It Is the Function of Management Accounting to Perform the Following

question 22

Multiple Choice

It is the function of management accounting to perform the following activities,except:

• A)Create financial forecasts.
• B)Perform cost accounting.
• C)Complete internal audits.
• D)Audit financial statements.

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Definitions:

Artificial Time Periods

Divisions of time, not naturally occurring, created for the purpose of financial reporting, budgeting, or project scheduling.

Economic Entity Assumption

An accounting principle that treats a company as a separate entity from its owners or shareholders for financial reporting purposes.

Economic Events

Transactions and occurrences that have a direct impact on the financial position and performance of a company, including both internal and external activities.

Sole Proprietorship

A business structure where an individual owns the company and is personally responsible for its debts.