... and standing in the industry so that associating with the company would enhance the position of the supplier. * Society: The society or community in which the company operates, would require information regarding the company's ability to grow and contribute to the economy, its business and manufacturing processes to comply with environmental requirements in terms of waste disposal etc. as well as its contribution or potential contribution to the community. The information required by the stakeholders is not necessarily all financial information. Financial accounting is typically used for " after the event" reporting and the information that financial accounting provides is invariably outdated by the time the financial reports are published. Also, financial accounting focuses on reporting the financial position of the company or the organization as of a specified date. STRATEGY AND MANAGEMENT ACCOUNTING I. What Is Management Accounting? A. Definition Management accounting is the process of measuring and providing operational and financial ...

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