1.1 Enumerate the four areas covered by Standards of Ethical Conduct for Manageme Accountants and how these areas are defined?
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- Management accounting: emphasizes special-purpose information relates to the company as a whole is limited to strictly cost figures is controlled by GAAPAn important goal of a responsibility accounting framework is to help ensure which of the following? A. decision-making is made by the top executives. B. investments made by each segment are minimized. C. identification of operating segments that should be closed. D. segment and company financial goals are congruent.Which of the following statements is incorrect? The practice of management accounting is fairly flexible. The information gathered from management accounting is not required by law. Management accounting focuses mainly on the internal user. Reports produced using management accounting must follow GAAP.
- The management accounting can be stated an extension of Responsibility Accounting O a . False O b . TrueDescribe the nature and scope of management accounting? Nature of management accounting:. 1.Provids financial data: Management accounting provides financial data to the management and information so collected is used by the management for taking policy decisions. 2.Decision making: The management accounting supplies necessary information to the management, basing on which decision are taken. Scope of management of accounting:. 1.Financi accounting. 2.Cost accounting. 3.Revaluatiom accounting. 4.Budgetary control.Which of the following is a fundamental characteristic of accounting information? Select one: O A. Predictive Value O B. Completeness OC. Faithful Representation O D. Comparability Tin Finish
- Question 5 Explain in detail for the following with your own examples. a. Scope of Management Accounting b. Functions of Management Accounting c. Essentials of Effective ReportsQuestion 6 Discuss the difference between Financial Accounting and ManagementAccounting and highlight who uses Management Accounting and what is thekey function of Management Accounting.1. Explain detail about Ethical values and principles in management accounting give two examples
- Which of the following does NOT describe management accounting?A. Emphasis on the pastB. Evaluation of products and their performance within the companyC. Externally focussedD. Often provided detailed informationPART 2: MULTIPLE CHOICE QUESTIONS (QUALITATIVE QUESTIONS) • Please choose the correct one. 1. Managerial accounting reports can be described as a. general-purpose. b. macro-reports. C. special purpose. d. classified financial statements.Qualitative Characteristics The following is a list of qualitativecharacteristics of useful accounting information identified in the FASB'sand the IASB's Statement of Financial Accounting Concepts No. 8 andstatements describing the qualities. A. ComparabilityB. Decision usefulnessC. RelevanceD. Faithful representation E. Predictive valueF. Confirmatory valueG. VerifiabilityH. NeutralityI. Free from error J. ConsistencyK. MaterialityL. TimelinessM. UnderstandabilityN. Completeness _ _ _ _ _ _1. Different knowledgeable and independent observers conreach consensus that a particular representation is faithful_ _ _ _ _ _2. Making information available to decision makers before itloses its capacity to influence decisions._ _ _ _ _ _3. Capacity to make a difference in a decision, enabling users to predict future outcomes and/or confirm prior expectations._ _ _ _ _ _4. Overall objective of financial information. _ _ _ _ _ _ 5. Absence of bias intended to influence financial statementusers'…