TOPIC 1.1

1. 1. Who are the primary users of financial accounting reports?

• Internal managers

• External users such as stockholders, creditors, and regulators

• Employees of the company

• Marketing teams

2. 2. What is the main purpose of financial accounting reports?

• Special - purpose for specific decisions

• To assist marketing strategy

• General - purpose

• Detailed analysis for business subunits

3. 3. Which of the following pertains to managerial accounting reports?

• Follows MFRS standards

• Required to be published and audited by statutory auditors

• Focuses on subunits of the business and is very detailed

• Highly aggregated and condensed

4. 4. Which of the following is NOT a type of financial accounting report ?

• Statement of profit or loss

• Budget report

• Statement of financial position

• Cash flow statement

5. 5. Managerial accounting reports extend beyond double - entry accounting and cost data

• True

• False

7. 6. Financial accounting reports are primarily used by internal users

• True

• False

8. 7. Managerial accounting reports are

• Published for external skateholders

• Limited to double - entry accounting

• Not audited by statutory auditors

• Required to follow MFRS

Are managerial accounting reports required to be published or audited by statutory auditors?

• Yes

• No