Review the following individual accounting system components that contain the skills and capabilities of individuals in Chart A and review the accounting system components that contain the skills and capabilities of individuals in Chart B.

Which of the following describes the individual required to perform the accounting system skills and capabilities in Chart A and which individual is the responsible individual required to perform the skills and capabilities in Chart B?
A)Chart A: Independent Auditor;Chart B: Internal Audit Function
B)Chart A: Managerial Accountant;Chart B: Financial Accountant
C)Chart A: Audit Committee;Chart B: Cross Functional Teams
D)Chart A: Cross Functional Teams;Chart B: Treasurer
E)Chart A: Controller;Chart B: Treasurer

Question

Review the following individual accounting system components that contain the skills and capabilities of individuals in Chart A and review the accounting system components that contain the skills and capabilities of individuals in Chart B.

Which of the following describes the individual required to perform the accounting system skills and capabilities in Chart A and which individual is the responsible individual required to perform the skills and capabilities in Chart B?
A)Chart A: Independent Auditor;Chart B: Internal Audit Function 
B)Chart A: Managerial Accountant;Chart B: Financial Accountant 
C)Chart A: Audit Committee;Chart B: Cross Functional Teams 
D)Chart A: Cross Functional Teams;Chart B: Treasurer 
E)Chart A: Controller;Chart B: Treasurer

Quizplus · Accepted Answer

B)Chart A contains the skills and capabilities of a management accountant system;and,Chart B contains the skills and capabilities of a financial accountant accounting system.Recall that managerial accounting systems provide managers with the information needed to plan,direct,and control the operations in the organization;whereas financial accounting systems produce annual and quarterly consolidated financial statements used by investors and creditors.The financial systems contain reports that are produced on an annual or quarterly basis;and,they are prepared in accordance to GAAP.

Review the Following Individual Accounting System Components That Contain the Skills