361 Chaptr 1 MC Solutions.docxVIP

Chapter 1 PAGE 3 Chapter 1—Introduction to Cost Accounting MULTIPLE CHOICE 1. In comparing financial and management accounting, which of the following more accurately describes management accounting information? a. historical, precise, useful b. required, estimated, internal c. budgeted, informative, adaptable d. comparable, verifiable, monetary ANS: C PTS: 1 DIF: Easy OBJ: 1-1 NAT: AACSB: Reflective Thinking LOC: AICPA Functional Competencies: Measurement, Reporting 2. Management and financial accounting are used for which of the following purposes? Management accounting Financial accou