Developing objectives and plans in decision making process
Write down a short note on the developing objectives and plans in decision making process?
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Developing objectives and plans: Managers are mainly accountable for establishing the mission and aims of the business and then developing policies and plans to accomplish such objectives. The management accounting information can aid in gathering information which will be helpful in developing suitable objectives and policies. This can as well produce financial plans which set out the likely outcomes from the adopting specific policies. The managers can then employ such financial plans to compute each policy and use this as the basis for deciding between the different policies on offer.
A company has production facilities in several countries. Some of the products they sell are produced in stages (Raw Materials -> Pre-Assembly -> Assembly -> Finished Product) based on the technologies and materials involved (see Table 1). Q : Management accounting and financial What does the difference between management accounting and financial accounting suggest?
What does the difference between management accounting and financial accounting suggest?
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