COST ACCOUNTING
INTRODUCTION TO COST ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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“Accounting information must be presented to the users in time to fulfil their decision making needs”. This statement is referring to which characteristic of useful managerial accounting information?
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Accuracy.
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Cost effectiveness.
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Relevance.
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Timeliness.
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Explanation:
Detailed explanation-1: -The characteristic of timeliness means that the accounting information is available to all stakeholders in time for decision-making purposes.
Detailed explanation-2: -Timeliness. Timeliness is how quickly information is available to users of accounting information. The less timely (thus resulting in older information), the less useful information is for decision-making. Timeliness matters for accounting information because it competes with other information.
There is 1 question to complete.