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What is the primary purpose of management information system?
What is the primary purpose of management information system?
- Reconciling financial and cost accounting data
- Assisting management with planning, control, and decision-making (correct)
- Analyzing cost data for internal reporting
- Generating financial reports for external stakeholders
In general terms, what is the main difference between financial accounting and cost accounting?
In general terms, what is the main difference between financial accounting and cost accounting?
- Financial accounting focuses on analyzing cost data, while cost accounting focuses on financial reporting
- Financial accounting deals with budgeting, while cost accounting deals with decision-making
- Cost accounting is primarily concerned with external stakeholders, while financial accounting is for internal use
- Financial accounting is for external reporting, while cost accounting is for internal reporting (correct)
What is the purpose of reconciling financial results from financial and cost accounting systems?
What is the purpose of reconciling financial results from financial and cost accounting systems?
- To analyze the data in a different way for management decision-making
- To ensure consistency and accuracy in the reported financial data (correct)
- To identify discrepancies for external audit purposes
- To streamline the internal reporting process
What type of questions should a cost accountant be able to answer?
What type of questions should a cost accountant be able to answer?
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How does knowing about costs incurred or revenues earned enable management to assess profitability?
How does knowing about costs incurred or revenues earned enable management to assess profitability?
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