Question

Discuss the role of financial accounting and its managerial implications

Answer 1

Explanation:

Importance of Managerial Accounting. Introduction The purpose of management accounting in the organization is to support competitive decision making by collecting, processing, and communicating information that helps management plan, control, and evaluate business processes and company strategy.

Answer 2

Answer:

In a business, the financial accounting function is responsible for periodically reporting pecuniary information to business owners. Financial accounting dictates the amounts you owe to suppliers, what customers owe you, operating costs, payroll costs and available cash.

Explanation:

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