Management Information Systems and Accounting Quiz
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Questions and Answers

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?

  • 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?

  • 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?

    <p>Questions related to the cost of goods produced, departmental costs, and revenues earned</p> Signup and view all the answers

    How does knowing about costs incurred or revenues earned enable management to assess profitability?

    <p>By assessing the profitability of a product, a service, a department, or the whole</p> Signup and view all the answers

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