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

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

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.)

Explain the various users of accounting information and the kind of information they usually need

Which statement best describes accounting information?Group of answer choicesAccounting information is the means by which firms report all their non-monetary events and/or transactions.Accounting information never considers the volatile changes in the firm's micro and macro environments.Accounting information is the means by which firms communicate their financial positions to capital providers.Accounting information cannot be used by firms for investment analysis and tax analysis.

What is the primary goal of management accounting?To provide information that can be quantified in monetary termsTo provide information to shareholdersTo provide information that improves the quality of managers' decisionsTo provide information that conforms to the accounting regulations