Accounting provides data or information onA) Income and cost for the managersB) Financial conditions of the institutionsC) Company’s tax liability for a particular yearD) All the above

Which of the following is the primary focus of management accounting?Auditing financial recordsPreparation of financial statementsEnsuring compliance with tax lawsProviding information for decision-making

accounting is used to provide information to managers within the organization to assist them in making decisions.

Management accounting information can be used for all of the following except:Question 12Select one:a.evaluate the national minimum wage rate.b.project materials needs.c.evaluate the performance of a company.d.calculate the cost of a product or service.

Difference between Management and Financial accounting Management Accounting Financial AccountingInformation usually/mainly produced for Internal use e.g. managers and employees External use e.g. stake holder, payable, lender, banks, government etc.Purpose of Information To aid planning, controlling and decision making. To record the financial performance in the period and the position at the end of that period.Legal Requirement None Limited companies must provide financial accountsFormats Management decide on the information they require and most useful way of presenting it. Formats and contents of financial accounts intended to give true and fair view, should follow accounting standards and company law.Nature of information Financial and Non- financial Mostly financial Time period Historical and forward working Mainly a historical researchExplain this in detail by making table and please use easy wording because i am not good in English and also give each example

Cost accounting is primarily concerned with:a.Recording financial transactionsb.Managing company assetsc.Determining the cost of productiond.Analyzing market trends