Question 1: An overview of management accounting (20 marks intotal)1a. Describe and explain the...Question...

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Accounting

Question 1: An overview of management accounting (20 marks intotal)
1a. Describe and explain the differences between managementaccounting and financial accounting.
1b. Describe and explain the major functions of managementaccounting and give examples.
1c. Using your textbook and other relevant references, explainhow concepts such as panopticism, control, and discipline may berelevant to management accounting, give examples.

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1a Basis of difference Management accounting Financial accounting 1 Meaning Management accounting refers to the branch of accounting which is related with the collection management of accounting information useful for managerial decisions Financial accounting refers to the branch of accounting which is related with the preparation of financial statement This financial statements are useful for various stakeholders of the business entity 2 Compulsory or optional Management accounting is seconadary in use that is why it is not compulsory for an organization Financial accounting is primary for a business entity that is why it is compulsory 3 Inluded information Management accounting includes financial and nonfinancial information as well Financial accounting only includes financial information monetary 4 See Answer

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In: AccountingQuestion 1: An overview of management accounting (20 marks intotal)1a. Describe and explain the...Question 1: An overview of management accounting (20 marks intotal)1a. Describe and explain the differences between managementaccounting and financial accounting.1b. Describe and explain the major functions of managementaccounting and give examples.1c. Using your textbook and other relevant references, explainhow concepts such as panopticism, control, and discipline may berelevant to management accounting, give examples.