BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -The main objective of managerial accounting is to maximize profit and minimize losses. It is concerned with the presentation of data to predict inconsistencies in finances that help managers make important decisions. Its scope is quite vast and includes several business operations.

Detailed explanation-2: -People in this type of accounting are focused on the future, and will often run “what-if” scenarios for company leadership to help them make decisions to ensure the business stays profitable. On a day-to-day basis, people in managerial accounting will follow internal rules and best practices to accomplish tasks.

Detailed explanation-3: -While traditional management accounting practices such as budgeting are generally associated with predictable short-term goal achievement, their impact on long-term orientation is considered to be at least problematic if not even clearly dysfunctional.

Detailed explanation-4: -Financial accounting information is primarily future-oriented.