ACCT 526 ACTUAL TEST PAPER COMPLETE
QUESTIONS AND ANSWERS FULL
SOLUTION
●● an information framework that supports the company's goals by
generating special-purpose financial reports for internal users as needed
for making timely decisions
Answer: managerial accounting
●● must adhere to external reporting standards
Answer: financial accounting
●● emphasizes objective data
Answer: financial accounting
●● does not adhere to any external standard
Answer: managerial accounting
●● measures performance in financial and nonfinancial terms, such as
time and quality
Answer: managerial accounting
,●● highly aggregated, non-detailed, reports on historical costs and past
decisions over long reporting periods
Answer: financial accounting
●● detail is based on management needs, reports are oriented to future
costs and decisions, and reporting periods are based on need
Answer: managerial accounting
●● concerned with keeping records of assets, obligations, and
collection/payment of cash
Answer: financial accounting
●● summary of economic events during a period of time
Answer: income statement
●● a picture of the economic position of an organization at a specific
time
Answer: balance sheet
●● what is on an income statement?
Answer: revenues generated by operations
expenses matched to those revenues
, any gains and losses attributed to the period
●● what is on a balance sheet?
Answer: assets
claims on assets
●● a summary of resource inflows and outflows stated in terms of cash
Answer: statement of cash flows
●● what is on a statement of cash flows
Answer: cash from operating activities
cash from investing activities
cash from financing activities
●● the primary focus of managerial accounting is to:
Answer: assist management in decision making
●● managerial accounting provides management with:
QUESTIONS AND ANSWERS FULL
SOLUTION
●● an information framework that supports the company's goals by
generating special-purpose financial reports for internal users as needed
for making timely decisions
Answer: managerial accounting
●● must adhere to external reporting standards
Answer: financial accounting
●● emphasizes objective data
Answer: financial accounting
●● does not adhere to any external standard
Answer: managerial accounting
●● measures performance in financial and nonfinancial terms, such as
time and quality
Answer: managerial accounting
,●● highly aggregated, non-detailed, reports on historical costs and past
decisions over long reporting periods
Answer: financial accounting
●● detail is based on management needs, reports are oriented to future
costs and decisions, and reporting periods are based on need
Answer: managerial accounting
●● concerned with keeping records of assets, obligations, and
collection/payment of cash
Answer: financial accounting
●● summary of economic events during a period of time
Answer: income statement
●● a picture of the economic position of an organization at a specific
time
Answer: balance sheet
●● what is on an income statement?
Answer: revenues generated by operations
expenses matched to those revenues
, any gains and losses attributed to the period
●● what is on a balance sheet?
Answer: assets
claims on assets
●● a summary of resource inflows and outflows stated in terms of cash
Answer: statement of cash flows
●● what is on a statement of cash flows
Answer: cash from operating activities
cash from investing activities
cash from financing activities
●● the primary focus of managerial accounting is to:
Answer: assist management in decision making
●● managerial accounting provides management with:
