payment of cash - Answers financial accounting summary of economic events during a period of time - Answers income statement a picture of the economic position of an organization at a specific time - Answers balance sheet what is on an income statement? - Answers revenues generated by operations expenses matched to those revenues any gains and losses attributed to the period what is on a balance sheet? - Answers assets claims on assets a summary of resource inflows and outflows stated in terms of cash - Answers statement of cash flows what is on a statement of cash flows - Answers cash from operating activities cash from investing activities cash from financing activities the primary focus of managerial accounting is to: - Answers assist management in decision making managerial accounting provides management with: - Answers a framework to organize and evaluate data the information for decision making in managerial accounting, the emphasis is on: - Answers achieving a company's organizational goals What is U.S. GAAP - Answers Generally Accepted Accounting Principles who develops GAAP? - Answers the Financial Accounting Standards Board (FASB) What is IFRS? - Answers International Accounting Standards Who develops IFRS? - Answers the International Accounting Standards Board (IASB) Strategic Cost Management consists of - Answers Strategic Position Analysis Cost Driver Analysis Value Chain Analysis The examination of a company's basic way of competing to sell - Answers strategic position analysis the study of factors that cause or influence costs - Answers cost driver analysis the study of value-producing activities, from raw materials to consumers - Answers value chain analysis the basic purpose toward which a company's activities are directed - Answers mission a definable, measurable target or objective - Answers goal a course of action that will assist in achieving one or more goals - Answers strategy managerial accounting information assist in determining which strategies for achieving the goal of quality improvement are _______ - Answers cost effective according to Michael Porter, What are the three possible strategic positions that lead to business success? - Answers Cost Leadership Product or Service Differentiation Market Niche When low costs create higher profits at the same selling price as competition, or when companies pursue aggressive price competition while remaining competitive - Answers cost leadership creating a perception of uniqueness and being worth a premium price - Answers product or service differentiation focusing on a specific market segment, such as a buyer group, segment of the product, or