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Management Decision Making and Reporting Quiz

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Questions and Answers

Which of the following is NOT one of the qualities of useful information?

Consistency
Complexity (correct)
Accuracy
Relevance

Which type of financial reporting is mainly intended for managerial planning and control?

Internal reports (correct)
External reports
Both internal and external reports
Neither internal nor external reports

What is the primary purpose of a data warehouse?

Compliance with external stakeholders
Preparing long and short-term sales forecasts
Capturing data from diverse sources for access and analysis (correct)
Transaction processing

What is the main purpose of a budgetary reporting system?

Aiding in planning and controlling a firm's operations (D) Signup and view all the answers

What is the primary difference between internal and external financial reports?

All of the above (D) Signup and view all the answers

What is the purpose of responsibility and profitability reporting systems?

To provide accountability information (A) Signup and view all the answers

What is the primary purpose of a Decision Support System (DSS)?

To aid high and middle level managers in making strategic and tactical planning decisions (C) Signup and view all the answers

Which of the following is NOT a typical function aided by a Decision Support System?

Manufacturing process control (C) Signup and view all the answers

What is the purpose of time-based simulation in a DSS financial model?

To predict future values of key factors based on current data and expected rates of change (D) Signup and view all the answers

What is the difference between 'what-if' analysis and sensitivity analysis in a DSS financial model?

'What-if' analysis asks questions about the impact of changes, while sensitivity analysis reveals the sensitivity of criteria to changes (B) Signup and view all the answers

Which of the following would be an appropriate use of 'what-if' analysis in a DSS?

Determining the impact on labor costs if a $20 per hour average wage increase is granted (C) Signup and view all the answers

Which of the following statements is true about Decision Support Systems?

They aid decision-makers by providing a broader understanding of complex problems (B) Signup and view all the answers

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