Question

Which of the following statements is/are true of good management accounting information? (1) It should always...

Which of the following statements is/are true of good management accounting information?

(1) It should always be provided regardless of its cost

(2) It is data that has been processed in such a way as to be meaningful to the person who receives it

(3) It should not be provided until it is as detailed and as accurate as possible

Which one is correct:

1 only
2 and 3 only
2 only
1 and 3 only
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Homework Answers

Answer #1

Only the 2nd statement is true. It is data that has been processed in such a way as to be meaningful to the person who receives it.

Brief Explanation : The cost should always be considered in processing and preparation of management accounting data and it also can be provided in summerised form. So first and third statement are false and only the second statement is true. Management accounting data are prepared and presented in a meaningful manner to the users of accounting data.

Thank You..!!

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