Distinction between financial and managerial accounting

Assignment Help Operation Management

Reference no: EM13782472

Professor Pacioli was recently asked the following five questions by his aspiring accounting students. Prepare a summary of the professor’s reply to each question.

(a) Professor, I cannot quite put my finger on it, but your name has a familiar ring to it . . .why is that?

(b) Professor, I have no interest in being a bookkeeper. Why should I study accounting?

(c) Professor, I am not sure I understand why there is a distinction between financial and managerial accounting. If you are accounting for one business, how can there possibly be two separate approaches?

(d) Professor, haven’t computers and modern information systems made accountants obsolete?

(e) Professor, I am interested in becoming a CPA. What do I need to do, apply to the FASB?

Reference no: EM13782472

Questions Cloud

What is a natural monopoly : Explain with the use of diagrams where appropriate how perfect competition leads to allocative productive and dynamic efficiency - What is a natural monopoly? If a firm is a natural monopoly, illustrate with the use of diagrams why is it is nec..

What is the standard task time for the operation : A time study indicates that a worker takes 430 seconds to perform an operation. The worker is known to be quite skilled and the supervisor estimates before the timing that her performance will be about 10% above average. During a 7-day workday, vario..

Assimilation-pluralism and multiculturalism models : Discuss the assimilation, pluralism, and multiculturalism models, and include their historical timelines.

Create a swot analysis to understand blockbusters strengths : Who are Blockbuster's main competitors? What advantages does Blockbuster have, and what advantages do competitors hold? Create a SWOT analysis to understand Blockbuster’s strengths and weaknesses. Does Blockbuster have a sustainable competitive advan..

Distinction between financial and managerial accounting : Professor Pacioli was recently asked the following five questions by his aspiring accounting students. Prepare a summary of the professor’s reply to each question. Professor, I cannot quite put my finger on it, but your name has a familiar ring to it..

Compare and contrast the two to help lewis reach a decision : Lewis is torn between forming a limited partnership or a limited liability partnership. Compare and contrast the two to help Lewis reach a decision

What is bullwhip effect-why is it a problem for businesses : What are the three major lines of business within InsuraCorp? What type of an enterprise application should InsuraCorp use for its branding and marketing initiatives? What is the bullwhip effect? Why is it a problem for businesses?

Identify three ways to develop competent team relationships : Why is the attitude of team members at least as important as their aptitude for decision making and problem solving? How is a team identity developed? Should team roles be chosen by team members? Why or why not? Identify three ways to develop compete..

Description of the elements composition of artwork : hat was the overall emotional and intellectual effect the performance or artwork had on you? What emotions did you feel? What did the experience make you think of?

User Account

All Pages