Answered: A major focus of managerial accounting…

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A major focus of managerial accounting is the development of costing information. True or False

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter2: Basic Cost Management Concepts

Section: Chapter Questions

Problem 3DQ: What are the objectives of a cost management information system?

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Question

A major focus of managerial accounting is the development of costing information.

True or False

Definition Definition Process by which financial information is analyzed, interpreted, and communicated to managers to support the achievement of an organization's goals. The main objective of managerial accounting is to maximize profits and minimize losses.

Expert Solution

Step 1

In managerial accounting, financial data is presented for internal uses so that the management can use it to make important company decisions. In contrast to financial accounting, managerial accounting techniques are not constrained by accounting rules.

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