ECONOMICS

Detailed explanation-1: -Accountants are mainly involved in developing nonfinancial information for management’s consideration in choosing among alternatives. An important step in management’s decision-making process is to determine and evaluate possible courses of action.

Detailed explanation-2: -Decision making refers to making choices among alternative courses of action-which may also include inaction.

Detailed explanation-3: -Incremental costs are relevant in making short-term decisions or choosing between two alternatives, such as whether to accept a special order.

Detailed explanation-4: -a. Determine possible courses of action. The managerial accountants are involved when deciding the course of action as they analyse the financial data and help in preparing the budgets.

Detailed explanation-5: -Board of directors, Partners and Mangers are considered as internal users.