( Best 100+ ) Management Accounting MCQ
Management accounting helps managers within a company make decisions. Also known as cost accounting, management accounting is the process of identifying, analyzing, interpreting and communicating information to managers to help achieve business goals.
Managerial accounting is the practice of identifying, measuring, analyzing, interpreting, and communicating financial information to managers for the pursuit of an organization’s goals.
The main objective of managerial accounting is to maximize profit and minimize losses. It is concerned with the presentation of data to predict inconsistencies in finances that help managers make important decisions.
- The balance sheet is a __ of the assets, liabilities and capital of a concern as on particular date.
- Statement
- Document
- Picture
- Balance
- Profit and Loss Account is also called_______.
- Funds Flow Statement
- Income Statement
- Cash Flow
- None of the above Statement
- Financial accounts record only______.
- Actual figures
- Budgeted figures
- Standard figures
- None of the above
- Going concern concept assumes business as a_____.
- Going concern
- Dissolving concern
- Realizing concern
- None of the above
15.Business entity concept distinguishes between _____.
- Individual and business
- Businesss and business
- Owners
- All the above
16.Preparation of financial statements is essential under _______.
- Income tax
- Company law
- Business law
- All the above
- Retained earnings statement depicts _____
- Appropriation of profits
- Estimates of profits
- Estimates of costs
- All the above
18._____ analysis compares the financial data for several years.
- Vertical
- Static
- Horizontal
- Internal
19.______ analysis compares various items in the financial data for one accounting year.
- Vertical
- Static
- Horizontal
- Internal
20.______ analysis involves comparison of financial data of a firm with other firms.
- Vertical
- Cross sectional
- Horizontal
- Internal
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