Management Accounting Focuses On

question 58

Multiple Choice

Management accounting focuses on:

• A) compliance with the accounting standards.
• B) meeting the needs of external users.
• C) effective and efficient management of resources.
• D) financial data only.

---

Definitions:

Work In Process Inventory

Items that are partially completed in a manufacturing process but are not yet finished goods.

Standard Control Account

An account used to monitor variances between actual costs and standard (expected) costs within an accounting period.

Sales Volume Variance

A measure used to assess the impact of the difference between actual sales volume and budgeted sales volume on revenue.

Master Products

Essential or core products that a company offers, which define its primary business operations.