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11 Dec 2019

All of the following are features of managerial accountingexcept:

A) information is provided primarily to insiders such asmanagers.

B) information includes economic and non-financial data as wellas financial data.

C) information is characterized by objectivity, reliability,consistency, and accuracy.

D) information is reported continuously with a present or futureorientation.

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13 Dec 2019
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Exercise 10-1 Identifying financial versus managerial accountingitems LO 10-1 Required Indicate whether each of the following itemsis representative of managerial or of financial accounting:Information is factual and is characterized by objectivity,reliability, consistency, and accuracy. Information is reportedcontinuously and has a current or future orientation. Informationis provided to outsiders, including investors, creditors,government agencies, analysts, and reporters. Information isregulated by the SEC, FASB, and other sources of GAAP. Informationis based on estimates that are bounded by relevance and timeliness.Information is historically based and usually reported annually.Information is local and pertains to subunits of the organization.Information includes economic and nonfinancial data as well asfinancial data. Information is global and pertains to the companyas a whole. Information is provided to insiders, includingexecutives, managers, and employees.

How does economic profit differ from net income?

a. the major difference is that economic profit includes acapital charge, that is, a cost of using all capital. in contrast,net income includes a charge for using debt capital (interest) butno charge for using equity capital. some measures of net incomerely primarily on financial reporting numbers and others, such asEVA, include adjustments such as deducting cash taxes rather thantax expense or cpitalizing rather than expensing R&D

b. the major difference is that net income includes a capitalcharge, that is, a cost of using all capital. in contrast, economicprofit includes a charge for using debt capital (interest) but nocharge for using equity capital. some measures of net income relyprimarily on financial reporting numbers and others, such as EVA,include adjustments such as deducting cash taxes rather than taxexpense or capitalizing rather than expensing R&D

c. the major difference is that economic profit includes acapital charge, that is, a cost of using all capital. in contrast,net income includes a charge for using debt capital (interest) butno charge for using equity capital. some measures of economicprofit rely primarily on financial reporting numbers and otherssuch as EVA, include adjustments such as deducting cash taxesrather than tax expense or capitalizing rather than expensingR&D

d. the major difference is that net income includes a capitalcharge, that is, a cost of using all capital. in contrast, economicprofit includes a charge for using equity capital. some measure ofeconomic profit rely primarily on financial reporting numbers andothers, such as EVA, include adjustments such as deducting cashtaxes rather than tax expense or capitalizing rather than expensingR&D

How does economic profit differ from net income?

a. the major difference is that economic profit includes acapital charge, that is, a cost of using all capital. in contrast,net income includes a charge for using debt capital (interest) butno charge for using equity capital. some measures of net incomerely primarily on financial reporting numbers and others, such asEVA, include adjustments such as deducting cash taxes rather thantax expense or cpitalizing rather than expensing R&D

b. the major difference is that net income includes a capitalcharge, that is, a cost of using all capital. in contrast, economicprofit includes a charge for using debt capital (interest) but nocharge for using equity capital. some measures of net income relyprimarily on financial reporting numbers and others, such as EVA,include adjustments such as deducting cash taxes rather than taxexpense or capitalizing rather than expensing R&D

c. the major difference is that economic profit includes acapital charge, that is, a cost of using all capital. in contrast,net income includes a charge for using debt capital (interest) butno charge for using equity capital. some measures of economicprofit rely primarily on financial reporting numbers and otherssuch as EVA, include adjustments such as deducting cash taxesrather than tax expense or capitalizing rather than expensingR&D

d. the major difference is that net income includes a capitalcharge, that is, a cost of using all capital. in contrast, economicprofit includes a charge for using equity capital. some measure ofeconomic profit rely primarily on financial reporting numbers andothers, such as EVA, include adjustments such as deducting cashtaxes rather than tax expense or capitalizing rather than expensingR&D

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