MAF251 Topic 1 MAC1104A

Management Accounting is concerned with provision of information to people within the organization to help them make better decisions to improve the efficiency and effectiveness of existing operations.

Is this the CORRECT definition of "Management Accounting"?

• Yes

• No

Shareholders are internal users of accounting information.

Is this statement True or False?

• True

• False

Employees require information on the amount of profits that are subjected to taxation.

Is this statement True or False?

• True

• False

Financial accounting reports describe the whole of the business while Management accounting reports focus on small parts of the organization.

Is this difference between Financial accounting and Management accounting True of False?

• True

• False

Management accounting reports must be prepared to conform with Malaysian Financial Reporting Standard (MFRS) issued by Malaysian Accounting Standard Board (MASB).

Is this statement True or False?

• True

• False

Which of the following is NOT the objective of Management accounting?

• Inventory valuation for internal and external profit measurement.

• Provide relevant information to help managers make better decision.

• Provide information for planning, control and performance measurement.

• Provide information to external parties outside the organization.

Which of the following are the roles of management accounting?

i. Planning

ii. Control

iii. Organizing

iv. Motivating

v. Communication

• i, ii, iii and iv

• ii, iii, iv and v

• i, iii, iv and v

• i, ii,iii, iv and v

Accurate information is referring to the useful information that must be correct and free from any error and misstatement.

Is this statement True or False?

• True

• False

One of the benefits of online business is cost savings.

Is this statement True or False?

• True

• False

Competence means management accountants need to abstain from engaging in or supporting any activity that might discredit the profession.

Is this the CORRECT meaning for 'Competence"?

• Yes

• No