Answered: A major focus of managerial accounting…

Business

Accounting

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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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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