Question 1

Which one of the following statements about cost and management accounting is accurate?

Accepted Answer

A) 'Cost accounting' is an old-fashioned term that has now been replaced by 'management accounting'. 
B) The use of cost and management accounting information is restricted to very large business organizations. 
C) There is a considerable overlap between the terms 'cost accounting' and 'management accounting'. 
D) Cost and management accounting used by the HMRC as a basis for the calculation of corporation tax. 
A) 'Cost accounting' is an old-fashioned term that has now been replaced by 'management accounting'. 
B) The use of cost and management accounting information is restricted to very large business organizations. 
C) There is a considerable overlap between the terms 'cost accounting' and 'management accounting'. 
D) Cost and management accounting used by the HMRC as a basis for the calculation of corporation tax. C

Question 2

Which one of the following characteristics describes the overriding objective of the production of cost and management information? Cost and management information should be:

Accepted Answer

A) Concise 
B) Useful 
C) Comparable 
D) Detailed 
A) Concise 
B) Useful 
C) Comparable 
D) Detailed B

Question 3

Which one of the following statements describes a significant drawback of financial accounting information?

Accepted Answer

A) It is presented in a highly aggregated form. 
B) It is oriented towards future events. 
C) It is geared towards the needs of users internal to the organization that produces it. 
D) It is produced too frequently for users to easily assimilate it. 
A) It is presented in a highly aggregated form. 
B) It is oriented towards future events. 
C) It is geared towards the needs of users internal to the organization that produces it. 
D) It is produced too frequently for users to easily assimilate it. A

Question 4

Which one of the following statements about cost and management accounting is incorrect? Cost and management accounting is:

Accepted Answer

A) Produced as regularly and in as much detail as required by managers. 
B) Helpful to managers for the purposes of controlling the business and making decisions. 
C) Used only in very large businesses. 
D) Oriented towards both past and future. 
A) Produced as regularly and in as much detail as required by managers. 
B) Helpful to managers for the purposes of controlling the business and making decisions. 
C) Used only in very large businesses. 
D) Oriented towards both past and future.

Question 5

Which one of the following statements best describes cost and management accounting? Cost and management accounting refers to the provision of information resources:

Accepted Answer

A) to shareholders of a company. 
B) that managers can use to help them run the business. 
C) in the form of statements of profit and loss and statements of financial position for submission to Companies House. 
D) to customers and other interested user groups. 
A) to shareholders of a company. 
B) that managers can use to help them run the business. 
C) in the form of statements of profit and loss and statements of financial position for submission to Companies House. 
D) to customers and other interested user groups.

Question 6

Which one of the following is not a feature of cost and management accounting? Cost and management accounting is:

Accepted Answer

A) Orientated towards the future. 
B) Subject to a high level of regulation. 
C) Extensively used in business organizations as a basis for decision-making. 
D) Produced as frequently as required by business managers. 
A) Orientated towards the future. 
B) Subject to a high level of regulation. 
C) Extensively used in business organizations as a basis for decision-making. 
D) Produced as frequently as required by business managers.

Question 7

Which one of the following statements about management accounting is correct?

Accepted Answer

A) The production of management accounting information is not subject to regulation in the form of financial reporting standards. 
B) The management accounting statements produced by limited companies (but not by partnerships or sole traders) are subject to companies' legislation. 
C) Companies must produce management accounting reports at least once a year in order to comply with Companies House filing requirements. 
D) Only medium-sized and larger companies are required to produce management accounting information. 
A) The production of management accounting information is not subject to regulation in the form of financial reporting standards. 
B) The management accounting statements produced by limited companies (but not by partnerships or sole traders) are subject to companies' legislation. 
C) Companies must produce management accounting reports at least once a year in order to comply with Companies House filing requirements. 
D) Only medium-sized and larger companies are required to produce management accounting information.

Question 8

Which one of the following statements about cost and management accounting is correct?

