Which of the Following Statements Are Correct

question 14

Multiple Choice

Which of the following statements are correct?
(i) Financial Accounting is required by law
(ii) Financial Accounting includes budgeting,forecasting and decision making
(iii) Management Accounting must follow a set pattern
(iv) Management Accounting includes budgeting,forecasting and decision making

• A) (i) and (iv) are correct
• B) (i), (ii) and (iii) are correct
• C) (i), (ii) and (iv) are correct
• D) All of them are correct

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Definitions:

Micro Level

Pertaining to the smallest units of analysis in the social sciences, focusing on individuals or small groups and their interactions.

Macro Level

Analysis or perspective focusing on large-scale social structures and processes.

Groupthink

A psychological phenomenon occurring within a group of people, where the desire for harmony or conformity results in an irrational or dysfunctional decision-making outcome.

Primary Groups

are small, close-knit, and usually long-term social groups where members share direct, personal, and significant relationships, providing emotional and social support to each other.