A. Management accounting is the application of professional knowledge and skill in the preparation and presentation of accounting information in such way as to assist management in the formulation of policies, and in the planning and control of operations of the undertaking.

Required:

i. Distinguish management accounting and financial accounting in terms of:

a. Targeted users

b. Restriction on reports

c. Types of information

(6 marks)

ii. Explain FOUR (4) stages changing of roles of management accounting.

(8 marks)

iii. Elaborate THREE (3) responsibility centre for an organization.

A. Management accounting is the application of professional knowledge and skill in the preparation and presentation of accounting information in such way as to assist management in the formulation of policies, and in the planning and control of operations of the undertaking. Required: i. Distinguish management accounting and financial accounting in terms of: a. Targeted users b. Restriction on reports c. Types of information ii. Explain FOUR (4) stages changing of roles of management accounting. (6 marks) (8 marks) iii. Elaborate THREE (3) responsibility centre for an organization