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Management accounting and financial accounting differ in that management [1 accounting information is prepared: a) Following prescribed rules b) Using whatever methods the company finds beneficial c) For shareholders d) To summarise the whole company with little detail [2] Management accounting: a) Always has an external orientation b) Always has an internal orientation c) Information assists in planning and controlling of the

Management accounting and financial accounting differ in that management [1 accounting information is prepared: a) Following prescribed rules b) Using whatever methods the company finds beneficial c) For shareholders d) To summarise the whole company with little detail [2] Management accounting: a) Always has an external orientation b) Always has an internal orientation c) Information assists in planning and controlling of the

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Provide Full explanation why all the three options are incorrect

[1] Management accounting and financial accounting differ in that management accounting information is prepared: a) Following prescribed rules b) Using whatever methods the company finds beneficial c) Far shareholders d) To summarise the whole company with little detail [2] Management accounting: a) Always has an external orientation b) Always has an internal orientation c) Information assists in planning and controlling d) Terms serve as a model of the organisation [3] A debit to Materials (Stores ledger account) indicates: a) Materials were purchased b) Materials were requisitioned c) Materials were put into production d) Materials were ordered
Transcribed Image Text:[1] Management accounting and financial accounting differ in that management accounting information is prepared: a) Following prescribed rules b) Using whatever methods the company finds beneficial c) Far shareholders d) To summarise the whole company with little detail [2] Management accounting: a) Always has an external orientation b) Always has an internal orientation c) Information assists in planning and controlling d) Terms serve as a model of the organisation [3] A debit to Materials (Stores ledger account) indicates: a) Materials were purchased b) Materials were requisitioned c) Materials were put into production d) Materials were ordered
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