ECONOMICS

Detailed explanation-1: -Hence, managerial accounting information primarily focuses on internal users. Investors and creditors are external users and will typically rely on financial accounting information to make decisions about allocation of scarce resources. Hence, the given statement is incorrect.

Detailed explanation-2: -while shareholders, creditors, and public regulators use publicly reported financial accountancy, information, only managers within the organization use the normally confidential management accounting information.

Detailed explanation-3: -Answer and Explanation: Explanation: Management accounting is one of the branches of accounting which is associated with the presentation of accounting data for use by management of a company.

Detailed explanation-4: -Answer and Explanation: The correct answer is b. managerial accounting information is not required by various laws is the correct answer.

Detailed explanation-5: -As per the Institute of Cost and Management Accountants, London, management accounting is defined as. “The application of professional knowledge and skills in preparing accounting information in such a way as to assist the management in formulating policies and help in planning and control of the undertaking”