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Enumerate informational needs of management - Accountancy

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Answer in Brief

Enumerate informational needs of management

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Solution

The informational needs of management are concerned with the activities given below.

1. Assists in decision making and business planning

2. Preparing reports related to funds, costs and profits to ascertain the soundness of the business

3. Comparing current financial statements with its own historical financial statements and of other similar firms to assess the operational efficiency of the business.

Concept: Introduction to Accounting
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APPEARS IN

NCERT Accountancy Financial Accounting 1 Class 11
Chapter 1 Introduction to Accounting
Questions for practice | Q 7 | Page 20
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