Answer 1: 

In order to create a comprehensive picture of the firm, management accountants

blend financial and non-financial data using their skills. Management accounting is much
more than just crunching numbers.

While using their knowledge and abilities to influence decisions that create value for
organizational stakeholders, management accountants should uphold their commitment to
environmental and social issues as well as ethical ideals. All financial information must be
disclosed to firm owners, directors, or managers, according to managerial ethics. Businesses
may face major legal issues as a result of accountants who withhold negative information or
exploit internal financial data for their own gain.

Managers will be able to increase the responsiveness of their firms relative to now with the
use of technology. Technology defines managerial priorities, creative business procedures,
and employee and organizational behaviour patterns. In comparison to a few years ago, what
we experience in executive boards and company is really different today. With the advent of
technology, decision-making in collaboration with executive directors has become simpler.
The existing method gives the management the opportunity to design their own structure and
to define reasonable project goals. Top-level management meeting agendas are influenced by
developments in our global markets and commercialized information technologies. The
development of technology aids top management in making decisions quickly. The patterns
in the nation's natural environment where a company is functioning need to be examined by
strategists. The availability of raw materials and other inputs, changes in energy prices, levels
of environmental pollution, and the evolving role of the government in environmental
protection are among the most important natural environment concerns that strategists should
take into account. Changes in the physical/natural environment, such global warming, will
have a significant impact on how our everyday lives and the operations of our businesses are
conducted. Most of the time, people are unaware of how economic factors can influence their
decisions. These economic variables include the unemployment rate, interest rates, and
inflation. Additionally, common dangers connected to decision-making are frequently
overlooked. Economic considerations include commodity prices (oil, steel, gold, etc.),
inflation, interest and exchange rates, and economic growth. These have an impact on both
people and organizations' purchasing power and discretionary spending.

Answer 2: The process of cost classification is dividing a group of expenses into several
categories. When performing financial modeling or alerting management to costs that are
seen to be more important than others, classification systems are used. The following lists
many cost classification types.

 In the marginal costing approach, the fixed expenses are treated as period costs while the
variable costs are treated as product costs.

 Absorption costing is a technique that counts both fixed and variable costs as part of the cost
of the final product.

The following are the primary differences between absorption costing and marginal costing:
1. Marginal costing is the method of costing in which only variable costs are allocated to
the products. A costing approach called absorption costing absorbs all costs and
distributes them among the products.
2. Only variable expenses are included in product-related costs in marginal costing, but
fixed costs as well as variable costs are included in product-related costs in absorption
costing.
3. Fixed overheads and variable overheads are the two main divisions made by marginal
costing for overheads. Consider the alternative phrase, absorption costing, which
divides overheads into the following three categories: production, administration, and
selling & distribution.
4. The profit in marginal costing can be calculated using the Profit Volume Ratio
[(Contribution / Sales)*100]. In contrast, Net Profit displays the profit when
absorption costs are used.
5. Variations in the opening and closing stock will not affect the per-unit cost when
using marginal costing. As opposed to absorption costing, which shows the impact of
variations in stock at the beginning and end by raising or lowering per-unit costs.
6. The cost information is supplied to show the entire cost of each product in marginal
costing. While the cost data is presented traditionally in absorption costing, the net
profit of each product is determined after fixed costs and their associated variable
costs have been subtracted.