Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. question 1: an overview of management accounting (

Question 1: An overview of management accounting (20 marks intotal)1a. Describe and explain the...Question...

60.1K

Verified Solution

Question

Accounting

Question 1: An overview of management accounting (20 marks intotal)

1a. Describe and explain the differences between managementaccounting and financial accounting.

1b. Describe and explain the major functions of managementaccounting and give examples.

1c. Using your textbook and other relevant references, explainhow concepts such as panopticism, control, and discipline may berelevant to management accounting, give examples.

Answer & Explanation Solved by verified expert
4.0 Ratings (747 Votes)
1a Basis of difference Management accounting Financial accounting 1 Meaning Management accounting refers to the branch of accounting which is related with the collection management of accounting information useful for managerial decisions Financial accounting refers to the branch of accounting which is related with the preparation of financial statement This financial statements are useful for various stakeholders of the business entity 2 Compulsory or optional Management accounting is seconadary in use that is why it is not compulsory for an organization Financial accounting is primary for a business entity that is why it is compulsory 3 Inluded information Management accounting includes financial and nonfinancial information as well Financial accounting only includes financial information monetary 4    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Transcribed Image Text

In: AccountingQuestion 1: An overview of management accounting (20 marks intotal)1a. Describe and explain the...Question 1: An overview of management accounting (20 marks intotal)1a. Describe and explain the differences between managementaccounting and financial accounting.1b. Describe and explain the major functions of managementaccounting and give examples.1c. Using your textbook and other relevant references, explainhow concepts such as panopticism, control, and discipline may berelevant to management accounting, give examples.

Other questions asked by students

Q

assume that you would like to compare the mean number of hospital visits per person per...

Statistics
Q

On level ground a shell is fired with an initial velocity of 36.0 m/s at 58.0...

Physics
Q

Explain the goals and discuss the achievements of the Lewis and Clark expedition.

Psychology
Q

Predict the impact of a severe drought for the Georgia marshland ecosystem Your response needs...

Biology
Q

Discuss one type of Ediacaran organism that could plausibly be a metazoan What kind of...

Biology
Q

4 What s the structure of PF Is it polar or non polar O A...

Basic Math
Q

Use the properties of limits to find the indicated limit x 2x 6 lim x...

Calculus
Q

What will eis concery repont as its toad for Cash? A....

Accounting
Q

Current Attempt in Progress Compute interest and find the...

Accounting
Q

If $100,000 of taxable income earned by a Hong Kong branch constitutes interest income from...

Accounting
Q

Prepare journal entries to record the above transactions. General Journal: Accounts...

Accounting
Q

Power Drive Corporation designs and produces a line of golf equipment and golf apparel. Power...

Accounting