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Ch01 Solutions Werner Jones Management Accounting 3e

Ch01 Solutions Werner Jones Management Accounting 3e - 1...

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1 Management Accounting: Its Environment and Future SOLUTIONS TO APPLY WHAT YOU HAVE LEARNED 1-13. 1. a Must conform to GAAP 2. b Tends to be quite detailed 3. a Generally limited to presenting historical information 4. b Need not conform to a formal set of rules and standards 5. a Information prepared primarily for external users 6. a Tends to include only a limited amount of detail 7. a Information prepared on a quarterly or yearly basis 8. b Information prepared on a monthly, weekly, or daily basis 9. b Information often includes future projections 10. a,b Information prepared for use by internal parties 1-14. Management accounting is just as important to not-for-profit organizations as it is to for-profit organizations. This is because much of management accounting’s focus is on efficiency, productivity, and product or service quality which are just as, if not more, essential to an organization that is not focused on profits. Further, it is important to realize that economic concerns and important economic decisions exist
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