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12.3 Which of the following statements is/are correct? (i) A by-product is a product produced at the same time as other products which has a relatively low volume compared with the other products. (ii) Since a by-product is a saleable item it should be separately costed in the process account, and should absorb some of the process costs. (iii) Costs incurred prior to the point of separation are known as common or joint costs.

A. (iii) only
B. (i) and (iii)
C. (ii) and (iii)
D. (i) and (ii)

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1.5 Good information should have certain qualities. Which of the following are qualities of good Information ?1 Complete2 Extensive3 Relevant4 Accurate

A. 1,3 and 4
B. 1,2 and 3
C. 2 and 4
D. All of them

1.4 Which of the following stastements is/are correct ? 1 A management control system is a term used to describe the hardware and software used to drive a database system which produces information outputs that are easily assimilated by management. 2 An objectives is a course of action that an organisation might pursue in order to achieve its strategy. 3 Informaton is data that has been processed into a form meaningful to the recipient.

A. 3 only
B. 2 and 3
C. 1 and 3
D. 1,2 and 3

1.3 Which of the following stastements about management accounting information is/are true? 1 They must be stated in purely monetary terms 2 Limited companies must,by law,perpar management account 3 They serve as a future planning tool and not used as an historical record

A. None of the statements is true
B. 2 only
C. 1 and 2
D. 1,2 and3

The sales manager has prepared a manpower plan to ensure that sales quotas for the forthcoming year are achieved. This is an example of what type of planning?

A. Tactical planning
B. Strategic planning
C. Operational planning
D. Corporate planning

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