organization’s operations. To carry out these interpretations of financial information a public or private accountant is able to do this. To become a public accountant you must earn your CPA (certified public accountant) by passing a test and means you are certified by the state in which you provide accounting services where you reside. This means that you are‚ as a certified public accountant‚ able to express‚ officially‚ an unbiased opinion regarding the accuracy of the client’s financial statements
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The importance of managerial accounting in the workplace By: Michelle Moran | Posted: Jun 23‚ 2010 Managerial accounting is concerned with the use of economic and financial information to plan and control many activities of an entity and to support the management decision course. Management accountants play important roles more specifically in planning & coordination with production‚ marketing and financial functions. A subset of the managerial accounting profession is cost accounting which
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Chapter 1 Significance of Accounting Information Systems and the Accountant’s Role MULTIPLE CHOICE QUESTIONS 1. Which of the following is not accounting information? A. Total direct/indirect labor hours B. Delivery equipment cost C. Computer training schedule D. Next year’s sales budget C 2. In what terms can accounting information be expressed? A. Units‚ percentages‚ and money B. Money‚ ratios‚ and text C. Money‚ percentages‚ and text D. Units‚ percentages‚ and text A 3. Which of the following
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Creve Couer Pizza‚ Inc. In this case the ethical aspects primarily involved the American Institute of Certified Public Accountants (AICPA) as James Checksfield was serving as Creve Couer’s CPA. However‚ the professional standards set for accountants by the Institute of Management Accountants (IMA) and the AICPA share close similarities. Both organizations emphasize that accountants follow a code of ethics when performing their duties. The members must use these ethical principles when engaging in
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below. Discuss and analyze the difference between managerial and financial accounting. Pay particular attention to: * How is managerial accounting different from financial accounting? Comment on the different needs and use of financial information for internal purposes. * The managerial accounting profession and its role in today’s business environment. How has it changed over time? * Comment on the Certified Management Accountant (CMA) designation. Part II: Keep the analysis
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decisions and predictions based on the economy. Accountants maintain the financial records and record transactions of businesses‚ corporations and non-profit organizations‚ as well as governmental units. Entry Level Positions • • • • • • • Staff accountant Auditor/accountant Corporate accountant Actuary Governmental accountant Financial analyst Tax advisor Further Education/Experience Required • • • • • • • Certified public accountant Financial consultant Managerial consultant Financial manager Controller
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None of these statements is correct. Difficulty: Medium 4. Major classifications of accounting activity would not include: a. financial accounting‚ internal auditing‚ public accounting. b. internal auditing‚ governmental accounting‚ managerial accounting. C. financial accounting‚ national accounting‚ cost accounting. d. auditing‚ income tax accounting‚ governmental accounting. Difficulty: Easy 5. Which of the following is not an example of a decision or informed judgment that
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called the "language of business"‚ measures the results of an organization ’s economic activities and conveys this information to a variety of users including investors‚ creditors‚ management‚ and regulators. Practitioners of accounting are known as accountants. Accounting can be divided into several fields including financial accounting‚ management accounting‚ auditing‚ and tax accounting. Accounting is facilitated by accounting organizations such as standard-setters‚ accounting firms and professional
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Professional Conduct can be considered the foundation of ethical reasoning in accounting. The code presents rules and principles to help accountants complete their jobs with integrity and ethical decisions. The code also protects the interest of a company and the interest of the public. Purpose The American Institute of Certified Public Accountants (AICPA) Code of Professional Conduct was created to help individuals in the accounting profession‚ to perform their job while using
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’language of business.’ LO 1 3 The types of accounting information are limited. A) True B) False This is the correct answer. Feedback: There are many types of accounting information‚ including financial accounting‚ managerial accounting‚ and tax accounting. 4 Accountants use the term financial position to describe an entity’s activities during the year. A) True B) False This is the correct answer. Feedback: Financial position refers to an entity’s financial resources and obligations at
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