Chapter 1

Data is information that has been processed in such a way as to be meaningful to its recipients. Is this statement TRUE or FALSE?

• True

• False

The use of management accounting is _____________.

• necessary

• compulsory

• optional

• obligatory

Tags

CCSS.RI.1.3

CCSS.RI.1.5

CCSS.RI.2.3

CCSS.RI.K.3

CCSS.RI.K.5

Which of the following is NOT an information?

• Table showing variances from budget

• Graph showing the number of labour worked

• Number of material requisitions

• Analysis of wages into direct and indirect costs

Joey is newly employed as a management accountant of a shipping company. Which of the following tasks would be performed by her?

• Preparing annual statutory reports for stakeholders.

• Scheduling the monthly overtime roster for production employees.

• Performing an external audit for the competitor’s annual report and accounts.

• Acquiring and using finance within the shipping company.

Which of the following information critically required by a human resource manager in deciding solution to improve employee retention?

• The trend of employee turnover rate from 2020 to 2022.

• The list of employees who left the company.

• Number of employees quit for the year 2020 and 2021 respectively.

• The name of managers in charge for each department.

Which of the following statements concerning the difference between management accounts and financial accounts is INCORRECT?

• There is a legal requirement for financial accounts.

• Management accounts are only concerned with costs, not profits.

• Financial accounts are for external purposes whereas management accounts are for internal purposes.

• Management accounts are more forward looking than financial accounts.

A market research that obtained from a research company is a ________.

• primary and internal data

• primary data

• secondary data

• secondary and external data

Which of the following information consists of monetary information?

• Analysis of unemployment rate for the year

• Analysis of labour force by generation cohorts

• Annual report of sales by products

• Statistics of current population in Malaysia

A quotation issued by Sales department to Kenford Trading (a new customer), complete with product specification is _____________.

• an internal and non-financial information

• an external and financial information

• an external and non-financial information

• an internal and financial information

Which of the following is a feature of useful management information?

• Completely accurate

• Prepared on a monthly basis

• Clearly presented

• Communicated to all employees