Accepted Answer

A) Cost accounting refers to information produced in sole trader and partnership businesses, whereas management accounting information is produced only by limited companies. 
B) There is a considerable overlap between the use of the terms 'cost accounting' and 'management accounting'. 
C) 'Cost accounting' is an old-fashioned term that is gradually being replaced by the term 'management accounting'. 
D) Cost accounting refers to the process of producing monthly reports, whereas management accounting reports are produced less frequently. 
A) Cost accounting refers to information produced in sole trader and partnership businesses, whereas management accounting information is produced only by limited companies. 
B) There is a considerable overlap between the use of the terms 'cost accounting' and 'management accounting'. 
C) 'Cost accounting' is an old-fashioned term that is gradually being replaced by the term 'management accounting'. 
D) Cost accounting refers to the process of producing monthly reports, whereas management accounting reports are produced less frequently.

Question 9

Which one of the following statements best describes cost and management accounting? Cost and management accounting refers to the provision of information resources that:

Accepted Answer

A) Can be used by managers for decision-making and control of the business. 
B) Helps HMRC in assessing the business for taxation. 
C) Can be used for monitoring purposes by various government departments. 
D) Helps investors make buy, sell and hold decisions. 
A) Can be used by managers for decision-making and control of the business. 
B) Helps HMRC in assessing the business for taxation. 
C) Can be used for monitoring purposes by various government departments. 
D) Helps investors make buy, sell and hold decisions.

Question 10

Which one of the following statements about cost and management accounting is incorrect? Cost and management accounting is:

Accepted Answer

A) Used by managers in business decision-making. 
B) Regulated by both UK and international financial reporting standards 
C) Useful for monitoring costs and the use of business resources. 
D) Produced as frequently as necessary. 
A) Used by managers in business decision-making. 
B) Regulated by both UK and international financial reporting standards 
C) Useful for monitoring costs and the use of business resources. 
D) Produced as frequently as necessary.

Which one of the following statements about cost and management accounting is accurate?

Which one of the following characteristics describes the overriding objective of the production of cost and management information? Cost and management information should be:

Which one of the following statements describes a significant drawback of financial accounting information?

Which one of the following statements about cost and management accounting is incorrect? Cost and management accounting is:

Which one of the following statements best describes cost and management accounting? Cost and management accounting refers to the provision of information resources:

Which one of the following is not a feature of cost and management accounting? Cost and management accounting is:

Which one of the following statements about management accounting is correct?

Which one of the following statements about cost and management accounting is correct?

Which one of the following statements best describes cost and management accounting? Cost and management accounting refers to the provision of information resources that:

Which one of the following statements about cost and management accounting is incorrect? Cost and management accounting is:

The Role of Accounting in Business

The Statement of Financial Position

The Statement of Profit or Loss

Applying Accounting Conventions

Depreciation and Amortization

The Statement of Cash Flows

Financial Reporting by Limited Companies

Understanding Financial Reports: Trend Analysis

Understanding Financial Reports: Using Accounting Ratios

Costing: Overview and Basic Techniques

Costing

Pricing

Marginal Costing and Decision Making

Capital Investment Decisions

Budgeting

Accounting for Control

Performance Measurement

The Management of Working Capital

Financing the Business

Filters

Exam 10: Management and Cost Accounting Information

Which one of the following statements about cost and management accounting is accurate?

Which one of the following characteristics describes the overriding objective of the production of cost and management information? Cost and management information should be:

Which one of the following statements describes a significant drawback of financial accounting information?

Which one of the following statements about cost and management accounting is incorrect? Cost and management accounting is:

Which one of the following statements best describes cost and management accounting? Cost and management accounting refers to the provision of information resources:

Which one of the following is not a feature of cost and management accounting? Cost and management accounting is:

Which one of the following statements about management accounting is correct?

Which one of the following statements about cost and management accounting is correct?

Which one of the following statements best describes cost and management accounting? Cost and management accounting refers to the provision of information resources that:

Which one of the following statements about cost and management accounting is incorrect? Cost and management accounting is:

The Role of Accounting in Business

The Statement of Financial Position

The Statement of Profit or Loss

Applying Accounting Conventions

Depreciation and Amortization

The Statement of Cash Flows

Financial Reporting by Limited Companies

Understanding Financial Reports: Trend Analysis

Understanding Financial Reports: Using Accounting Ratios

Costing: Overview and Basic Techniques

Costing

Pricing

Marginal Costing and Decision Making

Capital Investment Decisions

Budgeting

Accounting for Control

Performance Measurement

The Management of Working Capital

Financing the Business

Filters