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?
10. Which of the following relates to management accounting and which to financial accounting?
A. Contains both financial and non-financial information
B. Prepared in accordance with certain standards and formats