HW 1 ANSWERS - Universidad Iberoamericana UNIBE 1...

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Universidad Iberoamericana UNIBE 1. Managerial accounting differs from financial accounting in that financial accounting is: a. More oriented toward the future. b. Primarily concerned with external financial reporting. c. Concerned with non-quantitative information. d. Heavily involved with decision analysis and implementation. Financial accounting is primarily concerned with historical accounting, i.e. traditional financial statements, and with external financial reporting to creditors and shareholders. Managerial accounting applies primarily to the planning and control of organizational operations. 2. Which one of the following is least likely to be an objective of a cost accounting system? a. Product costing and inventory valuation. b. Department efficiency c. Sales commission determination d. Income determination A cost accounting system has internal and external reporting objectives. These include product costing ; assessment of departmental efficiency; inventory valuation; income determination; and planning, evaluating, and controlling operations. Determining sales commissions is not an objective because they are not based on costs .
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3. Which is the best description of traditional cost accounting? a. The entire ledger and subsidiary ledgers and related journals, etc., of a manufacturer. b. The general ledger and subsidiary accounts and related records, etc., used to accumulate the costs of goods or services provided by an entity. c.
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HW 1 ANSWERS - Universidad Iberoamericana UNIBE 1...

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