A provision for restructuring should be recognized when a) Management is considering restructuring b) A detailed formal plan exists and implementation started c) Employees are notified d) The process is complete
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- The steps of the plan–do–check–act cycle and how each step defines a unique purpose and role for management accounting information.Three phases of the management process are planning, directing, and controlling. Match the following descriptions to the proper phase:Phase of management process DescriptionPlanning a. Developing long-range courses of action to achieve goals.Directing b. Isolating significant departures from plans for further investigation and possible remedial action. It may lead to a revision of future plans.Controlling c. Process by which managers, given their assigned levels of…Management accounting has the following features: Select one: O A. Future orientated focus O B. Stewardship orientation focus O C. Focus on detailed annual reports O D. Focus on decision-making needs of shareholders
- An external party receives information about past performance from Question 7 options: planning reports. financial statements. budget reports. internal managerial accounting reports.Which of the following is the first step within hierarchy of guidance to which management refers, and whose applicability at considers, when selecting accounting policies? A. Apply the requirements in PFRS dealing with similar and related issues B. Apply a standard from PFRS if it specifically relates to the transaction, event, or condition C. Consider the applicability of the definitions, recognition criteria, and measurement concepts in the Conceptual Framework D. Consider the most recent pronouncements of other standard-setting bodies to the extent they do not conflict with PFRS or the Conceptual Framework?Which of the following is the principle reason for preparing managerial accounting reports? a.clarity b.usefulness to management c.GAAP d.cost of preparation
- Which of the following is the principal reason for preparing managerial accounting reports? a.GAAP b.clarity c.usefulness to management d.cost of preparationWhich of the following statements correctly distinguishes between management and financial accounting? A. Financial accounting is oriented toward the future. B. Management accounting is oriented more toward the planning and control aspects of management. C. Financial accounting is primarily concerned with providing information for internal users. D. Management accounting reports on the whole organization. Reset SelectionThe managerial decision-making process has which of the following as its third step? A. Review, analyze and evaluate the results of the decision. B. Decide, based upon the analysis, the best course of action. C. Identify alternative courses of action to achieve a goal or solve a problem. D. Perform a comprehensive differential (differential) analysis of potential solutions.
- With the aid of relevant examples ,explainthe following management accounting concepts A.theory of constraints B.total quality management C. Just in timeWhich of the following adequately describes Management Accounting? It is the process of identifying, measuring and: a. analysing financial information b. accumulating information developed for external users c. analysing information d. accumulating information developed for managersPreparing performance reports that contain data only about items that a specific manager controls is an example of which of the following? A. Financial reporting B. Learning and innovation C. Management by exception D. Responsibility accounting
