7. Which type of authority do management accountants generally exercise? Show a. Functional b. Company c. Line d. Staff 8. Which of the following is not a characteristic of a “Staff” authority? a. It gives support, advise, and service to line managers. b. It is exercised laterally or upward. c. It has the authority to command action or give orders to subordinates. d. None of the above 9. In financial accounting, certain rules and regulations must be followed on how financial statements must be presented to the reader. In managerial accounting, no such restrictions generally apply because it is: a. An entirely different field that need not observe the broad guidelines in financial accounting. b. Designed to provide management with non-financial information for decision-making. c. Designed to provide accounting and other financial data to assist management in making business decisions. d. A discipline that does not require preparation of other financial statements. e. All of the above. 10. Which of the following characteristics relate to Financial Accounting? a. Reports are promptly prepared and submitted to preserve its usefulness. b. Data may be both historical and estimates. c. It must adhere to the generally accepted accounting principles. d. It provides information needed by management in making decisions. 11. The following characteristics refer to Financial Accounting except a. Provides information to external users b. Emphasizes on objective data c. Has no externally imposed standards d. Generates general purpose financial statements 12. To distinguish between management accounting and financial accounting, the following statements are correct, except a. Management accounting, in view of its various integrated recipients should have a separate data recording and retrieval system from financial accounting. b. Financial accounting is bound by GAAP, and management accounting need not be in conformity with GAAP. c. Financial accounting can be regarded as the process while management accounting can be regarded as the product of the process. d. Management accounting output must be released on time so as not to erode its usefulness; Financial accounting output can still be useful even when delayed. Knowledge Booster Learn more about Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below. Recommended textbooks for you  FINANCIAL ACCOUNTING ISBN:9781259964947 Author:Libby Publisher:MCG Accounting ISBN:9781337272094 Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E. Publisher:Cengage Learning, Accounting Information Systems ISBN:9781337619202 Author:Hall, James A. Publisher:Cengage Learning, Horngren's Cost Accounting: A Managerial Emphasis... ISBN:9780134475585 Author:Srikant M. Datar, Madhav V. Rajan Publisher:PEARSON Intermediate Accounting ISBN:9781259722660 Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas Publisher:McGraw-Hill Education Financial and Managerial Accounting ISBN:9781259726705 Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles Publisher:McGraw-Hill Education FINANCIAL ACCOUNTING ISBN:9781259964947 Author:Libby Publisher:MCG Accounting ISBN:9781337272094 Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E. Publisher:Cengage Learning, Accounting Information Systems ISBN:9781337619202 Author:Hall, James A. Publisher:Cengage Learning, Horngren's Cost Accounting: A Managerial Emphasis... ISBN:9780134475585 Author:Srikant M. Datar, Madhav V. Rajan Publisher:PEARSON Intermediate Accounting ISBN:9781259722660 Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas Publisher:McGraw-Hill Education Financial and Managerial Accounting ISBN:9781259726705 Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles Publisher:McGraw-Hill Education Which of the following is not a characteristics of management accounting?Answer and Explanation: This is the correct option because mandatory external reports are not a characteristic of management accounting. The characteristic of management accounting is objectivity, comparability, reliability, and relevance.
Which of the following are the characteristics of management accounting?Characteristics of Management Accounting. Providing Financial Information. The primary goal of management accounting is to deliver financial data to executives. ... . Cause and Effect Analysis. ... . Use of Special Techniques and Concepts. ... . Decision Making. ... . Decision Making. ... . Planning. ... . Coordinating. ... . Financial Analysis and Interpretation.. Which of the following is not part of management accounting?The answer is B) Reporting financial information to the shareholders.
Which is the main characteristic of management accounting answer?Management accounting information should comply with a various number of characteristics including verifiability, objectivity, timeliness, comparability, reliability, understandability and relevance if it is to be useful in planning, control and decision-making.
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Which of the following characteristics does not relate to management accounting?
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