This is a three part question. a. Should a managerial accounting system provide both financial and...

This is a three part question.

a. Should a managerial accounting system provide both financial and nonfinancial information? Explain.

b. Describe the connection between planning, feedback, and controlling.

c. The controller should be a member of the top management staff. Do you agree or disagree? Explain.

Expert Solution

A) ACCOUNTING IS THE PROCESS OF SYSTEMATICALLY RECORDING,MEASURING,AND COMMUNICATING INFORMATION ABOUTFINANCIALTRANSACTIONS.

IT MEANS ACCOUNTING DEALS WITH FINANCIAL DATA ONLY.NON FINANCIAL DATA ARE NOT RECORDED IN ACCOUNTING.

SO, WE CAN CONCLUDE THAT MANAGERIAL ACCOUNTING SYSTEM SHOULD PROVIDE ONLY FINANCIAL INFORMATION.

B) IN AN ORGANISATION THERE SHOULD BE PROPER PLANNING ,FEEDBACK PROCESS AND CONTROLLING SYSTEM TO RUN THE BUSINESS.

THINKING BEFORE DOING IS PLANNING.PLANNING IS MUST TO RUN BUSINESS EFFECTIVELY.

IN RESPECT TO PLANNING FEEDBACK IS ALSO IMPORTANT BECAUSE FEEDBACK REVEAL THE MISCONCEPT OR WRONG THINGS IN PLANNING.

CONTROLLING IS ALSO MUST TO USE ALL RESOURCE EFFECTIVELY .CONTROLLING IS DONE FOR THE OPTIMUM UTILISATION OF EVERY RESOURCES.

THERE SHOULD BE PROPER COORDINATION BETWEEN PLANNING ,FEEDBACK AND CONTROLING.

C) TOP MANAGEMENT DEALS WITH PLANNING ,WHICH CONSIST OF OWNER AND BOARD OF DIRECTORS.MIDDLE MANAGEMENT DEALS WITH SUPERVISION OF WORK AND LOWER LEVEL MANAGEMENT DEALS WITH THE EXECUTION OF WORK.

CONTROLLER SHOULD BE IN MIDDLE LEVEL MANAGEMENT SO THAT HE CAN GETHER INFORMATION ON DAY TO DAY WORK AND CONTROL THE WASTAGE OF RESOURCES.

ekkarill92 answered 2 years ago

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