Which of the following is one of the limitations of Management Accounting? Select one: a. Generic approach b. Staff contribution c. Based on historical analysis d. Resistance from staff
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Generic approach
Based on historical analysis
Resistance from staff
Step by step
Solved in 3 steps
- 10 Examine the following options which explain the objective of financial statements? a. They assist stakeholders to know operating performance, financial position, and cash flows of the entity b. They are useful in fixation of the price of the products c. They are prepared by using different methods for ascertainment of cost. d. They are prepared by using different techniques for control of cost. Clear my choice ◀︎ AnnouncementsAssume Mercy Hospital uses accrual accounting. Which of the following statements is(are) most correct? A. Supplies expense is recognized when medical supplies are delivered to the hospital by the vendor. B. Patient service revenue is recognized when payment is received by the hospital from a patient’s third-party payer. C. Salaries expense is recognized when payroll checks are written. D. Patient service revenue is recognized when healthcare services are provided.15 Which of the following does not describe the main focus of management accounting? a. Decision-making b. External c. Control d. Planning
- 28 Identify an analytical tool which is/are used in management accounting. a. Budgetary control b. Ratio analysis c. Standard costing d. All of these{Auditing} 6. Internal control goes beyond accounting function and incorporates both accounting and administrative control. From the following alternatives, identify which one is not a part of accounting control? a. Standard Costing b. Internal check c. Bank Reconciliation d. Performance appraisalWhich among the following is a tool of management accounting? a. Budgeting b. Risk analysis c. Responsibility accounting d. All the options listed fast
- Which of the following is one of the limitations of Management Accounting? Select one: O a. Simplified approach O b. Existence of wide knowledge O c. Free of cost system O d. Lack of objectivityFor each requirement, state how it is intended to help to address the risk of fraud in publicly traded organizations. a. Boards need to consist of at least 3 independent directors of 1/3 of the board which is higher. b. Boards need to hold regular executive sessions of independent directors without management present.The section of the annual report titled "Management Discussion and Analysis" is: Multiple Choice Required by the Securities and Exchange Commission (SEC). Not required, but it may be included by management. Required by generally accepted accounting principles (GAAP). Reported to the Securities and Exchange Commission (SEC), but it is not included in the annual report.
- PLEASE ANSWER ALL 1. Reactions to information provided by management control system are:a. Formulated in the organization’s strategic plan.b. Judgmental, and are based on interpretations and circumstances.c. Assessed by the communication network of the MCS.d. Determined as those activities that will be most efficient and effective given the organization’s available technology. 2. A management accounting system should provide information to:a. All functional areas of the organization.b. Only accounting area of the organization.c. Only the production area of the organization.d. Organizational managers, but not to staff personnel. 3. Which of the following is not primary goal of a cost management system?a. Use cost drivers to develop product costs.b. Improve understanding of the activities.c. Develop organizational strategies.d. Measure performance.21) Which of the following is not popular in the present business scenario? a. Balance sheet b. None of the options c. Statement of changes in Equity d. Income StatementWhich of the following would not be important in examining the firm's build-up of accounts receivable, cash and current assets? a. A brief cash budget b. Cash receipts and cash payments schedules c. income statement d. sales forecast
