Which of the following statements regarding the limitations of cost and management accounting information is/are true?
A: 1 only
B: 2 only
C: 1 and 2
D: Neither
A: 1 only
B: 2 only
C: 1 and 2
D: Neither
举一反三
- The following statements relate to the participation of junior management in setting budgets:1 It speeds up the setting of budgets2 It increases the motivation of junior managers3 It reduces the level of budget padding Which statements are true? A: 1 only B: 2 only C: 2 and 3 only D: 1, 2 and 3
- The following statements relate to financial accounting or to cost and management accounting: (i) The main users of financial accounting information are external to an organisation. (ii) Cost accounting is part of financial accounting and establishes costs incurred by an organisation. (iii) Management accounting is used to aid planning, control and decision making. Which of the statements are correct? A: (i) and (ii) only B: (i) and (iii) only C: (ii) and (iii) only D: (i), (ii) and (iii)
- Which of the following statements is/are true? 1.A supplier of goods on credit is interested only in the statement of financial position, ie an indication of the current state of affairs. 2.The objective of financial statements is to provide information about the financial position, performance and changes in financial position of an entity that is useful to wide range of uses in making economic decisions. A: 1 only B: 2 only C: Both 1 and 2 D: Neither 1 or 2
- Which of the following statements is false？（ ） A: Financial accounting information can be used for internal reporting purposes. B: Cost accounting can only be used to provide inventory valuations for internal reporting. C: Management accounting provides information relevant to decision making, planning, control and evaluation of performances. D: Routine information can be used to make decisions regarding both the long term and the short term.
- Which TWO of the following statements regarding management accounting are correct? A: Management accounting tends to focus on the needs of external stakeholders. B: Management accounting information can be presented in any format. C: The main purpose of management accounting is to produce the statutory financial statements for the entity. D: Management accounting is carried out at the discretion of management.