BUSINESS ADMINISTRATION
ACCOUNTING FOR MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Recording Financial Transactions & Company Activities that Require Funding
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Details of Costs
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Data containing all Cost Components
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Company Financial Information
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Detailed explanation-1: -The 5 A’s scope of financial management are Anticipation, Acquisition, Allocation, Appropriation, and Assessments of funds. As an important part of overall management, the scope of financial management mainly covers planning, raising, controlling, and administration of funds used in the business.
Detailed explanation-2: -Scope of managerial accounting 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-3: -Some of the major scope of financial management are as follows: 1. Investment Decision 2. Financing Decision 3. Dividend Decision 4.
Detailed explanation-4: -Cost accounting considers all input costs associated with production, including both variable and fixed costs. Types of cost accounting include standard costing, activity-based costing, lean accounting, and marginal costing.