Q1: Management accounting

1. Is available to both external and internal users
2. Is the same as cost accounting
3. Provides information to managers to help make decisions.
4. Creates technical reports that require external audit for verification

Q2: Which of following is true?

1. Management accounting focuses on historical transactions
2. Management accounting focuses on relevant data
3. Management accounting uses the cash basis for recording transaction
4. Management accounting provides forecasts of future performance

Q3: Financial accounting

1. Must comply with IFRS/ASPE
2. Reports include detailed information on the various operating segments of the business such as product lines or departments
3. Is prepared for the use of department heads and other employees
4. Focuses on the future and includes activities such as preparing next years operation budget