ACCA Applied Knowledge · Business and Technology · Financial information provided by business
Which of the following is a feature of management accounting rather than financial accounting?
Reports on individual products, departments or customers produced as and when managers need them are management accounting. Financial accounting focuses on the entity as a whole, is produced annually in a prescribed format and is subject to statutory audit.
- APreparation of an annual statement of financial position under IFRS Accounting Standards
- BStatutory audit of the information before it is published
- CReports on individual products, departments or customers produced when managers need themCorrect
Explanation
Management accounting can analyse information by product, department or customer and be produced at any frequency. Annual IFRS statements and statutory audit are features of financial accounting.
Did you get it right without looking?
One question tells you little. A timed set on Financial information provided by business shows your real accuracy, how long you take and where you lose marks.
More Financial information provided by business questions
- Zenith Ltd's finance director is reviewing two reports: (1) the published annual financial statements, and (2) a monthly report to the board…
- Which of the following is an item of 'other comprehensive income' rather than part of profit or loss?
- Which of the following is a direct cost of producing a batch of wooden tables?
- Which of the following statements about legal obligations is correct?
- A company's management accountant uses a report that combines sales figures from a regional spreadsheet with figures from the central accoun…
- Which of the following would be classified as a current liability in a company's statement of financial position at 31 December?