Question

1) what is the part of the accounting system that measures costs for the purposes of management decision making and financtial reporting

2) what is one major factor causing changes in management accounting today?

Answer 1

Ans:-(1)- Forecasting, budgeting and product costing is the part of accounting system that measures cost for the purpose of management decisions making and financial analysis or say for financial report is a technique that uses historical data as inputs to make informed estimates that are predictive in determining the direction of future trends.
Budgets are extensively used as a quantitative expression of the company's plan of operation. Managerial accountants utilize performance reports to note deviations of actual results from budgets.
Product costing deals with to ascertain the total costs involved in the production of a good or service. Costs may be broken down into subcategories, such as variable, fixed, direct, or indirect costs.

Ans:-(2)- "Management Style and Customer "is the major factor that cause changes in management accounting today.The best types of management styles are flexible, adaptive, and appropriate for the given circumstances. This is true because different situations call for different kinds of leadership.
So its is the major factor that influence Management accounting today's.

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