Question

Managerial accounting provides data for all of the following major objectives, except:

Group of answer choices

determining the cost of products.

compliance with tax reporting requirements.

the planning and control of costs.

supporting management planning

Answer 1

Option (b) is correct

Managerial accounting does not provide data for compliance with tax requirements. Management accounting is concerned with the data or reports that are useful for internal management and control purposes like determining cost of products, planning and control of costs, supporting managent planning etc. Compliance with tax reporting requirements needs data is for external users i.e. tax authorities. This data will be provided by financial accounting.