Which statement is true.I)Financial accounts are prepared according to Accounting Standards. II)Management Accounting reports are also prepared according to accounting standard.

Related MCQs

• The Carl Care Company established the following direct labour cost standards for one unit of product Z: •Standard hours: 1.5 hours •Standard rate: $20 per hour •Standard cost: $30 (1.5 hours @ $20 per hour) During the month of July, 20,000 direct labour hours were worked, and 12,500 units of product Z were manufactured. The total wages related to direct labour in July were $405,000. The direct labour rate variance for July was:
• Performance reports are accounting reports that compare
• Which of the following statements are false about management accounting? (i) Management accounting is concerned with historical events. (ii) Management accounting is related only with such instances which can be expressed in monetary terms. (iii) Management accounting is a part of Financial Management (iv) Management accounting information can be disclosed to outsiders.
• Management accounting reports are prepared
• Management accounting reports are prepared
• Which of the following are tools of management accounting? A) Decision accounting B) Standard costing C) Budgetary control D) Human Resources Accounting
• Which of the following are tools of management accounting? (i) Decision accounting (ii) Standard costing (iii) Budgetary control (iv) Human Resources Accounting
• Management Accounting is and financial accounting differ in that management accounting information is prepared –
• Management accounting and financial accounting differ in that management accounting information is prepared
• Management accounting and financial accounting differ in that management accounting information is prepared