Question : Statement 1: In management accounting, data from cost accounting and financial accounting are both used. Statement 2: Therefore, a suitable system is required to combine cost accounts and financial accounts.
Option 1: Both the statements are true
Option 2: Both the statements are false
Option 3: Statement 1 is true and statement 2 is false
Option 4: Statement 1 is false and statement 2 is true
Correct Answer: Both the statements are true
Solution : In management accounting, data from cost accounting and financial accounting are both used. Therefore, a suitable system is required to combine cost accounts and financial accounts. Data duplication is prevented. The integration mechanism must be precise and trustworthy. Hence, the correct option is 1.
Question : Statement 1: For efficient analysis and interpretation, the financial accounting data is categorised and codified. Statement 2: The accounts are categorised according to their nature.
Question : Statement 1: By integrating and automating all business processes, computerised accounting system benefits all firms. Statement 2: These tasks could include production, inventory management, sales, and financing.
Question : Statement 1: The management principles used in the public sector can also be applied in the nonprofit sector.
Statement 2: Both sectors have similar organizational structures and goals.
Question : Statement 1: The management principles used in the public sector are different from those in the private sector.
Statement 2: The management principles used in the public and private sectors are the same.
Statement 2: The management principles used in the public sector are specific to government organizations.
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