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Quiz 01 Name: - Reg. No: - Class

The document is a quiz focused on management and financial accounting concepts, including definitions and applications of management accounting, financial accounting, and cost accounting. It contains multiple-choice questions that assess understanding of key terms and principles related to accounting practices. The quiz also addresses the roles of managers and the importance of decision-making authority within organizations.

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3 views1 page

Quiz 01 Name: - Reg. No: - Class

The document is a quiz focused on management and financial accounting concepts, including definitions and applications of management accounting, financial accounting, and cost accounting. It contains multiple-choice questions that assess understanding of key terms and principles related to accounting practices. The quiz also addresses the roles of managers and the importance of decision-making authority within organizations.

Uploaded by

Razzaqeee
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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QUIZ 01 Name: _________ Reg.

No: _________ Class: _________

1) Management accounting:
A) focuses on estimating future revenues, costs, and other measures to forecast activities and their results
B) provides information about the company as a whole
C) reports information that has occurred in the past that is verifiable and reliable
D) provides information that is generally available only on a quarterly or annual basis
2) Managers use management accounting information to ________ strategy.
A) choose B) communicate C) implement D) All of these answers are correct.
3) Financial accounting:
A) focuses on the future and includes activities such as preparing next year's operating budget
B) must comply with GAAP (generally accepted accounting principles)
C) reports include detailed information on the various operating segments of the business such as product lines or departments
D) is prepared for the use of department heads and other employees
4) Which of the following people is LEAST likely to use management accounting information?
A) the controller B) a shareholder evaluating a stock investment
C) the treasurer D) an assembly department supervisor
5) Which of the following descriptors refers to management accounting information?
A) It is verifiable and reliable. B) It is driven by rules.
C) It is prepared for shareholders. D) It provides reasonable and timely estimates.

6) Cost accounting provides all of the following EXCEPT:


A) information for management accounting and financial accounting B) pricing information from marketing studies
C) financial information regarding the cost of acquiring resources D) nonfinancial information regarding the cost.
7) The approaches and activities of managers in short-run and long-run planning and control decisions that increase value
for customers and lower costs of products and services are known as:
A) value chain management B) enterprise resource planning C) cost management D) customer value management
8) The force that guides management in achieving objectives by comparing performance with policies and
procedures is called
A) Controlling B) Planning C) Organizing D) None of these
9) Cost accounting is considered applicable only to operation.
A) Services B) Manufacturing C) Trading D) All of these
10) The delegation of the decision making authority throughout an organization by providing managers with the authority to
make decisions relating to their area of responsibility is called
A) Centralization B) Decentralization C) Both a & b D) None of these

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