ECONOMICS

Detailed explanation-1: -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.

Detailed explanation-2: -Management accounting (also known as managerial or cost accounting) differs from financial accounting in that it produces reports for a company’s internal stakeholders as opposed to external stakeholders. The result of management accounting is periodic reports for the company’s department managers and CEO, for example.

Detailed explanation-3: -Instead, managerial accountants focus on understanding their company’s cash flows, financial transactions, operating costs and internal rate of return. Once collected and analyzed, this accounting information is translated into reports and presentations that inform budgeting decisions and future investments.

Detailed explanation-4: -A Management accountant works within a business to prepare and present financial reports to senior management teams in order to give an insight into business performance. The reports are used to aid with business strategy and also in decision making within the business, to ensure growth and profitability.

Detailed explanation-5: -For Instance, a management accountant can provide variable production costs and marginal sales reports to the manager for taking suitable steps related to production and sales. Controlling can include monitoring, measuring and correcting actual results to make sure that the goals and plans of a business are achieved.