4: Which of the following statements is INCORRECT?

Hint: Clearly identify the primary objective of each item.

Financial Accounting has the primary objective of providing information on the historic performance and position of the organisation.

Management Accounting has the primary objective of preparing reports that disregard the historic performance and position of the organisation.

Finance has the primary objective of assessing an organisations financing and investment decisions.

Accounting has the primary objective of providing information for stakeholders to make informed decisions.

5: The following are statements about the accounting information needs of a universitys students. Which of these statements is INCORRECT?

Hint: Identify what is least useable information for a universitys students.

Students want timely information about the courses offered by the university.

Students want timely information about the universitys ability to repay loans.

Students want timely information about the universitys ability to continue its operations for the foreseeable future.

Students want timely information about the universitys cost profile.

6: Which statement best describes managerial accounting rather than financial accounting?

Hint: Consider how management accounting and financial accounting differ

Aggregated and summarized data are typical outputs.

Data collection is restricted to double-entry accounting and cost data.

Reports may conform to international accounting standards and/or internally developed standards.

Focus is general rather than specific.