Which of the following is one of the limitations of Management Accounting?Select one:a.Generic approachb.Staff contributionc.Based on historical analysisd.Resistance from staff

Answered: Which of the following is one of the…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Question

Which of the following is one of the limitations of Management Accounting?

Select one:

Generic approach

Staff contribution

Based on historical analysis

Resistance from staff

Expert Solution

Step 1

Management accounting or managerial accounting describes the process where managers are given financial information and resources in order to make a final decision regarding business resources and operations. It is mainly an internal process where managers utilize the data to evaluate, monitor, and control activities prevailing in the organization.

Therefore, it does not adhere to any legal regulations, and auditing as much non-financial data is also used to finalize decisions. It's an important role in cost analysis for making future suggestions regarding expense and growth.