COST ACCOUNTING
INTRODUCTION TO COST ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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It is verifiable and reliable.
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It is driven by rules.
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It is prepared for shareholders.
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It provides reasonable and timely estimates.
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Detailed explanation-1: -Which of the following descriptors refers to management accounting information? It provides reasonable and timely estimates.
Detailed explanation-2: -Management Accounting Reports are tailored to the needs of individual managers, and the purpose of such reports is to supply relevant, accurate, timely information in a format that will aid managers in making decisions.
Detailed explanation-3: -Management accounting: Also called managerial accounting, management accounting primarily provides information for use by internal users, that is, the management of the company. Any information used for managerial decision-making forms part of management accounting.
Detailed explanation-4: -Owners – Owners use the accounting information for analyzing the viability and profitability of their investments.