The primary objective of management accounting is to:
A. Assist management in planning and decision-making
B. Calculate tax liability
C. Provide information to external stakeholders
D. Ensure compliance with accounting standards
Answer: Option A
Solution (By JKSSB Mock Tests)
Management accounting focuses on providing internal management with the financial and non-financial information needed for planning, controlling, and decision-making.
S1: Audit is an independent examination of financial statements. S2: Audit is conducted to detect all frauds and errors. Which statement(s) is/are correct?
Explanation:
Audit is an independent examination to express an opinion on the financial statements. While it aims to detect material misstatements, it cannot guarantee the detection of *all* frauds and errors due to inherent limitations like sampling and collusion. S1 is correct, S2 is incorrect.
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