According to the Institute of Chartered Accountants ofEngland, "any form of accounting which enables abusiness to be conducted more efficiently" may beofregarded as management accounting.Management accounting information can helpmanagers identify problems, solve problems andevaluate performance.stionSelect one:O TrueO False

Accounting is a process of recording and summarizing the transaction within the books of accounts.

According to the Institute of Chartered Accountants of England, "any form of accounting which enables a business to be conducted more efficiently" may be regarded as management accounting. Management accounting information can help managers identify problems, solve problems and evaluate performance.

According to the Institute of Chartered Accountants of England, "any form of accounting which enables a business to be conducted more efficiently" may be regarded as management accounting. Management accounting information can help managers identify problems, solve problems and evaluate performance.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter1: Accounting As A Tool For Managers

Section: Chapter Questions

Problem 10MC: Which of the following statements is incorrect? The practice of management accounting is fairly...

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Similar questions

Which of the following statements is incorrect? The practice of management accounting is fairly flexible. The information gathered from management accounting is not required by law. Management accounting focuses mainly on the internal user. Reports produced using management accounting must follow GAAP.
Managerial accounting produces information: to meet the needs of external users that is often focused on the future to meet the needs of investors that follows the rules of GAAP
Which of the following skills/attributes is not a primary skill for accountants to possess? A. written communication B. verbal communication C. ability to work independently D. analytical thinking E. extensive computer programing background
Indicate whether each statement 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 organizations 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.
External users of accounting information would include ________________. employees managers investors supervisors
Explain how having more than one of the accounting credentials would be beneficial to an accounting career.
Which of the following are affected by the quality of an organization’s internal controls? a. Reliability of financial data. b. Ability of management to make informed business decisions. c. Ability of the organization to remain ¡n business. d. All of the above. e. Only a and c.
Typical accounting tasks include all of the following tasks except ________. A. auditing B. recording and tracking costs C. tax compliance and planning D. consulting E. purchasing direct materials
All of the following are examples of managerial accounting activities except ________. A. preparing external financial statements in compliance with GAAP B. deciding whether or not to use automation C. making equipment repair or replacement decisions D. deciding whether or not to use automation
What is business ethics? Is it possible to teach ethical behavior in a management accounting course?
The 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)
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.