Which of the following statements about cost and management accounting are true? (1) Cost accounting cannot be used to provide inventory valuations for external financial 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 business decisions
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1 .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)
2 .Which one of the following is a common feature of cost accounting but not financial accounting?
A Control accounts B Cost classification C Cost unit D Periodic stocktaking
3 .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
4 .What is the purpose of management information?
A Planning only B Planning and control only C Planning, control and decision-making only D Planning, control, decision-making and research and development
5 .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
7 .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
8 .A company’s budgeted sales for last month were 8,000 units with a standard unit selling price of USD50. The company generates USD0.40 contribution for each USD1 of revenue (i.e. has a contribution to sales ratio of 40%). Actual sales of 8,400 units resulted in total revenue of USD409,500.What was the sales volume contribution variance?
A USD8,000 favourable B USD8,000 adverse C USD20,000 favourable D USD20,000 adverse
9 .Consider the following incomplete statements relating to features of management information:(1) Communicated in writing(2) Presented in report format(3) Supported by calculations(4) Timely and clear to the userWhich of the above are necessary features of useful management information?
A 4 only B 2 and 3 only C 1 and 4 only D 1, 2 and 3 only
10 .Which sampling method selects items from identifiable sub-populations?
A Cluster B Multi-stage C Simple random D Stratified
