Connect Chapter 1 Homework - MGMT-026

award:

1. 10 out of 10.00

Accounting is an information and m easurem ent system that identifies, records, and communicates relevant, reliable, and comparable information about an organization's business activities. Select the aspect of accounting associated with this activity.

Activities

Aspects of accounting

1. Analyzing and interpreting reports.

Communicating

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2. Presenting financial information.

Communicating

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3. Maintaining a log of service costs.

Recording

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4. Measuring the costs of a product.

Recording

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5. Preparing financial statements.

Communicating

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6. Establishing revenues generated from a product. Identifying

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7. Determining employee tasks behind a service.

Identifying

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award:

2 10 out of ? 10.00 ??????????????? potrns ????????????????????????????????????????????????????????? ?????????????????????????????????????????????????????????????????????????????????????

Part A Identify the following users of accounting information as either an internal or an ext ernal user.

Accounting information user 1. Research and development director 2. Human resources director 3. Labor unions ~ Shareholders 5. Distribution managers

~Creditors

~uction supervisors 8. Purchasing manager

External /Internal

Internal

./

Internal

./

External

./

External

./

Internal

./

External

./

Internal

./

Internal

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Part B Identify the following questions as most likely to be asked by an internal or external user.

Questions

?? External / Internal

1. What are reasonable payroll benefits and wages?

~ Internal

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2. Should we make a frve-year loan to that business?

External

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3. What are the costs of our product's ingredients?

Internal

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4. Do income levels justify the current stock price?

External

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5. Should we spend more to further re search our product?

Internal

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6. Which firm reports the highest sales and income?

External

./

7. What are the costs of our service to customers?

Internal

a?ward:

3 ?

10 out of 10.00

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Identify the area of accounting that is most involved in each of the following responsibilities:

Responsibilities

1. - -Internal auditing.

2. External auditing.

3.- -Cost accounting.

4. Budgeting.

5.

Invest-igating violations of tax laws.

6. Planning transactions to minimize taxes.

7. Preparing external financial statements.

8. Reviewing reports for SEC compliance.

./I Area of accounting

Managerial accounting

Financial accounting ./

Managerial accounting ./ Managerial accounting ./

Tax accounting

./

Tax accounting

./

Financial accounting ./

Financial accounting ./

award:

4.

10 out of 10.00

Match each of the numbered descriptions with the term or phrase it best reftects.

Description

1. Principles that determine whether an action is right or wrong.

--l---

2. Accounting professionals who provide services to many clients.

3.

r~4:

A n accounting area that includes planning future transactions to minimize taxes paid. A n examination of an organization's accounting system and records that adds credibility to financial statements. A mount a business earns after paying all expenses and costs associated wit h its sales and revenues.

Term or Phrase

Ethics

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Public accountants . /

Tax accounting

./

Audit

./

Net income

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award:

5 ?

10 out of 10.00

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Match each of the numbered descriptions with the principle or assumption it best reflects.

Description

Principle or Assumption

1. Usually created by a pronouncement from an authoritative body.

-~I--

2. Financial statements reflect the assumption that the business continues operating.

3. Derived from long-use ................
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