ACCT346 MidTerm 100percent Jan2015 Essay

These are the automatically computed results of your exam. Grades for essay questions, and comments from your instructor, are in the "Details" section below.

These are the automatically computed results of your exam. Grades for essay questions, and comments from your instructor, are in the "Details" section below.

managerial accounting deals with internal reporting and financial deals with internal reporting (Yes.  Managerial accounting deals with internal reporting and financial accounting deals with external entities)

These are the automatically computed results of your exam. Grades for essay questions, and comments from your instructor, are in the "Details" section below.

These are the automatically computed results of your exam. Grades for essay questions, and comments from your instructor, are in the "Details" section below.

Activity-based costing is a system of accounting that puts emphases on activities performed to produce products or services (Schneider, 2012). In this costing system every activity is assigned a cost (Schneider, 2012). The goal of activity-based costing is not to allot common costs to products but to measure and then price out all the resources used for activities that sustain the production and delivery of products and services to customers (Mazumder, 2007). Activity-based costing is a cost system that is useful in business because of the fact that it does account for the cost of the products, resources used to produce the product and delivery of the product.

These are the automatically computed results of your exam. Grades for essay questions, and comments from your instructor, are in the "Details" section below.

These are the automatically computed results of your exam. Grades for essay questions, and comments from your instructor, are in the "Details" section below.

These are the automatically computed results of your exam. Grades for essay questions, and comments from your instructor, are in the "Details" section below.

Financial management is important to the organization because it provides pertinent finance and accounting information to help managers accomplish the purpose of the organization. Financial accounting provides accounting information to external users. On the other hand, managerial accounting is more for managers (internal users) to use for things like planning, budgeting, etc. The definition of finance has changed over the years, but it’s used to ultimately evaluate previous decisions and make assessments for future decisions of the organization.

Compare and contrast financial accounting and managerial accounting by answering the following questions in the matrix provided. Cite any sources you use in accordance with APA guidelines.

Management typically describes the accounting choices and estimates that are embedded in the company's key critical accounting policies in the “Management Discussion and Analysis” (MD&A) section of the Form 10-K.

Management accounting is the application of professional knowledge and skill in the preparation of accounting information in such a way as to control the operations of an undertaking.

The management accounting information system uses objective information; the financial accounting system uses subjective information.

A major difference between financial accounting and managerial accounting is their differing uses in regards to present and future data for decision-making. Financial accountants prepare data from transactions that have already occurred and managerial accountants prepare statements in regards to future decision making for their company. According to countingtools.com, the economy is always changing and not everything can be predicted, therefore, managerial accounting could only be useful to a certain degree.