Question

The area of accounting that serves the decision-making needs of internal users is referred to as ___________ accounting.

Answer 1

The area of accounting that serves the decision-making needs of internal users is referred to as managerial accounting.

Managers use accounting data to help with decision-making, management, and the execution of their control functions. This practice is known as management accounting. In other words, managerial accounting aids in decision-making within an organization's board of directors. Cost accounting is another name for this practice. This is how data is differentiated, examined, analyzed, and imparted to managers to support the achievement of organizational objectives. The information acquired covers every area of accounting that instructs management on how to relate company activities to the organization's financial outlays and decisions. Plans are used by accountants to evaluate an organization's overall operational strategy.

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