Consider the Descriptors That Follow

question 56

Essay

Consider the descriptors that follow:
1. Is heavily involved with the record keeping and reporting of assets, liabilities, and stockholders' equity.
2. Focuses on planning, decision-making, directing, and control.
3. Is heavily regulated.
4. A field that is becoming more "cross-functional" in nature.
5. Much of the field is based on costs and benefits.
6. Is involved almost exclusively with past transactions and events.
7. Much of the information provided is directed toward stockholders, financial analysts, creditors, and other external parties.
8. Tends to focus more on subunits within an entity rather than the organization as a whole.
9. May become involved with measures of customer satisfaction, and the amount of actual cost incurred vs. budgeted targets.
10. Information produced is intended for Managers within the organization.
Required:
Determine whether the descriptors are most closely associated with financial accounting or managerial accounting.

---

Definitions:

Abstract Terms

Words that represent concepts or ideas rather than tangible objects or actions, often subjective and open to interpretation.

Poetic Imagery

The use of vivid or figurative language to represent objects, actions, or ideas in literature, particularly in poetry, to evoke a mental image or sensory experience.

Circular Definition

A way of defining a term where the definition includes the term itself, leading to a lack of clarity or actual explanation.

Genus

In biology, the rank in the classification of organisms, above species and below family; in logic, a broader category or class that encompasses more specific subdivisions.