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

Question

Quizplus · Accepted Answer

Financial Accounting is required by law.But as it is based on the past, financial accounting does not include forecasting.As there is no law governing management accounts, organisations choose their own methods. Some small organisations may do almost nothing.Management Accounting includes all kinds of budgeting, forecasting and decision making.

Which of the Following Statements Are Correct