All of the following are features of managerial accounting except:
A. information is provided primarily to insiders such as managers.
B. information is reported continuously with a present or future orientation.
C. information is characterized by objectivity, reliability, consistency, and accuracy.
D. information includes economic and non-financial data as well as financial data.
Answer: C
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The quality of accounting information that allows a user to analyze two or more companies and look for similarities and differences is known as understandability
a. True b. False Indicate whether the statement is true or false
Which of the following would be considered a strategic market plan component of marketing strategy?
A) revenue plan B) investment C) profits D) customer needs E) customer profile
In some countries the account Reserve for Contingencies may be most comparable to which of the following accounts for a company reporting under U.S. GAAP?
a. Contingency Expense b. Retained Earnings Appropriated for Contingencies c. Unearned Contingency Fees d. Contingency Losses
Howard Lumber Company mistakenly classified a product cost as an expense that totaled $20,000. The company produced 2,000 units of product and sold 1,000 of them during the year. Management is paid a bonus equal to 2% of net income. In the year in which the mistake was made:
A. the company's net income was overstated. B. the company's income statement portrayed a more favorable position than actually existed. C. product costs were overstated. D. management bonuses were underpaid.