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Management Accounting Definition

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Questions and Answers

What function does Management Accounting serve in terms of performance evaluation?

It helps in decision making by providing necessary data.

It acts as a yardstick for measuring the level of performance of operational activities. (correct)

It prepares necessary plans to implement financial decisions.

It provides necessary information to the management to review performance towards goals.

What is a limitation of Management Accounting?

It is a forward-looking tool.

It has a narrow scope.

It relies heavily on historical data. (correct)

It is a substitute for management.

What is an objective of Management Accounting?

Financial Analysis and Interpretation

Office System and Operational Research

Performance Evaluation and Decision Making (correct)

Tax Planning and Policy Making

What is a tool or technique of Management Accounting?

Financial Statement Analysis Signup and view all the answers

What is the primary goal of management accounting, according to J.Batty?

Assisting management in its task of maximizing profits Signup and view all the answers

What is the role of Management Accounting in terms of planning?

It prepares necessary plans to implement financial decisions. Signup and view all the answers

What is a scope of Management Accounting?

All of the above Signup and view all the answers

Which of the following is NOT a feature of management accounting, according to the Certified Institute of Management Accountants (CIMA)?

Auditing financial statements Signup and view all the answers

What is the primary purpose of management accounting, according to the American Accounting Association (AAA)?

To assist management in establishing plans for reasonable economic objectives Signup and view all the answers

What is the role of management accounting in relation to the management's decision-making process?

It provides information to guide management in making rational decisions Signup and view all the answers

What is the primary objective of management accounting, according to the Certified Institute of Management Accountants (CIMA)?

To assist management in identifying, presenting and interpreting information Signup and view all the answers

What is the primary function of management accounting in relation to the collection of data?

To analyze and interpret data Signup and view all the answers