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Study Questions for Chapter 18

Study Questions for Chapter 18 - LeAnna Kaiser Study...

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LeAnna Kaiser Study Questions for Chapter 18 1. Describe generally the differences between management accounting and financial accounting. Financial: Provides information to external, third parties (shareholders, creditors, government, public) Prepared according to GAAP Statements prepared at regular basis on fixed intervals Records historical data of the company Looks at company as a whole Emphasis on objectivity Management: Presents information to management that is important for decision making; both objective measures (historical data), and subjective estimates (estimated data). Quick info is better than waiting to get completely accurate & precise info Mostly forward looking Do NOT have to be: Prepared according to GAAP. (Design reports to meet the needs of management) Prepared at fixed intervals. (Prepared as needed) Prepared for the business as a whole. (Breaks down information into smaller sections - by dept sometimes) 2. Describe the elements of the management process. Works like a cycle, repeating itself. Planning: used to develop the company’s objective and translate them into actions. 2 types: Strategic planning: Developing long-term goals & actions you want to do. Defines the direction you want to go in.
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