BUSINESS ADMINISTRATION
ACCOUNTING FOR MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Decision accounting
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Standard costing
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Budgetary control
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Human Resources Accounting
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Detailed explanation-1: -5. What are the instruments/ tools related to management accounting? Explanation-Marginal costing, standard costing, and budget control are tools based on cost-accounting information and for future information on management accounting.
Detailed explanation-2: -Budgetary control is financial jargon for managing income and expenditure. In practice it means regularly comparing actual income or expenditure to planned income or expenditure to identify whether or not corrective action is required.
Detailed explanation-3: -Expert-Verified Answer. The main instrument of management accounting is financial statement analysis. We collect four income reports in this tool: a financial statement, a balance sheet, a cash flow statement, and a fund flow statement. A profit and loss statement is not a financial analytical tool.