Management Accounting - MCQ: week 1
-7
..........is devoted to providing information for external users.
a. Management accounting
b. Financial accounting
c. Internal accounting
d. Cost accounting - ANSWER...-B
Financial accounting is primarily concerned with providing financial reports to all of the
following EXCEPT
a. Creditors such as banks and other financial institutions
b. Creditors such as suppliers
c. Shareholders of the company
d. Management of the firm - ANSWER...-D
Management accounting and financial accounting differ in that management accounting
information is prepared
a. following prescribed rules
b. using whatever methods the company finds beneficial
c. for shareholders
d. to summarise the whole company with little detail - ANSWER...-B
The primary objective of management accounting is
a. To provide shareholders and potential investors with useful information
for decision making
b. To provide banks and other creditors with information useful in making
credit decisions
c. To provide management with information useful for planning and
control of operations
d. To provide the relevant taxation authorities with information about
taxable income - ANSWER...-C
Management accounting is the branch of accounting concerned with reporting to
a. Internal managers
b. shareholders
, c. the government
d. bankers - ANSWER...-A
Which of the following characteristics does NOT pertain to management
accounting?
a. Provides information and estimates about future activity
b. Generates specific-purpose financial statements and reports
c. Provides financial and operating data multidisciplinary in scope
d. Has externally imposed standards - ANSWER...-D
Which of the following does NOT describe management accounting?
a. Evaluation of segments or products within the firm
b. Emphasis on the future
c. Externally focussed
d. Detailed information - ANSWER...-C
Management accounting reports are prepared
a. To meet the needs of decision makers within the firm
b. Whenever shareholders request them
c. According guidelines prepared by the shares and Financial Service
Authority
d. According to financial accounting standards - ANSWER...-A
Accounting
a. Always has an external orientation
b. Always has an internal orientation
c. Information assists in planning and controlling
d. Terms serve as a model of the organisation - ANSWER...-C
Which of the following statements correctly distinguishes financial and
management accounting?
a. Management accounting reports on the whole organisation
b. Financial accounting is oriented toward the future
c. Financial accounting is primarily concerned with providing information
for internal users
d. Management accounting is oriented more toward the planning and
control aspects of management - ANSWER...-D
Over-allocated overheads occur when:
A allocated overheads exceed actual overheads.
-7
..........is devoted to providing information for external users.
a. Management accounting
b. Financial accounting
c. Internal accounting
d. Cost accounting - ANSWER...-B
Financial accounting is primarily concerned with providing financial reports to all of the
following EXCEPT
a. Creditors such as banks and other financial institutions
b. Creditors such as suppliers
c. Shareholders of the company
d. Management of the firm - ANSWER...-D
Management accounting and financial accounting differ in that management accounting
information is prepared
a. following prescribed rules
b. using whatever methods the company finds beneficial
c. for shareholders
d. to summarise the whole company with little detail - ANSWER...-B
The primary objective of management accounting is
a. To provide shareholders and potential investors with useful information
for decision making
b. To provide banks and other creditors with information useful in making
credit decisions
c. To provide management with information useful for planning and
control of operations
d. To provide the relevant taxation authorities with information about
taxable income - ANSWER...-C
Management accounting is the branch of accounting concerned with reporting to
a. Internal managers
b. shareholders
, c. the government
d. bankers - ANSWER...-A
Which of the following characteristics does NOT pertain to management
accounting?
a. Provides information and estimates about future activity
b. Generates specific-purpose financial statements and reports
c. Provides financial and operating data multidisciplinary in scope
d. Has externally imposed standards - ANSWER...-D
Which of the following does NOT describe management accounting?
a. Evaluation of segments or products within the firm
b. Emphasis on the future
c. Externally focussed
d. Detailed information - ANSWER...-C
Management accounting reports are prepared
a. To meet the needs of decision makers within the firm
b. Whenever shareholders request them
c. According guidelines prepared by the shares and Financial Service
Authority
d. According to financial accounting standards - ANSWER...-A
Accounting
a. Always has an external orientation
b. Always has an internal orientation
c. Information assists in planning and controlling
d. Terms serve as a model of the organisation - ANSWER...-C
Which of the following statements correctly distinguishes financial and
management accounting?
a. Management accounting reports on the whole organisation
b. Financial accounting is oriented toward the future
c. Financial accounting is primarily concerned with providing information
for internal users
d. Management accounting is oriented more toward the planning and
control aspects of management - ANSWER...-D
Over-allocated overheads occur when:
A allocated overheads exceed actual overheads.
