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1. a. Explain the difference between Managerial and FinancialAccounting, b. List the users of Managerial and FinancialAccounting information, c. Does Financial and Managerial Accountingreports have to be prepared in accordance with GAAP? Please give adetailed answer.

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Reid Wolff
Reid WolffLv2
4 Feb 2019

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Essay

Answer the questions below in essay format.

Your essay must include an introduction, body, and conclusion,and address all relevant parts of each question. Your responseshould be a minimum of 300 words in length. Make sure to cite anyreferences you use. Proper citation format for a reference includesthe name of the author(s), the title of the work, the date of thepublication, and the page number.

Managerial vs. Financial Accounting

Define how managerial accounting differs from financialaccounting. Be sure to address the diverse users of managerial andof financial accounting and how each would use accountinginformation. Additionally, explain how the Sarbanes-Oxley Act (SOX)affects management accountants specifically and answer thisquestion: In your opinion, is SOX enough to deter unethicalaccounting practices internally? Be specific.

Which of the following best describesthe difference between financial and managerial accounting?

Managerial accounting provides information to support decisions,while financial accounting does not.

Managerial accounting is not restricted to generally acceptedaccounting principles (GAAP), while financial accounting isrestricted to GAAP.

Managerial accounting does not result in financial reports whilefinancial accounting does result in financial reports.

Managerial accounting is concerned solely with the future anddoes not record events from the past, while financial accountingrecords only events from past transactions.

2. For which of the following wouldthe job order cost system be appropriate?

Manufacturer of individualized golf equipment

Rubber manufacturer

Crude oil refinery

Coal mining

3. For which of the followingbusinesses would the process cost system be most appropriate?

Custom jewelry manufacturer

Car rental agency

Crude oil refinery

Small engine repair shop

You will explore the profession of accounting, from theperspective of managerial accounting work and careers. Below issome information that can get you started, though you will need todo some additional research on your own. You can use the library,the Internet or interview a managerial accountant to accessadditional information. Create a written document in the properform that includes the following: What is managerial accounting?What is the difference between managerial and financial accounting?Who are the users of financial accounting and managerial accountinginformation? How is managerial accounting information used to makedecisions? Identify some different jobs someone with a managerialaccounting education/experience can engage in. What is the IMAStatement of Ethical Practice and how does it impact the behaviorof an accounting professional? Describe the CMA certification forManagerial Accounting Professionals.

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