T1 Q1 - In general, relates to the provision of appropriate information, including cost information for

decision-making, planning, control, and performance evaluation.

Q2
1) Inventory valuation for internal and external profit measurement
2) Provide relevant information to help managers make better decisions
3) Provide information for planning, control and performance measurement

Q3

Standpoint Management accounting Financial accounting

Scope of accounting Forward looking
information system
Recording Recorded according to cost
functions and cost units
Purpose Provides information for stock
valuation, decision making, planning
and control
Target users Internal users such as managers
Regulatory No mandatory rules or regulations
requirements
Types of information Both financial and non-financial
information for internal decision
makers
Nature of information Detailed information
Reporting Continuous system of reporting
Governance Management report presented to
board members on monthly basis
Historical in nature
Proper ledgers maintained for
expenses, income, assets and
liabilities
Provides information on the financial
position of an enterprise
External users such as shareholders
and creditors
Must follow regulatory requirements
such as Companies Act, Financial
Standards and GAAP when preparing
financial statements
Financial information supported by
notes to accounts for external users
Concise information
Financial statements are prepared at
the end of each accounting year
Audited accounts signed and filed
annually

Q4 - MA i,iii,vi,vii,viii FA ii,iv,v

Q5 - Manufacturing a product like computers involves many important decisions. For example: From which
suppliers should you purchase the parts you need? How should you sell or market your products? To what
extent should you rely on parts and labor from countries other than your own? At what price should you sell
your computers?

Accounting information is intended to provide internal decision makers information that is useful in
answering these and other questions. For example, in pricing your product, what it costs to produce is an
important consideration. Internal accounting information may provide insights into the reliability of suppliers
from other countries compare to those that are closer to your home based.