purpose of management accounting?
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The main objective of managerial accounting is to maximize profit and minimize losses. It is concerned with the presentation of data to predict inconsistencies in finances that help managers make important decisions. Its scope is quite vast and includes several business operations.
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Management accounting is vital to ensure the vibrancy of a business enterprise. The ultimate objective of this type of accounting is to provide support in the decision-making processes associated with all aspects of business operations. Managerial accounting serves a number of crucial purposes in the achievement of this objective. Here we discuss the various elements of management accounting and the relationship between them.
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