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WorksheetsQUIZ 1 : TOPIC 1[MANAGERIAL ACCOUNTING BASICS]
Total questions: 20
Worksheet time: 15mins
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
Identify whether the following statement are true or false.
Management accounting provides economic and financial information primarily to investors and other external users.
True
False
Identify whether the following statement are true or false.
Financial accounting reports pertain to subunits of the business and are very detailed.
True
False
Identify whether the following statement are true or false.
Managerial accounting reports must follow the accounting standards and are independently audited.
True
False
Identify whether the following statement are true or false.
Financial accounting focuses on providing information to internal users
True
False
Identify whether the following statement are true or false.
Managerial accounting applies only to merchandising and manufacturing companies.
True
False
Identify whether the following statement are true or false.
Preparation of budget is part of Managerial accounting.
True
False
Identify whether the following statement are true or false.
Financial accounting report are generally-purpose reports.
True
False
Identify whether the following statement are true or false.
Managerial accounting reports are prepared only quarterly and annually.
True
False
Identify the correct characteristics of management accounting information that suitable to explain these statement :
"Any accounting information given must give EFFECT to the decision made"
accuracy
flexible
relevant
understandable
Identify the correct characteristics of management accounting information that suitable to explain these statement :
"Accounting Information is ready at the time it is needed"
accuracy
flexible
relevant
timeliness
