1. What is the definition of management accounting?
Ans:
Management
Accounting:
Management
accounting is concerned with accounting information that is useful to
management.
According to
Charles T. Horngren, "Managenet
Accounting is the process of identification, measurement, accumulation,
analysis, preparation, interpretation and communication of information that
assists executives in fulfilling organizational objectives.”
2. What is Managerial Accounting?
Ans:
Managerial
Accounting:
Managerial
accounting is the process of
1.
Identifying.
2.
Measuring.
3. Analyzing.
4. Interpreting.
5. Communicating
Information.
3. Make a flow chart about Managing Resources. Activities
and people?
4. What are the functions of Management Accounting?
Ans:
Functions
of management accounting:
1.
Collection of data.
2.
Modification of data.
3. Analysis
of financial information.
4.
Evaluation of function.
5. To help
planning.
6.
Coordination.
7. Problem
identification.
8.
Budgeting.
9.
Controlling.
10.
Communication.
11. To help
policy determination.
5. What are the techniques of management Accounting?
Ans:
Techniques
of management accounting:
1. Determine
production cost.
2. Analyses
financial statement.
3. Determine
standard cost.
4. Budgetary
control.
5. Determine
direct cost.
6. Operation
research technique.
6. How managerial accounting adds value to the organization?
Ans:
1. Providing
information for decision making and planning.
2. Assisting
managers in directing and controlling activities.
3.
Motivating managers and other employees towards organizations goal.
4. Measuring
performance of subunits, activities, managers and other employees.
5. Assessing
the organization's competitive position.
7. What is the Scope of Management Accounting?
Ans:
Scope of
management accounting:
1. Financial
accounting.
2. Cost
accounting.
3.
Budgeting.
4. Decision
accounting.
5. Tax
accounting and tax planning.
6. Analysis
and interpretation of accounting information.
7.
Reporting.
8. Office
management.
9.
Management information system.
10. Control
system.
8. Differentiate Managerial versus financial
accounting?
9. What are the Major themes in Managerial Accounting?
Ans:
Major
themes in managerial accounting:
Managerial
accounting:
1.
Behavioral issues.
2.
Information and incentives.
3. Costs and
benefits.
4. Evolution
and adoption.
10. Managerial accounting as a career:
Professional
organizations:
Institute of
management accountants (IMA)
1. Publishes
management accounting and research studies.
2. Administers
certified management accountant program.
3. Develops
standards of ethical conduct for management accounts.
11. What are the Professional Ethics?
Ans:
Professional
ethics:
1. Competence
2.
Confidentiality.
3.
Integrity.
4.
Credibility.
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