ACCA MA - Accounting for Management Questions With Complete Solutions

What are some of the qualities of good information? correct answer: - Relevance - Clarity - Completeness - Accuracy - Timeliness - Manageable in volume What is Data? correct answer: Raw data materials ready for processing. What is information? correct answer: Data that has been processed and is now meaningful to its users. What is management information? correct answer: Information used by management in the running of a business or organisation. What is information used for? correct answer: - Planning - Controlling - Decision making What is does planning involve? correct answer: It involves setting objectives and selecting the appropriate strategies. What does decision making involve? correct answer: Choosing between alternatives. What is Strategic Planning? correct answer: Sets the objectives of the organisation. What is Tactical Planning? correct answer: Looks at the efficiency and effectiveness of the organisation in achieving the strategic objectives and its use of the organisations resources. What is operational planning? correct answer: Ensures that the specific tasks are carried out effectively and efficient