Which of the following represents the characteristic of Management accounting?* Involves the preparation of financial statements used by internal and external users in making informed decisions. Reports the financial performance of entire organisation. Helps in identifying the financial position of the business. Helps in determining the estimation cost of products or activities. In managerial accounting, the financial reports are prepared on quarterly basis. as frequently needed by the management. on monthly basis. at the end of accounting period. All of the following about cost accounting are true except Evaluating the need for capital and revenue expenditures. Ascertainment of the product costs. Facilitate prompt and reliable cost information to external users. 1 point Planning and control material costs. 1 point 1 point