
(a)
Managerial Accounting: Managerial accounting is the process to convert business data into quantitative information. It helps to evaluate the various options available to make informed decisions.
To explain: Whether the statement “managerial accounting is a field of accounting that provides economic information for all interested parties” is correct or not.
(a)

Explanation of Solution
The statement “managerial accounting is a field of accounting that provides economic information for all interested parties” is incorrect because it is for internal use only.
- Managerial accounting provides information only to managers and internal users in the company.
- It does not provide information to outside parties of a company like vendors or general public so this statement is incorrect.
The beneficiaries of
(b)
To explain: Whether the statement “managerial accounting serves only manufacturing firms” is correct or not.
(b)

Explanation of Solution
The statement “managerial accounting serves only manufacturing firms” is incorrect because it is used by other types of firms also.
- Managerial accounting is useful for effective and efficient operations in business.
- Effective and efficient operations are required in every business, firm or company to achieve their goals.
- So managerial accounting is useful for other than manufacturing firms as well.
It is incorrect to say that managerial accounting serves only manufacturing firms
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Chapter 19 Solutions
ACCT.PRINCIPLES (LL)-PACKAGE
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