BUSINESS ADMINISTRATION
ACCOUNTING FOR MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Quantitative information
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Qualitative information
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Both a and b
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None of the above
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Detailed explanation-1: -Uses qualitative information: Management accounting does not restrict itself to quantitative information for decision-making. It takes into account qualitative information which cannot be measured in terms of money.
Detailed explanation-2: -Managerial accounting is the type of accounting that provides financial information to managers and decision-makers within a company. Managerial accounting often involves various financial metrics, including revenue, sales, operating expenses, and cost controls.
Detailed explanation-3: -Management accounting deals with both quantitative and qualitative information.
Detailed explanation-4: -The correct answer is false. Managerial accounting is used for internal reporting, which is useful for internal users. It is financial accounting that is concerned with external reporting, which is reported to the external users, like the investors and government.
Detailed explanation-5: -It is also known as management accounting. Accounting for a company’s income and costs is one of its many subspecialties. An organisation’s financial performance may be enhanced with the aid of management accounting.