Management accounting is designed for use in the operational needs.

Keep practicing — related questions

• Management accounting provides information to the management only for control purposes.
• Management accountant is responsible for interpretation of financial statements.
• Management accountants help the management to adopt the management by exception.
• Financial accounting is historic and management accounting is current and future.
• The prime function of management accounting is to assist the management in discharging its functions effect...
• Management accountant carries out appraisal of external economic and social factors influencing the business.
• Management accountant is not responsible for classification and codification of accounts.
• Budgetary control is not a management accounting tool.