Fill in the Blank QuestionFill in the blank question.The internal use of accounting statements by managers in planning and directing the organization's activities is known as accounting. (Enter one word in the blank.)

Multiple Choice QuestionThe internal use of accounting statements by managers in planning and directing the organization's activities is referred to as ______.Multiple choice question.cost accountingmanagerial accountingplan accountingbookkeeping

accounting is used to provide information to managers within the organization to assist them in making decisions.

Managerial accounting is used to provide information to Blank______.Multiple choice question.those outside the firmgovernmental agencies onlythose inside the firmthose both inside and outside the firm

Which of the following is not a function of management accounting?PlanningDirectingControllingAuditing

Difference between Management and Financial accounting Management Accounting Financial AccountingInformation usually/mainly produced for Internal use e.g. managers and employees External use e.g. stake holder, payable, lender, banks, government etc.Purpose of Information To aid planning, controlling and decision making. To record the financial performance in the period and the position at the end of that period.Legal Requirement None Limited companies must provide financial accountsFormats Management decide on the information they require and most useful way of presenting it. Formats and contents of financial accounts intended to give true and fair view, should follow accounting standards and company law.Nature of information Financial and Non- financial Mostly financial Time period Historical and forward working Mainly a historical researchExplain this in detail by making table and please use easy wording because i am not good in English and also give each example