Question

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

Answer 1

1. Managers play very important role in developing strategies, considering the environment and needs of the organisation. They make strategies to achieve the goals in minimum time with least costs.

2. To manage the performance of the organisation by inculcating the strategies developed to achieve the desired goals. Managers ensure that the performance is proper and regular.

3. Managers are responsible for identifying and assessing risks and managing them in such a way that it gets reduced to maximum extent or gets eliminated.