The ______ Refers to a System Which Has Two Principal

question 20

Short Answer

The ______ refers to a system which has two principal objectives:
(1)to provide all the financial information needed internally by management for business decision making, known as management accounting, and (2)to provide financial information to various external users concerned with the financial activities of the organization, known as financial accounting.

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Definitions:

Political Process

The methods and tactics used in the function and operation of political institutions and the acquisition of power.

Inefficient Use

The scenario where resources are not employed in the best possible manner, leading to wastage or suboptimal outcomes.

Wasteful Use

The inefficient or excessive consumption of resources without providing proportionate benefits.

Shortsightedness Effect

The tendency of decision-makers to prioritize short-term gains and benefits over long-term consequences, often resulting in adverse outcomes.