WorksheetsInto to CMA Quiz
Total questions: 10
Worksheet time: 5mins
Helps creditors to make lending decisions.
Cost and Management Accounting
Financial Accounting
Is not required to follow Generally Accepted Accounting
Principles (GAAP).
Cost and Management Accounting
Financial Accounting
Has a focus on the future.
Cost and Management Accounting
Financial Accounting
Summary reports prepared quarterly or annually.
Cost and Management Accounting
Financial Accounting
Cost and management accounting uses monetary events only.
True
False
Financial Accounting summarizes data for the entire organization.
True
False
Helps in planning and controlling operations.
Cost and Management Accounting
Financial Accounting
Financial accounting:
focuses on the future and includes activities such as preparing next year's operating budget
must comply with GAAP (generally accepted accounting principles)
reports include detailed information on the various operating segments of the business such as
product lines or departments
is prepared for the use of department heads and other employees
Cost and management accounting is more flexible than Financial Accounting.
TRUE
FALSE
The main purpose of cost Accounting is to_______
Maximize profits
Help in inventory
Provide information to management for decision making
Aid in the fixation of Selling price
