BUSINESS ADMINISTRATION
ACCOUNTING FOR MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Concerned with the provision of information to people within the organization to help them to make better decisions
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Extension of financial accounting
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Extension of financial management
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Accounting for management
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Detailed explanation-1: -Management accounting is concerned with providing information and analysis to managers to help them plan, evaluate and control activities, in order to achieve an organisation’s objectives.
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 helps managers strategize, course correct and make informed decisions based on the analysis and interpretation of the financial data related to the internal operations of the company. Management accounting is a virtual tool to help the managers of an organization steer it towards their goals.
Detailed explanation-4: -Managerial accounting is concerned with providing information to managers i.e. people inside an organization who direct and control its operations. In contrast, financial accounting is concerned with providing information to stockholders, creditors, and others who are outside an organization.