Question

Define management accounting and explain its scope and functions

Answer 1

Planning, decision-making and control are the basic managerial functions. The cost accounting system provides necessary tools such as standard costing, budgetary control, inventory control, marginal costing, and differential costing etc., for carrying out such functions efficiently.

Managerial accounting involves collecting, analyzing, and reporting information about the operations and finances of a business. ... Understanding where the primary bottlenecks are in a company, and how they impact the ability of the business to earn revenues and profits. Target costing.

Answer 2

Answer:

Planning, decision-making and control are the basic managerial functions. The cost accounting system provides necessary tools such as standard costing, budgetary control, inventory control, marginal costing, and differential costing etc., for carrying out such functions efficiently.