Definition of Management Accounting along with any other relevant concepts and the relationship between management accounting and the costing technique used such as the traditional technique and ABC

Q: Why is cost estimation an important function in managerial accounting?

A: Cost estimation involves predicting the cost to be incurred for the production of goods and services…

Q: A very key concept in managerial accounting is how costs "behave", either fixed or variable. Once we…

A: Fixed Cost: These are costs that will remain the same irrespective of production or number of units…

Q: How do you prepare an income statement/calculate the operating income in managerial accounting?

A: Income statement: Income statement is a main part of financial statement. All revenues and expenses…

Q: Much of managerial accounting information is based on: a, cost-benefit analysis b. profit…

A: Managerial Accounting is the branch of accounting that focuses on providing accounting information…

Q: The basic Objective of the management accounting is to supply the accounting information to…

A: Management accounting is a form or branch of accounting which helps in decision making by managers…

Q: list down the various levels, methods and approach of earning management

A: Answer: Earning management is the accounting term that is used to present different financial…

Q: give an example of profit measurement in managerial accounting that fulfill a situation

A: Objective Managerial accounting Maximization of profit and minimization of losses  are the main…

Q: Explain the difference between FIFO and LIFO methods . Provide example for each method. The subject…

A: Difference between FIFO and LIFO methods No. FIFO LIFO 1) In FIFO method the stock brought…

Q: Which of the following does NOT describe management accounting? A. Emphasis on the past

A: Management Accounting-: Management Accounting assists managers within a firm make judgments. Also…

Q: ow important profit center in managerial accounting

A: Profit Center - Profit Center is the individual unit operating independently from the main branch or…

Q: The branch of accounting that deals with evaluating the cost of products is called: O a. Financial…

A: The branch of accounting that deals with the cost of products is used to ascertain and allocate the…

Q: The type of accounting that is related to cost ascertainment and control is: a. Cost accounting b.…

A: Financial accounting helps in preparation and presentation of financial statements Taxation…

Q: What is the difference between a financial accounting information system and a cost management…

A: Financial accounting and Cost accounting are two different systems in accounting, which are used for…

Q: Understanding intermediate products and final products in management accounting.

A: Intermediate and final goods have different but equally essential functions in the manufacturing…

Q: With the aid of relevant examples ,explainthe following management accounting concepts A.theory of…

A: Answer:- Management accounting meaning:- Accounting techniques such as managerial accounting, also…

Q: nitng information fulfills the following purposes. Give an example of situation of profit…

A: Management accounting is also known as management-oriented accounting. Essentially, it is the study…

Q: Distinguish  between Managerial Accounting and Financial Accounting with respect to the primary…

A: The process of recording, summarising, and reporting to the public or regulators the flow of…

Q: There is a relationship between cost accounting, financial accounting, and management accounting.…

A: Financial and management accounting are two of the most important branches of accounting. They are…

Q: QUESTION 2 a) Briefly explain, how you understand the following term i) Costing ii) Cost object iii)…

A: Accounting is the systematic recording, analysis, and reporting of financial transactions and…

Q: Classify the following activities as part of the identifying (I), recording (R), or communicating…

A: Accounting:   Accounting is a system, or a process of collecting and organizing economic…

Q: Importance of cost accounting to an Accounting student

A: Cost accounting is an essential part of every business. This will help you to make better financial…

Q: The field of accounting that focuses on providing information for external decision makers is A.…

A: The objective of the question is to identify the branch of accounting that is primarily concerned…

Q: Which of the following is not a characteristic of useful managerial accounting reports?…

A: Managerial accounting reports are meant for the internal management of a company and not for…

Q: indirect material, mixed cost , budgeting, margin of safet

A: The below mentioned are the definitions of indirect material Mixed cost Budgeting Margin of safety

Q: Explain why knowledge of cost behavior is important for managerial decision making

A: Knowledge of cost behavior is important for managerial decision making because it helps managers to…

Q: Describe the purpose of managerial accounting.

A: Managerial Accounting: Managerial Accounting is mainly concerned with internal users of the…

Q: The two dimensions of managerial accounting are:

A: Management accounting provides such financial information and resources for management and investors…

Q: Costs estimations and cost predictions are two terms often used as management accountant that must…

A: under the accounting process management decide to do estimation of the cost which will tell that how…