MBA 700 Module 2 – Guided Questions And A+ Answers

MBA 700 Module 2 – Guided Questions And A+
Answers

What is Managerial Accounting? Correct Answer - Accounting
information that provides information to managers for:
- Planning
- Controlling
- Decision Making Purposes

Financial Vs Managerial Accounting: Financial Correct Answer -
Audience= External (Owners, Creditors, Tax Authorities, and Regulators)

Regulations= Regulated by GAAP/IFRS

Time Orientation= Past

Information= Financial

Reports= Mandatory, Aggregated, Companywide

Financial Vs Managerial Accounting: Managerial Correct Answer -
Audience= Internal - Planning, controlling, and Decision making

Regulations = Not regulated

Time Orientation = Future

Information = Financial and Non-Financial

Reports = Not Mandatory, Detailed, segment (part of an organization, not
companywide)

Code of Conduct for Management Accountants Correct Answer - 1:
Principles (Honesty, Fairness, Objectivity, Responsibility)
2: Standards (Competence, confidentiality, integrity, credibility)
3: Resolution of Ethical Conflicts