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

Question

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

Team Careers360 · Accepted Answer

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.

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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.

Question : Statement 1: The management principles used in the public sector can also be applied in the nonprofit sector.

Statement 2: The management principles used in the public sector are specific to government organizations.