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
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1 .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
2 .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
3 .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?
A 1 only B 2 only C 1 and 3 only D 2 and 3 only
4 .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
5 .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
7 .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
8 .Consider the following incomplete statements relating to features of managementinformation:(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
9 .Which of the following is an example of a cluster sample?
A Selecting every 20th entry in a membership listing B Taking the name of every company listed in a business telephone directory C Selecting every entry in a telephone directory with the same postal or zip code D Generating a list of numbers by random numbers and matching them to entries in atrade d...
10 .Consider the following statements relating to management information:Statement 1: Management information should have some value otherwise it would not beworth the cost of collecting and communicating itStatement 2: Management information only needs to be accurate enough for its purposeAre the statements TRUE or FALSE?Statement 1 Statement 2
A True True B True False C False True D False False
