ECONOMICS

Detailed explanation-1: -16) Management accounting includes all of the following EXCEPTA) implementing strategiesB) developing budgetsC) preparing special studies and forecastsD) preparing the statement of cash flowsAnswer:D.

Detailed explanation-2: -Managerial accounting encompasses many facets of accounting, including product costing, budgeting, forecasting, and various financial analysis. This differs from financial accounting, which produces and disseminates official financial statements for public consumption that conform to prevailing accounting standards.

Detailed explanation-3: -The answer is B) Reporting financial information to the shareholders.

Detailed explanation-4: -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”

Detailed explanation-5: -The difference between financial and managerial accounting is that financial accounting is the collection of accounting data to create financial statements, while managerial accounting is the internal processing used to account for business transactions.