Answer:
Managerial accounting is a function of the internal part of a business that manages a company's financial information. Managerial accounting is often used only business to allocate business cost to goods and services
PURPOSE OF MANAGERIAL ACCOUNTING
PLANNING: managerial accounting is used to plan for future needs of the company. They plan budgets and also implement productive strategies to ensure profit
DIRECTING: this is a purpose of managerial accounting. It serves as a cooperation between employees and upper level management to answer questions and help solve problems.
CONTROLLING: the plans developed earlier by the accountants ensures that it is followed
ANALYSING: managerial accounting helps to analyse informations. They look for problematic areas and create ways to correct them to ensure increase in profit
REPORTS: Most of the goals and plans developed by the managerial accountants take the forms of report. This reports help them state clearly the conclusions they have reached and their solution to the problem.
ROLES OF ETHICS IN MANAGERIAL ACCOUNTING
Ethics are important when it comes to managerial accounting and companies usually develop a code of ethics or conduct to set expected ethical behaviour for accountants.
The IMA notes the following as ethics
Competence, Confidentiality, Integrity and Credibility.
Managerial accounting ethics ensures that all financial information is correctly relayed to business owners and managers. It also Ensures that there Is trust amongst each employees when it comes to sensitive business information
