Answer the following 11 Managerial accountants should unders

Answer the following.

11,) “Managerial accountants should understand the uses of accounting data, and users of data should understand accounting. Only in this way can accountants provide the appropriate accounting data for the correct uses.\" Do you agree with this statement? Why or why not?

Solution

ANSWER 11- YES MANAGERIAL ACCOUNTANTS SHOULD UNDERSTAND THE USES OF ACCOUNTING DATA AND SIMULTANEOUSLY USERS OF DATA SHOULD UNDERSTAND ACCOUNTING.BECAUSE MANAGERIAL ACCOUNTANTS WILL BE ABLE TO PREPARE BETTER PRESENTATION AND OFFER BETTER EXPLANATION WITH THE HELP OF ACCOUNTING DATA.FUTURE PLANS OF ACCOUNTANTS WILL BE MORE CLEAR AND APPROPRIATE WITH THE HELP OF ACCOUNTING FIGURES,ESTIMATES AND STATASTICS.

IN THE SAME WAY IT IS IMPORTANT FOR THE USERS TO KNOW ACCOUNTING RULES AND DATA IN ORDER TO UNDERSTAND THE PRESENTATION AND EXPLANATION OF THE MANAGERIAL ACCOUNTANTS.THE USERS WILL BE ABLE TO FORM BETTER OPINION AND MAKE VIABLE DECISIONS ON THE BASIS OF THEIR ACCOUNTING KNOWLEDGE.