Managerial accounting information:
A) Can be used for control purposes but not for planning purposes.
B) Involves gathering information about costs for planning and control decisions.
C) Is used mainly by external users.
D) Has little to do with controlling costs.
E) Is generally the only accounting information available to managers.

Question

Quizplus · Accepted Answer

Managerial accounting information is used for both planning and control decisions. It involves gathering information about costs such as direct materials, direct labor, and overhead costs, as well as analyzing data to make informed business decisions. Other accounting information such as financial accounting is also used by external users, but managerial accounting is specifically used by managers within an organization. It plays a crucial role in controlling costs by providing insights into how to optimize resources and improve business efficiency.

Managerial Accounting Information