Chapter 8 - Introduction to Managerial Accounting

Question 1

what is the seven-step to be considered ethical?

Answer 1

1. Is the decision legal?
2. Is the decision fair?
3. Does the decision hurt anyone?
4. Have I been hones with those affected?
5. Can I live with my decision?
6. Am I willing to publicize my decision?
7. What if everyone did what I did?

Question 2

what are the 6 branches of accounting?

Answer 2

1. Financial Accounting
2. Cost Accounting
3. Managerial Accounting
4. Tax Accounting
5. Auditing
6. Accounting Systems

Question 3

what are the principles of accounting?

Answer 3

1. The Cost Principle
2. Business Entity
3. Continuity of the Business Unit (Going Concern)
4. Unit of Measurement
5. Objective Evidence
6. Full Disclosure
7. Consistency
8. Matching
9. Conservatism
10. Materiality