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Which of the following are characteristics of
1. Non-financial as well as financial
2. Used by all stakeholders
3.Concerned with cost control only
4. Not legally required
a) 1 and 4
b) 2 and 3
c) 1, 2, and 3
d) 2, 3, and 4
Step by step
Solved in 3 steps
- Managerial accounting: A.Is based on GAAP B.Includes only financial measure C.Is designed for external users D.All of the above E. None of the aboveWhich of the following is a fundamental characteristic of accounting information? Select one: O A. Predictive Value O B. Completeness OC. Faithful Representation O D. Comparability Tin FinishHuman Resources Accounting is a tool of management accounting a. True O b, False
- "Generally accepted accounting principles (GAAP) assist the development of management accounting systems." Do you agree? Explain. Question content area bottom Part 1 A. No. Although GAAP applies to internal accounting reports, managers rarely use it to develop management accounting systems. B. Yes. GAAP applies only to internal accounting reports. Therefore, managers must develop management accounting systems to comply with GAAP. C. No. GAAP applies to financial reporting for external users. Internal accounting reports are not restricted by GAAP. D. Yes. GAAP applies to internal accounting reports as well as financial reporting for external users. Managers must use GAAP in the development of all accounting systems.Which of the following does NOT describe management accounting?A. Emphasis on the pastB. Evaluation of products and their performance within the companyC. Externally focussedD. Often provided detailed informationThe following are basic characteristics of management accounting, except A. It is future-oriented. B. It is used by both the external and internal stakeholders C. It may use non-financial data or information D. It complies with generally accounting principles. (choose letter only)
- Which of the following is one of the limitations of Management Accounting?Select one:a. Existence of wide knowledgeb. Simplified approachc. Lack of objectivityd. Free of cost system65. Accounting, as a support function, should include: O A. Financial accounting. B. Cost and managerial accounting. C. Internal controls, and internal audit. D. The stewardship of assets. O E. All of the above.Which of the following characteristics does NOT pertain to management accounting?A. Has externally imposed standardsB. Provides information and estimates about future activityC. Provides financial and operating data multidisciplinary in scopeD. Generates specific-purpose financial statements and reports
- Which of the following statements correctly distinguishes between management accounting and financial accounting? O A. Financial accounting is oriented toward the future. O B. Financial accounting is primarily concerned with providing information for internal users. OC. Management accounting is oriented more toward the planning and control aspects of management. OD. Management accounting reports on the whole organization.Management accounting focus on the benefits of users. Select one: True O False PE cam ump toa Retum to: GeneralWhich of the following characteristics does NOT pertain to management accounting? OA. Has externally imposed standards O B. Provides information and estimates about future activity OC. Provides financial and operating data multidisciplinary in scope D. Generates specific-purpose financial statements and reports