Question

1) Who provides assurance to external users about the reliability of a company's financial statements? A)...

1) Who provides assurance to external users about the reliability of a company's financial statements?

A) Certified Management Accountants and Certified Public Accountants
B) Chartered Management Accountants and Certified Management Accountants
C) Certified Public Accountants and Chartered Management Accountants

D) Certified Public Accountants and Chartered Accountants

2) The static budget is based on the ________ level of output and the flexible budget is based on the ________ level of output.
A) actual; expected
B) expected; actual

C) expected; planned

D) actual; projected

3) External users of financial reports need ________ measures of inventory and cost of goods sold. Internal users of financial reports need ________ cost information about products.
A) strategic; operational
B) operational; strategic

C) aggregate; detailed

D) detailed; aggregate

4)

The ________ is the juncture in manufacturing where the joint products become individually identifiable.

A) joint processing juncture
B) split-off point
C) common point

D) joint processing point

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Answer #1

Ans 1;D; Certified Public Accountants and Chartered Accountants

Ans 2;B ; static budget is based on Expected output, flexible budget is based on Actual output.

Ans 3;C - Aggregate , Detailed

Ans 4 ;B - Split off Point

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