Question

1) Which of the following does not represent a main focus of cost management information? A....

1) Which of the following does not represent a main focus of cost management information? A. Strategic management. B. Performance measurement. C. Planning and decision making. D. Preparation of financial statements. E. Internal audit and control.

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Answer #1

ANSWER

CORRECT ANSWER : option (E) Internal audit and control

EXPLANATION

  • Cost Management Information System is basically an Accounting Information System which is generally used by Big size manufacturing concerns in order to perform "Costing Fuction" so that a Cost of a product can be correctly computed and that company can arrive at correct Profit.
  • It helps in Strategising to reduce cost of Product so that Profit Margins can be Increased. It helps Top Level Management to take Appropriate timely Decisions regarding the Product Costs.
  • Cost Management Information System performs all the Four Functions that are mentioned in point (A) TO (D).
  • However, this System DOES NOT PERFORM function of "Internal Audit and Control". This Fuctions goes to a seperate department altogether.
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