For each of the following, indicate whether the statement relates to managerial accounting (M
A) or financial accounting (FA):
Statement Applies to
MA or FA
How reports will affect employee behavior is a concern.
Summary reports are prepared primarily on the company as a whole, usually on a quarterly or annual basis.
Relevant information and focus on the future.
Primary users include investors, creditors, and government authorities.
There is no requirement to follow GAAP.
Statement Applies to
MA or FA
How reports will affect employee behavior is a concern.
MA
Summary reports are prepared primarily on the company as a whole, usually on a quarterly or annual basis.
FA
Relevant information and focus on the future. MA
Primary users include investors, creditors, and government authorities.
FA
There is no requirement to follow GAAP. MA
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Repayment of bonds payable would be reflected as a cash outflow in the investing activities section of the statement of cash flows
Indicate whether the statement is true or false
To properly maximize the value of the firm, the financial manager should execute his or her duties independent of the cash flow decisions made by other senior managers.
Answer the following statement true (T) or false (F)
Elias works at Lenno Landscaping as a mower. He is paid a set rate for each lawn that he mows. Elias receives piecework compensation.
Answer the following statement true (T) or false (F)
The powers of a trustee are determined solely by the trust instrument
a. True b. False Indicate whether the statement is true or false