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- Question
A distinguishing feature of managerial accounting is
Options- A. general-purpose reports
- B. very detailed reports
- C. quarterly and annual reports
- D. external users
- Correct Answer
- very detailed reports
ExplanationManagerial accounting is the process of identifying, measuring, analyzing, interpreting and communicating information for the pursuit of an organization's goals. This branch of accounting is also known as cost accounting.
Hence, the distinguishing feature of managerial accounting is very detailed reports.
- 1. Which is the most accurate statement about trade?
Options- A. Trade makes some nations better off and others worse off
- B. Trading for a good can make a nation better off only if the nation cannot produce that good itself
- C. Trade helps rich nations and hurts poor nations
- D. Trade can make every nation better off Discuss
- 2. What is the Debit Balance recovery? How we can recover if we wont have any future transactions from supplier? Discuss
- 3. Why does the Outstanding exp & Prepared Expenses treated as Personal Account? Discuss
- 4. What is accumulated loss? Discuss
- 5. What do you understand by Open Item Managed Account? Discuss
- 6. A Credit may signify a
Options- A. Increase in the liability account
- B. Decrease in an asset account
- C. Increase in the capital stock account
- D. All of the above Discuss
- 7. Accrual accounting is used because
Options- A. it provides a better indication of ability to generate cash flows than the cash basis.
- B. it recognizes revenues when cash is received and expenses when cash is paid.
- C. cash flows are considered less important.
- D. All of the above Discuss
- 8. The chart of accounts is designed to
Options- A. alphabetized the accounts to make reading easier for its financial statement users
- B. summarize the transactions and determine their ending balances
- C. meet the information needs of a company and other financial statement users
- D. analyse the accounts and organize them in order of dollar amount to simplify the accounting information for users Discuss
- 9. Select the correct statement regarding fixed costs.
Options- A. Because they do not change, fixed costs should be ignored in decision making.
- B. The fixed cost per unit decreases when volume increases.
- C. The fixed cost per unit does not change when volume decreases.
- D. The fixed cost per unit increases when volume increases. Discuss
- 10. Which of the following bonds has the greatest interest rate price risk?
Options- A. a 10 year, 5% coupon bond
- B. a 5 year, 5% coupon bond
- C. a 5 year, 10% coupon bond
- D. a 10 year, 10% coupon bond Discuss
Accounting and Finance problems
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Correct Answer: Trade can make every nation better off
Correct Answer: The Debit balance recovery is usually made by raising a credit memo for the regular vendors However if there are no future transactions from the supplier, we ask the vendor to send the check / make an EFT for the amount due from him
Correct Answer: Because these exps are paid/payable to persons person includes Sole Proprietor, Partnership Firms, HUF, Co; etcPersonal accounts always appear in B/S until it is transfered to expenditure by debiting to P&L A/C
Correct Answer: A loss (or losses) from previous years carried forward in order to offset future earnings This reduces the tax burden for the years with profit as the accumulated losses are deducted from the taxable profit
Correct Answer: Open item management ensures that all items that have not yet been cleared are available in the system Only after every open item in a document is cleared can a document be archived
Correct Answer: All of the above
Explanation:
A credit may signify a decrease in an asset account or an increase in a liability or capital stock account.
A debit may signify an increase in an asset account.
Correct Answer: it provides a better indication of ability to generate cash flows than the cash basis.
Correct Answer: meet the information needs of a company and other financial statement users
Explanation:
The chart of accounts is designed to to meet the information needs of a company and other financial statement users.
Correct Answer: The fixed cost per unit decreases when volume increases.
Explanation:
The fixed cost per unit decreases when volume increases is the correct statement regarding fixed costs.
Correct Answer: a 10 year, 5% coupon bond
Explanation:
A 10 year, 5% coupon bond has the greatest interest rate price risk.
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