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Accounting refers to the process of analyzing & interpreting the information already recorded in the books of accounts. True Along with financial accounting, ________ and ________ are the other streams of accounting Cost Accounting, Management Accounting Balance sheet indicates the financial status of the business at given period. True Accounting refers to the process of analyzing & interpreting the information already recorded in the books of accounts. True Management accounting is concerned with the following activities : Decision making , Safeguarding assets , Planning and controlling Profitability statement indicates the amount of assets & liabilities. False The objectives of cost accounting are : Cost control , Ascertainment of cost of each product , Assist in managerial decision-making The process of accounting split into three steams i.e. financial, cost, management accounting. True Accounting refers to the process of analyzing & interpreting the information already recorded in the books of accounts. True Management Accounting is the process of analysis and interpretation of financial data collected with help of financial accounting and cost accounting True Financial Accounting discloses the financial performance & financial statements of the business as a whole. True Accounting is an art of recording, classifying & summarizing in a significant manner. True Balance sheet indicates the expenditure & income from the business. False Management Accounting is Designed particularly for internal use , Helpful in estimating the future along with past period, Useful in furnishing the necessary information to the management Balance sheet indicates the financial status of the business at given period. True Financial statements are basically in two forms i.e. profitability statement and balance sheet. True A business is an activity carried out with the intention of earning the profit. True Financial Accounting primarily protects the interests of the outsiders dealing with organization in various capacities True

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__________ Accounting becomes a source of information for Management Accounting. Financial Book keeping is clerical while accounting is managerial True Limitations of Management Accounting includes------------------Its wide scope , Possibility of intuitive decision , Requires elaborate organizational structure Balance sheet is a statement of All assets and liabilities. ___________ Accounting is the process of classifying and recording of the expenditure in a systematic manner with the intention of ascertaining the cost of cost centre Cost Financial Accounting protects the interest of outsiders. it considers ________transaction and it is a ________ requirement Historical, legal Effective decision making gets primarily emphasized in Cost accounting, Management accounting To prepare financial statements and get them audited is mandatory for the organizations like company form of organizations. True Cost Accounting restrict itself with historical transactions False A very wide scope of Management Accounting is the limitation by itself. True In a Balance-Sheet right hand side is referred as assets side and left hand side is referred as liabilities. True The principle of ________ is followed while preparing the financial statements. Going concern Management Accounting aims at enabling the management to take the decisions about the future. It may consider future data as well as non-financial factors. True Match the following Accounting Process of analyzing & interpretation Profitability statement Indicates the amount of profit earned Balance-sheet Financial status Book-Keeping Books of Accounts Financial statement Profitability statement & Balance-sheet Balance sheet is considered to be a part of the financial statements. True A very wide scope of Management Accounting is the limitation by itself. True Financial Accounting ______________ Designed to supply information for internal/ external uses. , Deals with the transaction during specific period. , It is compulsory Cost Accounting ______________. Concerned with specific activities. , Classified according to their

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nature. , It deals with both i.e. past & present. ________ Accounting is the process of analysis and interpretation of financial data collected with help of financial accounting & cost accounting Management The process of recording the business transactions in a defined set of records is referred to as ________. Balance sheet P&L statement which is a period statement & relates to a certain period tells about results of operations. True Financial accounting may deal with the ascertainment of cost & calculation of profitability of the individual product. False Management Accounting aims at enabling the management to take the decisions about the future. It may consider future data as well as non-financial factors. True Financial Accounting primarily protects the interests of the outsiders dealing with organization in various capacities. True Cost Accounting is concerned with calculation of the profitability and state of affairs of the organization as a whole. False Accounting is the art where transactions are Summarized , Classified , Recorded Management Accounting is a developed stage of Cost Accounting True Cost Accounting is a legal requirement. False The principle of ________ is followed while preparing the financial statements. Going concern Financial Statements which are generated as a result of the management accounting report & financial performance of the organization as a whole. False Cost Accounting and Management Accounting are similar to each other in many respects. True The reports generated by financial accounting are meant for the use by management for effective decisions. True Cost Accounting may be considered to be a part of management Accounting True Management Accounting is not at all a legal requirement True Financial Accounting is False Designed to supply information to internal/ external users , Referred as 'Historical' form of accounting , Concerned with financial factors False The balance sheet has three columns, viz. assets, liabilities and

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ledger folio. False Management Accounting is a developed stage of Cost Accounting True Cost Accounting is a legal requirement. False Cost Accounting is a legal requirement. False