1. What is the objective of management accounting?

 Better Decision Making. Assisting in better decision making is the primary objective
of Management accounting. ...
 Proper Planning and Formulation of Policies. Management accounting helps the
managers in making better plan and policies for the organisation. ...
 Controls Management Performance. Managerial control is one of another important
objective of management accounting. ...
 Interprets Financial Information. Management accounting interprets the financial
information in a way which is well understood by management.

2. Define decision making?

- The act or process of making a decision, especially with a group of people The project
will necessitate some difficult decisions. Every member of the organization participates
in decision-making. —often used before another noun referring to the company's
decision-making process.
3. Why is decision making so important in any organization?
- Management relies heavily on decision-making. When managers plan, they decide on a
variety of issues, including what goals their organization will pursue, what resources will
be used, and who will perform each required task. When plans go awry or get off track,
managers must decide what to do to correct the error.
4. Define planning in management accounting?
- Its goal is to ensure that human and economic resources are used optimally in business
processes. It comes before all other aspects of the business venture.
- It is the process of outlining the sequence of events that will occur in order to achieve
the ultimate goal of business operations with a reasonable degree of certainty.
5. What is the focus of strategic decisions?
- Strategic decisions require a high level of responsibility and are focused on long-term
goals. They must be well-versed in a variety of topics, including processes, systems, and
policies. Furthermore, decisions must be planned before they are implemented.

B. Check your understanding

1.