The following statements relate to fixed budgets and flexible budgets.
(i) If production levels far exceed those anticipated, relying on a fixed budget is likely to result in massive variances
(ii) Flexible budgets assist management control by providing dynamic, comparable information
(iii) Flexible budgets are always superior to fixed budgets Which statements are true?
Statement (iii) is false. If output levels are stable, a fixed budget is appropriate as the additional time and effort required to produce a flexible budget would not be justified.
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Which of the following statements about management accounting information is/are true?
(i) They must be stated in purely monetary terms.
(ii) Limited companies must, by law, prepare management accounts.
(iii) They serve as a future planning tool and are not used as an historical record.
Which of the following statements is/are correct?
(i) A management control system is a term used to describe the hardware and software used to drive a database system which produces information outputs that are easily assimilated by management.
(ii) An objective is a course of action that an organisation might pursue in order to achieve its strategy.
(iii) Information is data that has been processed into a form meaningful to the recipient.
Good information should have certain qualities. Which of the following are qualities of good information?(i) Complete(ii) Extensive(iii) Relevant(iv) Accurate
Monthly variance reports are an example of which one of the following types of management information?
Which of the following statements is/are correct?
(i) Information for decision-making should incorporate uncertainty in some way
(ii) The data used to prepare financial accounts and management accounts are the
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