1. The following statements relate to management accounting;

(i) Management Accounting is historical accounting.
(ii) Management Accounting is used for planning, decision making and control.
(iii) Management Accounting is not a statutory requirement.

Which of the statements are correct?

2. What is the manager of a cost centre mostly responsible for?

3. “Management accounts are prepared whenever required, whilst financial accounts are prepared annually.” This statement is;

4. Which of the following is incorrect?

5. Which of the following are roles carried out by the management accountant? Select all that apply.

A. Preparing Variance reports
B. Preparing budgets
C. Providing assurance on financial statements
D. Preparing cash flow statements

6. At the strategic level, decisions are made and passed down. Which level is responsible for implementing work on a day-to-day basis in order to make those decisions successful?

7. Which of the following statements refer to the strategic level? Select all that apply.

A. Decisions are made for the long term.
B. The Chief Financial Officer is at this level.
C. Usually responsible for the operations and future of the business.
D. They get involved in day to day activities of lower level employees.

8. Which of the following statements are correct?

(i) The strategic level is involved in formulating the long term plans of the organization
(ii) The tactical Level is involved in the day-to-day operations of the organization
(iii) The operational level breaks down the long term plans and formulates strategies to achieve them

9. Jason is the manager of a production department at RFS PLC. He is provided with the monthly budgeted and actual expenditure for his department. He is then responsible for improving the departments performance further. Which of the following describes Jason’s role?

B. Prepared in accordance with certain standards and formats

1. An auditor has been tasked to check a sample of invoices. He separates the invoices into 4 groups depending on their value as follows; Under $10, Between $11 and $50, Between $51 and $100 and Above $101. The auditor then selects 5 invoices randomly from each group. Which method of sampling is being followed here?

2. Which of the following can be considered an internal source of information for a private company?

3. Identify which two of the following are sources of primary data:

A. Report on governmental websites
B. Interviews
C. Observations
D. Publications from Online Libraries

4. A company decides to carry out a research on what consumers think of their products. In order to do this, two employees are sent to a supermarket. These employees observe the customers at the supermarket and approach a customer whom they pick at random. This method of sampling is called

5. Which of the following best describes primary data?

6. Which of the following only contains the attributes of good information?

7. Which of the following defines ‘Information’?

8. Which of the following can be classed as data?

9. Which of the following would be considered internally generated information?

10. “Information needs to be presented at the correct time to make the best use of it.” This statement is;

1. The pie chart shows the sales for different quarters. Rank the quarters from highest to lowest based on the sales.

2. PR PLC produces 4 main products. The management requires information on the revenue generated by each of these products in the past year, on a monthly basis. Which of the following is the most suitable chart or diagram based on the management requirement?

3. The total budgeted expenditure for the period has been allocated to different types of expenditure and presented in a pie chart. Marketing expenses cover 75°. The total budget is $1,440,000. What is the budgeted expenditure for Marketing expenses?

4. The following table shows the population across different towns.

Which diagram would be the best one to draw to highlight the differences between areas?

5. A management accountant has been asked to prepare a pie chart representing the sales achieved by different stores. The following sales figures have been achieved;

Store 1 : $400,000
Store 2 : $350,000
Store 3 : $900,000
Store 4 : $650,000
Store 5 : $700,000

What would be the angle of Store 4 on the pie chart?

6. The CFO has requested details on the costs incurred in producing biscuits. What is the most appropriate chart/diagram for showing the individual costs incurred?

7. The revenue and cost summary for Company BF is shown in the following diagram.

There had been a fire at a warehouse in a specific year, which caused damage to a huge amount of inventory of sales goods. Based on the information in the diagram, in which year did the fire occur?

8. The graph below shows the cumulative summary of country HIJ’s defense budget over the years.

Based on the graph, approximately what was the defense budget for 2011?

9. The following chart shows the monthly sales figures for the first quarter of last year achieved by the sales team of company F.

Which member of the team achieved the highest sales for March?

10. The table below shows the average salaries for engineers in 5 different countries.

Which of the following will be the most appropriate type of diagram to draw to illustrate the differences in the average salaries between countries?