Managerial and cost accounting exercises ii

  • What are the activities of cost and management accounting?

    Its primary purpose is to facilitate managers in decision making.
    The main activities of cost accounting are: Budgeting: In cost accounting, various budgets are prepared, showing cost, revenue, profit, production capacity and efficiency of plant and machinery, as well as the efficiency of workers..

  • What is managerial accounting topics?

    Managerial accounting encompasses many facets of accounting, including product costing, budgeting, forecasting, and various financial analysis.
    This differs from financial accounting, which produces and disseminates official financial statements for public consumption that conform to prevailing accounting standards..

  • What is managerial or cost accounting?

    Cost accounting only deals with costs.
    Management accounting analyzes every aspect of the business, including costs.
    Since management accounting encompasses all aspects of the business's financials, cost accounting is actually a subset of management accounting..

  • What are the three pillars of managerial accounting? The three pillars of managerial accounting are planning, decision-making, and controlling, all of which aim to support the managers' decision-making.

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