Complete the following statements with one of the terms listed here. You may use
ID: 343820 • Letter: C
Question
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. Planning Budget Controlling Managerial accounting Managers Creditors Financial accounting 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 b. Financial accounting develops reports for external parties such as c. When managers evaluate the company's performance compared to the plan, they are performing the systems and controlling role of management are decision makers inside a company provides information on a company's past performance to external parties. 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. g. Choosing goals and the means to achieve them is the h. Managerial accounting systems report on various segments or business units of the company function of management. statements of public companies are audited annually by CPAsExplanation / Answer
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 Financial accounting systems.
b) Financial accounting develops reports for external parties such as creditors and shareholders.
c) When managers evaluate the company's performance compared to the plan, they are performing the controlling role of management.
d) Managers are decision makers inside a company.
e) Financial accounting provides information on a company's past performance to external parties.
f) Managerial accounting 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.
g) Choosing goals and the means to achieve them is the planning function of management.
h) Managerial accounting systems report on various segments or business units of the company.
i) Financial accounting statements of public companies are audited annually by CPAs.