Connect Chapter 1 Homework - MGMT-026 - 1 or 3 760 760 1 0 0 0 1

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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

2.

Presenting financial information.

Communicating

3.

Maintaining a log of service costs.

Recording

4.

Measuring the costs of a product.

Recording

5.

Preparing financial statements.

Communicating

6.

Establishing revenues generated from a product.

Identifying

7.

Determining employee tasks behind a service.

Identifying

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Part A

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

Accounting information user

External /Internal

1.

Research and development director

Internal

2.

Human resources director

Internal

3.

Labor unions

External

~Shareholders

External

5.

Internal

Distribution managers

~Creditors

External

~uction supervisors

Internal

8.

Internal

Purchasing manager

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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

~ Internal

1.

What are reasonable payroll benefits and wages?

2.

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

External

3.

What are the costs of our product's ingredients?

Internal

4.

Do income levels justify the current stock price?

External

5.

Should we spend more to further re search our product?

Internal

6.

Which firm reports the highest sales and income?

External

7.

What are the costs of our service to customers?

Internal

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

Responsibilities

1.

Area of accounting

Internal auditing.

Managerial accounting

External auditing.

Financial accounting

3.

Cost accounting.

Managerial accounting

4.

Budgeting.

Managerial accounting

5.

Investigating violations of tax laws.

Tax accounting

6.

Planning transactions to minimize taxes.

Tax accounting

7.

Preparing external financial statements.

Financial accounting

8.

Reviewing reports for SEC compliance.

Financial accounting

2.

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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.

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Term or Phrase

Ethics

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2.

Accounting professionals who provide services to many clients.

Public accountants

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3.

A n accounting area that includes planning future transactions to minimize taxes paid.

Tax accounting

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A n examination of an organization's accounting system and records that adds credibility to financial statements.

Audit

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A mount a business earns after paying all expenses and costs associated wit h its sales and revenues.

Net income

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

Description

1.

Usually created by a pronouncement from an authoritative body.

2.

Principle or Assumption

Specific accounting principle

.,/

Financial statements reflect the assumption that the business continues operating.

Going-concern assumption

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3.

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