MANAGEMENT

Detailed explanation-1: -Managerial accounting, also called management accounting, is a method of accounting that creates statements, reports, and documents that help management in making better decisions related to their business’ performance.

Detailed explanation-2: -Managerial accounting It identifies, measures, analyzes, interprets and communicates financial information to management. This information assists business owners managers in making well-informed decisions.

Detailed explanation-3: -The purpose of the information is to assist managers in making planning and control decisions. The nature of the information is mostly monetary but also includes nonmonetary information. The focus of the information emphasizes the whole organization.

Detailed explanation-4: -Financial accounting helps managers create budgets, understand public perception, track efficiency, analyze product performance, and develop short-and long-term strategies, among several other decisions aided by accounting figures.

Detailed explanation-5: -1.3 The purpose of accounting is to provide financial information that is useful in making economic decisions. It is the process of identifying, measuring, recording and communicating economic information to permit informed judgements and decisions by users of the information.