ECONOMICS

Detailed explanation-1: -Managerial accounting provides financial and nonfinancial information to an organization’s managers and other internal decision makers. Managerial accounting information can be forwarded to the managers of a company quickly since external auditors do not have to review it, and estimates and projections are acceptable.

Detailed explanation-2: -Managerial accounting provides the information needed to fuel the decision-making process. Managerial decisions can be categorized according to three interrelated business processes: planning, directing, and controlling. Correct execution of each of these activities culminates in the creation of business value.

Detailed explanation-3: -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-4: -Pinpointing the issue is the first step to initiating the decision-making process. Ensure the problem is carefully analyzed, clearly defined, and everyone involved in the outcome agrees on what needs to be solved.