QUIZ 1 : TOPIC 1[MANAGERIAL ACCOUNTING BASICS]

What is the type of users of managerial accounting?

• Internal users ( managers, employees, partners...)

• Internal and external user ( Owners of stockholders,lenders,customers...)

What is the frequency of report of managerial accounting?

• Once at the end of accounting period

• As frequently as needed

What is the characteristics of managerial accounting information?

• Accuracy

• Timeliness

• Relevance

• All of above

What is the roles of management accountant?

• Provide information and accounting reports

• Responsible for carrying out the task of helping the management

• Assist departments in achieving the organization objectives.

• All of above

What is a similarity between Managerial Accounting and Financial Accounting?

• Both report to the same group of accounting users.

• Both reporting past financial events.

• Both providing information for decision making purposes.

• Both using the same accounting standards of MASB.

When Managerial Accounting report is needed to be prepared?

• Once a year

• Every month

• Whenever cost accountant has free time

• Whenever required by manager

What are the component of management functions?

• planning

• controlling

• decision making

• All the above

Which of the following does not represents the characteristics of Management Accounting?

• Helps in finding out cost of products and control costs

• Measures the operating efficiency of the enterprise

• Helps in identifying the financial position of the business

• Process of determining and accumulating the cost of products or activity

_____________ requires the management to look a head and establish objectives. A key objective of management is to add value to the business.

• Planning

• Controlling

• Decision Making

_____________ in the process of keeping the activities on track. Management determines whether goals are being met and what changes are necessary when there are deviation.

• Planning

• Controlling

• Decision Making