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5 Questions

07 Jul

Complete the following statements with one of the terms listed here. You may use a term more than​ once, and some terms may not be used at all.

  Budget Creditors Managerial accounting Planning  
  Controlling Financial accounting Managers Shareholders  

 

a. US companies must follow GAAP (or International Financial Reporting Standards, IFRS, in the case of companies headquartered in many countries outside of the United States) in their

_____________________ systems.

 

  1. Financial accounting develops reports for external parties such as __________________ and _____________________ .

 

  1. When managers evaluate the company’s performance compared to the plan, they are performing the _____________ role management.

 

  1. ________________ are decision makers inside a company.

 

  1. __________________ provides information on a company’s past performance to external parties.

 

  1. ___________________ systems are not restricted by GAAP (or International Financial Reporting Standards, IFRS, in the case of companies headquartered in many countries outside of the United States) but are chosen by comparing the costs versus the benefits of the system.

 

  1. Choosing goals and the means to achieve them is the ________________ function of management.

 

  1. _____________________ systems report on various segments or business units of the company.

 

  1. _____________________ statements of public companies are audited annually by CPAs.

 

 

According to the​ IMA’s Statement of Ethical Professional

Practice​,

management accountants should follow four​ standards: competence,​ confidentiality, integrity, and credibility. Each of these standards contains specific responsibilities. Classify each of the following responsibilities according to the standard it addresses.

Responsibility Standard
1. Keep information confidential except when disclosure is authorized or legally required.      _________________  
2 Disclose all relevant information that could reasonably be expected to influence an intended user’s understanding of the reports, analyses, or recommendations    
 

 

3.  

Disclose delays or deficiencies in information, timeliness, processing, or internal

 
controls in conformance with organization policy and/or applicable law.
 

4.

 

Communicate information fairly and objectively.

 

 

 

5.

 

 

Refrain from using confidential information for unethical or illegal advantage.

 
 

6.

 

Inform all relevant parties regarding the appropriate use of confidential

   
information. Monitor subordinates’ activities to ensure compliance.  

 

 

7.

 

Mitigate actual conflicts of interest. Regularly communicate with business

   
associates to avoid apparent conflicts of interest. Advise all parties of any  
potential conflicts.  
8.  

Maintain an appropriate level of professional expertise by continually developing

 
knowledge and skills.

 

 

9.

 

Recognize and communicate professional limitations that would preclude

 
responsible judgment or successful performance of an activity.
10.  

Perform professional duties in accordance with relevant laws, regulations, and

 
technical standards.

 

 

11.

 

Abstain from engaging in or supporting any activity that might discredit the

 
profession.
12.  

Refrain from engaging in any conduct that would prejudice carrying out duties ethically

 

 

13.  

Provide decision support information and recommendations that are accurate, clear, concise, and timely

 

 

Complete the following statements with one of the terms listed here. You may use a term more than​ once, and some terms may not be used at all.

  Budget Creditors Managerial accounting Planning  
  Controlling Financial accounting Managers Shareholders

 

 

a. Information on a company’s past performance is provided to external parties by  _________________

 

  1. _________________ systems are chosen by comparing the costs versus the benefits of the system and are not restricted by GAAP (or International Financial Reporting Standards, IFRS, in the case of companies headquartered in many countries outside of the United States).

 

  1. __________________ systems report on various segments or business units of the company.

 

  1. Financial accounting develops reports for external parties such as ________________ and __________________

 

  1. When managers evaluate the company’s performance compared to the plan, they are performing the ____________________ role of management.

 

  1. CPAs audit the ___________________ statements of public companies.

 

  1. Companies must follow GAAP (or International Financial Reporting Standards, IRFS, in the case of companies headquartered in many countries outside of the United States) in their

_____________________ systems.

 

  1. Choosing goals and the means to achieve them is the _________________ function of management.

 

i.Decision makers inside a company are the __________________.

 

  1. For each of the following users of financial accounting information and managerial accounting​ information, specify whether the user would primarily use financial accounting information or managerial accounting information or both.

 

 

1. Reporter from The Wall Street Journal      ________________
2. Regional division managers                         _____________
3. Potential investors        _____________________       _____________
4. Bookkeeping Department
5. Manager of the Service Department
6. Wall Street analyst
7. Division controller
8. State tax agency auditor

9. External auditor​ (public accounting​ firm)  
10. Loan officer at the​ company’s bank

 

11. Board of directors  
12. Internal auditor  
13. SEC examiner  
14. Current stockholders

 

 

 

 

 

 

5.

 

Faced with rising pressure for a $ 11per hour minimum wage​ rate, the farming industry is currently exploring the possible use of robotics to replace some farm workers. The

Helping Hand is one such​ robot; its job is to thin out a field of​ lettuce, removing the least promising buds of lettuce. By removing these weaker​ plants, the stronger lettuce plants have more room to grow. Assume the following​ facts: LOADING… (Click the icon to view the​ information.)

 

 

 

While the Helping Hand itself may be in workable condition for up to five​ years, assume that the farm would view its implementation as a​ one-year experiment.

Requirement

Perform a​ cost-benefit analysis for the first year of implementation to determine whether the Helping Hand

would be a financially viable investment if the minimum wage is raised to $ 11per hour. ​(Round your answers to the nearest whole​ dollar.)

 

 

Cost-Benefit Analysis
Expected Benefits (Cost Savings):
     
     
Total expected benefits  
Expected Costs:  
     
     
     
Total expected costs  
Net expected benefit (cost)  

 

 

 

 

 
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Posted by on July 7, 2018 in Academic Writing

 

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