COST ACCOUNTING
COST MANAGEMENT SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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improve quality and reduce manufacturing cost.
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implement a tactic of customer value and shareholder value.
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improve business performance and the life-cycle of operations.
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implement an organization’s strategy.
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Detailed explanation-1: -The IMA definition of management accounting states that. management accounting involves partnering in management decision making, planning, and performance measurement to assist in the formulation and implementation of an organization’s strategy.
Detailed explanation-2: -The management of a company can use management accounting information to make decisions on different aspects of the business including; pricing, capital investment, and marketing decisions. All these affect the profitability of the company and also affect the performance of the company.
Detailed explanation-3: -Four standards of ethical conduct in management accountants’ professional activities were developed by the Institute of Management Accountants. The four standards are competence, confidentiality, integrity, and credibility.
Detailed explanation-4: -Managerial accountant. The managerial accountantThe person who assists in preparing information used for decision making within the organization. reports directly to the controller and assists in preparing information used for decision making within the organization.