The Focus of Managerial Accounting Information Is on the Organization

question 131

True/False

The focus of managerial accounting information is on the organization as a whole.

Understand the concept of faithful representation in accounting.

Recognize the difference between accounting rules for financial reporting and taxation in the United States.

Identify the bodies responsible for setting generally accepted accounting principles (GAAP) and their role.

Describe the principle of conservatism in accounting.

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Definitions:

Shared Values

Beliefs or standards held in common by a group or society, forming a basis for collective action and identity.

ABC Triad

Affect (how people feel inside), Behavior (what people do), Cognition (what people think about)

Affect

The automatic response that something is good (positive affect) or bad (negative affect)

Behavior

Refers to the actions or reactions of an individual, in response to external or internal stimuli, visible to others.