Question

7.Management accounting may be defined as an art and science to provide information to the management so that they can perform their functions efficiently or simultaneously improve their operating efficiency.Single choice.



True

False​

Answer 1

ANSWER :

★ True.

• ➻ Management accounting may be defined as an art and science to provide information to the management so that they can perform their functions efficiently or simultaneously improve their operating efficiency.

• ➻ This statement is True.

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EXPLANATION :

Management Accounting is a type of accounting which is used to present accounting information in such a way as to assist management in a planning and controlling the operation of a business.

• ✎ Management Accounting also is known as Managerial Accounting. It is a process of providing financial information and resources to the management of a business for the purpose of functioning the various managerial tasks efficiently.

• ✎ The main objective of Management Accounting is to use the financial information and statistical data effectively and efficiently by the management of a business so that they can take better and accurate decision, control the enterprise and its business activities as well as development.

• ✎ The management accountant use various techniques as well as concepts to make the accounting data more useful for the managerial decision making. The techniques generally used by the management accountants include Ratio Analysis, Fund Flow Statement, Budgetary Control, Cash Flow Statement etc.