Management Accounting Refers to the Preparation and Use of Accounting

question 46

True/False

Management accounting refers to the preparation and use of accounting information designed to meet the needs of decision makers outside the business organization.

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Definitions:

Absolute Measurements

Measurements that are expressed as a definite magnitude of a quantity, independent of other variables or comparisons, and have a fixed value.

Relative Measurements

Relative measurements assess the value or performance of something in comparison to other items or benchmarks.

Absolute Measure

A quantitative metric that represents objective data or values, without comparison to other measures or relative benchmarks.

Supply Chain

A network of businesses, people, activities, information, and resources involved in moving a product or service from supplier to customer.