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Chapters 1 Lab Exercise Solutions

Chapters 1 Lab Exercise Solutions - Ch 1 Introduction to...

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Ch 1 – Introduction to Managerial Accounting SOLUTION 1. Indicate whether each of the following statements is more a characteristic of financial accounting or managerial accounting. Use the following key: F = financial, M = managerial __ M ___ It is more forward looking, often emphasizing the future rather than the past. __ F ___ It is less flexible. __ M ___ It emphasizes segments of an organization more than the company as a whole. __ F ___ If the company is a publicly-held corporation, SEC requirements must be followed. __ F ___ GAAP is usually followed in preparing reports. __ M ___ It is more timely, sometimes sacrificing accuracy in the process. __ M ___ Reports that are generated are used by managers for decision-making in the production process. 2. Indicate whether the following statements are true or false. __ F ___ In the past 10 – 20 years, the role of the management accountant has not changed much. __ F
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