What three primary responsibilities of managers are supported by the practice of managerial accounting?

Business & Management
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#1

Managerial accounting provides the information needed to fuel the decision-making process. Managerial decisions can be categorized according to three interrelated business processes: planning, directing, and controlling. Correct execution of each of these activities culminates in the creation of business value.

The manager is the person who is appointed by the business in order to coordinate and control the business activities to achieve the business goals. The managers take decisions as per the reports provided by the business.

Most of the job responsibilities of a manager fit into one of three categories:

  1. planning,
  2. controlling, or
  3. evaluating