QUESTION FIVE Cost and Management accounting systems should provide management with information to enable the performance of managerial functions in an organisation to be facilitated. Management also require information from the financial accounting system to complement the information provided by the cost and management accounting systems. There are some similarities and differences between cost and management accounting and financial accounting and management need to be aware of the key differences. However, some members of management teams are not usually aware of the differences and end up using inappropriate information when undertaking managerial functions.Required:

(a) Describe the three managerial activities performed by management teams according to Anthony's classifications.[6 Marks] (b) Describe two similarities and five differences between cost and management accounting and financial accounting.[12 Marks] (c) State two limitations of management information.[2 Marks]