Question Describe the business functions in the value chain. Answer Michael Porter has described five functions of value chain as detailed below. When these five functions are in motion, the company is successful in generating profits for the products/service offered. The above are called primary activities in the value chain. The supporting activities…
Question How can a management accountant help formulate strategy? Answer Step 1 a management accountant plays a crucial role in formulating strategy within an organization. Here’s how: 1. Data Analysis and Interpretation: 1st step: Management accountants are skilled in analyzing financial data and operational metrics. They can identify patterns, trends, and key performance…
Question Management accounting should not fit the straitjacket of financial accounting Answer Management accounting should not fit the straitjacket of financial accounting. Management accounting is a flexible and dynamic process that provides internal users, mainly management, with information tailored to their specific needs for decision-making, planning, and control within an organization. Attributes of…
Question How does management accounting differ from financial accounting? Answer Sr.No. Financial Accounting Maangerial Accounting Coverage over enterprise Financial Accounting deals with business transsactions & is based on the monetary transactions of the enterprise as a whole. Managerial Accounting is primarily based on the data available from Financial Accounting. But it can be…
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