Jeremy Identifies Problems and Helps Managers Carry Out Planning,decision Making,and

question 105

Multiple Choice

Jeremy identifies problems and helps managers carry out planning,decision making,and controlling functions.Jeremy works in the field of

• A) managerial accounting.
• B) generally accepted accounting principles.
• C) financial accounting.
• D) budgeting.
• E) auditing.

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Definitions:

Cost Principle

An accounting principle that states transactions and assets should be recorded at their original purchase cost, factoring out any market value changes.

Revaluing Assets

The process of adjusting the book value of an asset to reflect its current market value rather than its original purchase price.

Major Disadvantage

A significant or principal drawback that adversely affects the effectiveness, efficiency, or desirability of an object, system, or method.

Ethical Lapses

Failures to act in an ethical manner, often resulting in behavior that is morally or professionally wrong.