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Cornerstones of Managerial Accounting 6th Edition by Maryanne Mowen,Don Hansen ,Dan Heitger
Edition 6ISBN: 978-1305103962Cornerstones of Managerial Accounting 6th Edition by Maryanne Mowen,Don Hansen ,Dan Heitger
Edition 6ISBN: 978-1305103962 Exercise 1
What are the three broad objectives of managerial accounting?
Explanation
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The three broad objectives of managerial accounting are:
To provide information for planning the organization's activities - the managerial accounting provides with financial and nonfinancial information, based on which the managers can plan for the future course of action for the organization.
The managerial accounting provides various costs that are incurred in the production, which in turn helps the managers to plan for the pricing of the final product.
To provide information for controlling the organization's affairs - the managerial accounting provides with details related to the production. It also shows the time and usage of raw material. The managers can use this information to control further waste of time and cost. They can reduce the wastages by studying the detailed report given by the managerial accounting.
To provide information for making decisions - the managerial accounting provides the details based on which the managers can decide upon the future course of action to be followed. The information gives all the minute details based on which the managers take decisions for the future operations.
The study provides various alternatives to choose from for each and every step, and to choose among these alternatives, is called decision making.
To provide information for planning the organization's activities - the managerial accounting provides with financial and nonfinancial information, based on which the managers can plan for the future course of action for the organization.
The managerial accounting provides various costs that are incurred in the production, which in turn helps the managers to plan for the pricing of the final product.
To provide information for controlling the organization's affairs - the managerial accounting provides with details related to the production. It also shows the time and usage of raw material. The managers can use this information to control further waste of time and cost. They can reduce the wastages by studying the detailed report given by the managerial accounting.
To provide information for making decisions - the managerial accounting provides the details based on which the managers can decide upon the future course of action to be followed. The information gives all the minute details based on which the managers take decisions for the future operations.
The study provides various alternatives to choose from for each and every step, and to choose among these alternatives, is called decision making.
Cornerstones of Managerial Accounting 6th Edition by Maryanne Mowen,Don Hansen ,Dan Heitger
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