Chapter 1 information

Question 1

Finanical Accouting

Answer 1

-Financial Statements
-External users (Shareholders, creditors, gov agencies)
-Managers also use them
-GAAP in US; IFRA internationally
-Fixed Intervals (monthly quarterly, annually)
-Historical and Objective Data
-Reporting Section: Entire Company

Question 2

Managerial/Cost Accouting

Answer 2

-Needs of company management
-Internal users (Managers)
-Management needs for Guidelines for Presentation
-As-Needed, Some at Fixed Intervals, Estimated & Subjective Data for TImeliness
-Segments and Some entire company for Reporting Section

Question 3

4 IMA Code of Ethics

Answer 3

1. Competence
2. Integrity
3. Confidentiality
4. Credibility