practice questions - accountancy management from week 1

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  • Created by: jmf00632
  • Created on: 13-02-20 20:16
an organisation does not....
have to produce management reports for planning, decision-making and control purposes
1 of 11
Information for planning, decision-making and control must be....
relevant
2 of 11
the term "control" in management control refers to...
Responding to divergences from the plan
3 of 11
why is there a need for managment accounting information?
Financial statements are out of date by the time they become available, Financial statements involve the whole organisation, Detailed information was required for costing and decision-making
4 of 11
what is a cost objective?
Any activity for which a separate measurement of cost is desired.
5 of 11
A controllable cost is....
a cost which can be influenced by its budget holder
6 of 11
a product cost is a....
cost that is identified with a unit produced during the period, and is included in the value of inventory.
7 of 11
the cost is treated....
as an expense for the period when the inventory is actually sold.
8 of 11
a period cost is
a cost that relates to a time period which is deducted as expenses for the period and is not included in the inventory valuation.  
9 of 11
total production cost will include.....
Prime costs plus indirect production costs
10 of 11
a characterstic of a profit centre is...
Management is responsible for both costs and revenues
11 of 11

Other cards in this set

Card 2

Front

Information for planning, decision-making and control must be....

Back

relevant

Card 3

Front

the term "control" in management control refers to...

Back

Preview of the front of card 3

Card 4

Front

why is there a need for managment accounting information?

Back

Preview of the front of card 4

Card 5

Front

what is a cost objective?

Back

Preview of the front of card 5
View more cards

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