Question

5. Ethics deals with the moral quality, fitness, or propriety of a course of action that may injure or benefit people. I can make an ethical decision while taking the exam by: a. Relying upon my own efforts in completing this exam b. Using only approved resources (i.e. calculator vs cell phones) while taking this exam c. Refraining from looking at my neighbor’s exam for answers d. All of the above


6. Which of the following statements correctly distinguishes between financial and managerial accounting? a. Managerial accounting uses both financial and non-financial measures of performance b. Financial accounting is oriented toward the future c. Financial accounting is primarily concerned with providing information for internal users d. Financial accounting is oriented toward the planning and control aspects of management. e. Managerial accounting focuses on the whole organization

Answer 1

Answer #5 [this question was not displayed when i originally attempted to answer]
Correct Answer is Option 'd' All of the above mentioned options are correct and are considered to be Ethical.

Answer #6
The correct answer is Option 'a' Managerial accounting uses both financial and non financial measures of performance, is the correct statement to distinguish financial and managerial accounting. This is because financial accounting ONLY uses financial aspects.

Rest Options are incorrect statements:
--Financial accounting is NOTfuture oriented.
--Financial accounting is done for EXTERNAL users also.
--Financial accounting is NOT oriented toward the planning and control aspects of management. Thats managerial accounting.
--Managerial accounting focuses on the whole organization, so does financial accounting.