accounting 1.1

What process in management accounting?

• indentifying

• analysing

• presenting managerial accounting

• recording

What's the correct answer for Primary Users of Reports

• Fainancial Accounting - internal users such as officers

  Managerial Accounting - external users such as managers of the business

• Financial Accounting - external users such as stockholders

  Managerial Accounting - internal users such as suppliers

• Financial Accounting - external users such as stockholders

  Managerial Accounting - internal users such as officers and managers of the business

Types and frequency of reports Managerial Accounting

• Internal reports such as cost- volume-profit analysis

• As frequently as needed by the management

• statement of changes in equity

• Quarterly and annually

Types and Frequency of Reports Financial accounting

• Financial statements include statement of profit or loss

• Quarterly and annually

• Financial statements such as budgets

• Internal reports such as Cost-Volume-Profit

What is the coreect pair for Purposes of Reports

• Financial Accounting- (General-purpose), Managerial Accounting- ( Special-purpose) for specific decisions

• Financial Accounting- ( Special-purpose), Managerial Accounting- ( General-purpose)

• Financial Accounting- ( General- purpose), Managerial Accounting- ( Special-purpose)

Content of reports for Financial Accounting

• pertains to subunits of the business

• required to follow MFRS

• not required to follow MFRS

• pertains to business as a whole

Contents of Reports for Managerial Accounting

• pertains to subunits of the business

• required to follow MFRS

• pertains to business as a whole

• not required to follow MFRS

Financial Accounting and Managerial Accounting for verification of reports

• required to be published

• audited by statutory auditors

• neither published

• nor audited by statutory auditors