Question

Fill in the blanks

……………….. would be likely to use accounting information to assess the ability of a business to pay for the goods and services supplied

In business, the underlying focus of many decisions ultimately relates to the allocation of ……………….. ………………..

Accounting information that has the ability to influence decisions is said to have the qualitative characteristic of ………….…….

The determination of required capital investments and required sources of finance are good examples of ……………….. ……………….. ………………..

Comparing actual business outcomes to planned business outcomes from an accounting perspective is an application of the ……………….. process

The ……………….. objective tries to achieve a balance between long-term and short-term benefits

The first stage in the planning process relates to setting the ……………….. or ……………….. of the business

General purpose financial reports are a common output of the ……………….. accounting system

Management accounting reports are prepared for ……………….. use only

The ultimate test of the value of management accounting reports is whether or not they improve the ……………….. of the decisions for which they were prepared

Answer 1

Suppliers would be likely to use accounting information to assess the ability of a business to pay for the goods and services supplied

In business, the underlying focus of many decisions ultimately relates to the allocation of Resources.

Accounting information that has the ability to influence decisions is said to have the qualitative characteristic of Relevance

The determination of required capital investments and required sources of finance are good examples of Capital Budgeting

Comparing actual business outcomes to planned business outcomes from an accounting perspective is an application of the Budgetary process

The Corporate objective tries to achieve a balance between long-term and short-term benefits

The first stage in the planning process relates to setting the Objective or Goal of the business

General purpose financial reports are a common output of the Financial accounting system

Management accounting reports are prepared for Internal use only

The ultimate test of the value of management accounting reports is whether or not they improve the Quality of the decisions for which they were prepared