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Questions and Answers
What is the primary purpose of management accounting?
What is the primary purpose of management accounting?
- Assisting managers in decision-making (correct)
- Managing external audits
- Preparing financial statements
- Assessing tax liabilities
How can management accounting be described?
How can management accounting be described?
- External financial reporting
- Preparation of tax returns
- Provision of financial and non-financial decision-making information to managers (correct)
- Cost estimation for products
What is another term for management accounting?
What is another term for management accounting?
- Tax Accounting
- Cost Accounting (correct)
- Auditing
- Financial Accounting
What does management accounting help achieve?
What does management accounting help achieve?
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What type of information does management accounting provide to managers?
What type of information does management accounting provide to managers?
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Study Notes
Management Accounting
- The primary purpose of management accounting is to provide financial and operational information to managers to make informed decisions and achieve organizational goals.
- Management accounting can be described as a discipline that involves the identification, measurement, accumulation, analysis, and communication of financial information used to manage an organization.
- Another term for management accounting is managerial accounting.
Role of Management Accounting
- Management accounting helps achieve effective planning, organizing, and control of organizational resources by providing relevant and timely information to managers.
- Management accounting provides internal, forward-looking information to managers, focusing on forecasting, budgeting, and decision-making.
Information Provided
- Management accounting provides managers with detailed, relevant, and timely information about costs, revenues, and performance metrics to facilitate decision-making and optimize resource allocation.
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