Which of the following is NOT a characteristic of management accounting?Non-mandatory reportingEmphasis on financial data onlyProvides information for internal usersFocus on future events

What two primary qualitative characteristics make accounting information useful?

Difference between Management and Financial accounting Management Accounting Financial AccountingInformation usually/mainly produced for Internal use e.g. managers and employees External use e.g. stake holder, payable, lender, banks, government etc.Purpose of Information To aid planning, controlling and decision making. To record the financial performance in the period and the position at the end of that period.Legal Requirement None Limited companies must provide financial accountsFormats Management decide on the information they require and most useful way of presenting it. Formats and contents of financial accounts intended to give true and fair view, should follow accounting standards and company law.Nature of information Financial and Non- financial Mostly financial Time period Historical and forward working Mainly a historical researchExplain this in detail by making table and please use easy wording because i am not good in English and also give each example

Which of the following is the primary focus of management accounting?Auditing financial recordsPreparation of financial statementsEnsuring compliance with tax lawsProviding information for decision-making

Which of these is not one of the key qualities of accounting information? Group of answer choicesRelevanceTimelinessControlReliability

Which of the following is not a function of management accounting?PlanningDirectingControllingAuditing