When was the term Management Accounting coined? i) 1970 ii) 1950 iii) 1940 iv) 1931 2. Where is management accounting applied? i) Small trading organisations ii) NPOs iii) Cooperative societies iv) Large industrial and trading organisations

When was the term Management Accounting coined? i) 1970 ii) 1950 iii) 1940 iv) 1931 2. Where is management accounting applied? i) Small trading organisations ii) NPOs iii) Cooperative societies iv) Large industrial and trading organisations

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

ChapterB: International Financial Reporting Standards (ifrs)

Section: Chapter Questions

Problem 1DQ: Briefly discuss why global accounting standards are needed in todays business environment.

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Question

1. When was the term Management Accounting coined?
i) 1970
ii) 1950
iii) 1940
iv) 1931

2. Where is management accounting applied?

i) Small trading organisations
ii) NPOs
iii) Cooperative societies
iv) Large industrial and trading organisations

Definition Definition Process by which financial information is analyzed, interpreted, and communicated to managers to support the achievement of an organization's goals. The main objective of managerial accounting is to maximize profits and minimize losses.

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