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WorksheetsIntroduction to Management Accounting
Total questions: 10
Worksheet time: 7mins
Which TWO of the following statements about qualities of good information are true?
It should be relevant for its purposes
It should be communicated to the right person
It should be completely accurate
It should be provided whatever the cost
The sales manager has prepared a manpower plan to ensure that sales quotas for the forthcoming year are achieved. This is an example of what type of planning?
Strategic planning
Tactical planning
Operational planning
Corporate planning
Which TWO of the following statements about management accounting information are true?
They may include non-financial information
They are required by law to be produced
They are used to aid planning
They are for use by parties external to the organisation
Which of the following statements is/are correct?
(i) A management control system is a term used to describe the hardware and software used to drive a database system which produces information outputs that are easily assimilated by management.
(ii) An objective is a course of action that an organisation might pursue in order to achieve its strategy.
(iii) Information is data that has been processed into a form meaningful to the recipient.
(i), (ii) and (iii)
(i) and (iii)
(ii) and (iii)
(iii) only
Good information should have certain qualities.
Which TWO of the following are required as qualities of good management information?
Complete
Extensive
True and fair
Accurate
Monthly variance reports are an example of which one of the following types of management information?
Tactical
Strategic
Non-financial
Operational
Which of the following statements is/are correct?
(i) Information for decision-making should incorporate uncertainty in some way.
(ii) The data used to prepare financial accounts and management accounts are the same.
(i) is true and (ii) is false
(ii) is true and (i) is false
Both are true
Both are false
Which of the following processes occurs at the business planning stage?
Obtaining data about actual results
Taking corrective action
Comparing actual performance with budge
Establishing objectives
Which of the following statements is correct?
Management accounting systems provide information for use in fulfilling legal requirements.
Management accounting systems provide information for the use of decision-makers within an organisation.
Management accounting systems provide information for use by shareholders.
Management accounting systems provide information for use by tax authorities.
Which TWO of the following would be data rather than information?
Sales increase/decrease per product in last quarter
Total sales value per product
Total material usage
Sales staff commission as a percentage of total sales
