BUSINESS ADMINISTRATION
ACCOUNTING FOR MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Details of Costs
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Company Financial Information
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Recording Financial Transactions & Company Activities that Require Funding
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Data containing all Cost Components
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Detailed explanation-1: -Management accounting covers a wide range of areas, such as financial accounting, cost accounting, budgeting, and taxes. The primary goal is to assist management in performing its planning, directing, and managing tasks.
Detailed explanation-2: -Owners. Investors use accounting information to determine their return on investment, based on the reported cash flows being generated by the business.
Detailed explanation-3: -The scope of accounting includes all financial transactions and activities of a company. It includes recording, classifying, and summarizing financial information to provide accurate and timely reports. Accounting tracks the performance of a business and helps make crucial decisions about its future.
Detailed explanation-4: -Knowledge of accounting helps investors determine an assets’ value, understand a company’s financing sources, calculate profitability, and estimate risks embedded in a company’s balance sheet.