Consider the following statements in relation to management information:(1) It should always be provided regardless of its cost(2) It is data that has been processed in such a way as to be meaningful to the personwho receives it(3) It should not be provided until it is as detailed and accurate as possibleWhich of the above statements is/are true of good management information?
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1 .The following statements relate to financial accounting or to cost and managementaccounting:(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 anorganisation.(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)
2 .The following statements refer to strategic planning:(i) It is concerned with quantifiable and qualitative matters.(ii) It is mainly undertaken by middle management in an organisation.(iii) It is concerned predominantly with the long term.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)
3 .Which one of the following is a common feature of cost accounting but not financialaccounting?
A Control accounts B Cost classification C Cost unit D Periodic stocktaking
4 .Consider the following incomplete statements relating to management information:(1) clear to the user(2) detailed and completely accurate(3) provided whatever the cost(4) relevant for purpose.Which of the above are necessary features of useful management information?
A 1 and 2 only B 1 and 4 only C 2 and 4 only D 1, 2 and 3 only
5 .Which of the following only contains essential features of useful managementinformation?
A Accurate, clear, presented in report format B Timely, reliable, supported by calculations C Regular, complete, communicated in writing D Clear, accurate, relevant for its purpose
7 .Which of the following are characteristics of management accounting information?(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 only B 2 and 3 only C 1, 2 and 3 only D 2, 3 and 4 only
8 .Which of the following statements about cost and management accounting are true?(1) Cost accounting cannot be used to provide inventory valuations for externalfinancial reporting(2) There is a legal requirement to prepare management accounts(3) The format of management accounts may vary from one business to another(4) Management accounting provides information to help management make businessdecisions
A 1 and 2 only B 1 and 4 only C 2 and 3 only D 3 and 4 only
9 .Which of the following are characteristics of management accounting information?(1) Forward looking(2) Legally required(3) Concerned with cost control(4) Follows clearly defined standards
A 1 and 3 only B 2 and 4 only C 1, 3 and 4 only D 1, 2 and 3 only
10 .Which of the following selection methods provide a sample which is representative of apopulation?(1) Cluster(2) Multi-stage(3) Quota sampling(4) Simple random
A 1 and 3 only B 1 and 4 only C 2 and 3 only D 2 and 4 only
