Chapter 1, Problem 1.2BE

To determine

Managerial accounting:

Managerial accounting is the process of interpreting the financial information, and communicating it to the internal users, and managers in order to help them in the decision making process to achieve the goals of the organization.

Functions of management:

The activities and the responsibilities of the managers can be classified into three broad functions. They are as follows:

• Planning.
• Directing.
• Controlling.

To list: The three functions of the management of an organization.