(1) Staff Authority is the authority to advise but not command others. (2) Staff authority is exercised laterally or upward. (3) The Accounting manager exercises Staff Authority (4) the Accounting manager can exercises Staff Authority over his department. Statement 1, 2 and 3 are true Statement 2, 3 and 4 are true None of the statements are true. All statements are true.
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- Which of the following statements is incorrect? Select one: a. Reports produced using management accounting must follow GAAP. b. The information gathered from management accounting is not required by law. c. The practice of management accounting is fairly flexible. d. Management accounting focuses mainly on the internal user.Management accounting and financial accounting differ in that management accounting information is prepared a.following prescribed rules b.using whatever methods the company finds beneficial c.for shareholders and investors d.for the Inland Revenue Department e.none of theseWhich of the following statements is not true? a. Management accounting practices are laid down by Accounting Standards Board (ASB) b. Management accounting is future oriented c. Management accounting information is primarily prepared for internal use d. Management accounting provides quantitative as well as qualitative information
- Which of the following statements is incorrect? a.Management accounting focuses mainly on the internal user. b.The information gathered from management accounting is not required by law. c.The practice of management accounting is fairly flexible. d.Reports produced using management accounting must follow GAAP.Which of the following statements is incorrect?A. The practice of management accounting is fairly flexible.B. The information gathered from management accounting is not required by law.C. Management accounting focuses mainly on the internal user.D. Reports produced using management accounting must follow GAAP.PLEASE ANSWER ALL OF THE ITEMS Write ‘True” if the statement is true and write “False” if the statement is false:1. Reports prepared in management accounting are general-purpose reports, whereas reports prepared in financial accounting are usually special-purpose reports.2. Management accounting information generally pertains to an entity as a whole and is very detailed.3. Management accounting applies only to manufacturing companies.
- Which statement is false?a. Management accounting makes use of both quantitative and qualitative information for maximum use of managementb. Financial accounting emphasizes current and future data while management accounting is essentially historical.c. Management accounting covers a much broader scope, for it goes beyond the boundaries of traditional accounting.d. Management accounting information merely assist managers in rendering judgment, but it is not a substitute for judgment.Private accounting as a sub-discipline of accounting, includes: Select one: a. Tax consultancy b. Management accounting c. Management advisory services d. External auditing Person who manages all of a firm's accounting activities. Select one: a. Controller b. Accounting staff c. Payroll manager The basic function of financial accounting is to Select one: a. Record all business transactions b. Interpret financial data c. Assist the management in performing functions effectively d. No correct answerThe following are basic characteristics of management accounting, except A. It is future-oriented. B. It is used by both the external and internal stakeholders C. It may use non-financial data or information D. It complies with generally accounting principles. (choose letter only)
- 6-Which of the following statements is not true? a. Management accounting information is primarily prepared for internal use b. Management accounting provides quantitative as well as qualitative information c. Management accounting practices are laid down by Accounting Standards Board (ASB) d. Management accounting is future oriented1. Indicate whether each of the following statements describes financial accounting or managerial accounting. The information is directed at external users who are making decisions pertaining to investing, extending credit, and other decisions? The principal users are the organization’s managers? The key focus is on the entity as a whole? The rules and principles are very flexible? The information gathered is usually available after an independent audit has been completed?1) Management accounting is required to follow generally accepted accounting principles. Select one: True False 2) Financial accounting examines monetary and non-monetary events. Select one: True False