E1-10,_11_&_13_Sol

E1-10,_11_&_13_Sol - (5 min.) E 1-10 a. Companies must...

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(5 min.) E 1-10 a. Companies must follow GAAP in their financial accounting systems. b. Financial accounting develops reports for external parties, such as creditors and shareholders . c. When managers evaluate the company’s performance compared to the plan, they are performing the controlling role of management. d. Managers are decision makers inside a company. e. Financial accounting provides information on a company’s past performance to external parties. f. Managerial accounting systems are not restricted by GAAP, but are chosen by comparing the costs versus the benefits of the system. g. Choosing goals and the means to achieve them is the planning function of management. h. Managerial accounting systems report on various segments or business units of the company. i. Financial accounting statements of public companies are audited annually by CPAs.
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(5-10 min.) E 1-11 a. The CFO and the COO report to the CEO. b. The internal audit function reports to the
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This note was uploaded on 09/10/2011 for the course ACCT 101 taught by Professor Kang during the Spring '08 term at S.F. State.

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E1-10,_11_&_13_Sol - (5 min.) E 1-10 a. Companies must...

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