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    Question

    The application of the principles of accounting and financial management to create, protect, preserve and increase value for stakeholders is known as ________

    A Cost accounting Correct Answer Incorrect Answer
    B Management accounting Correct Answer Incorrect Answer
    C Financial Accounting Correct Answer Incorrect Answer
    D Value accounting Correct Answer Incorrect Answer
    E Audit and accounting Correct Answer Incorrect Answer

    Solution

    As per CIMA official terminology, Management accounting is the application of the principles of accounting and financial management to create, protect, preserve and increase value for stakeholders of for-profit and not-for-profit enterprises in public and private sectors. Management accounting is an integral part of management function. It assists management by provision of relevant information for planning, organizing, controlling and decision making.

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