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a) Planning for control: Management accountant establishes relationship between various sub-ordinates and maintains an integrated plan for the control of operation.
b) Reporting: Management accountant measures performance against given plans and standards. The results of operations are interpreted to all levels of management. This function will include installation of accounting and costing system and recording of actual performance so as to find out deviations, if any.
c) Evaluating: He should evaluate various policies and programmes. The effectiveness of planning and procedures to attain the objectives of the organization will depend upon the caliber of the management accountant.
d) Administration of Tax: Management accounting is expected to report to government agencies as required under different laws and to supervise all matters relating to taxes.
e) Appraisal of External Effects: He is to assess the effects of various economic and fiscal policies of the government and also to evaluate the impact of other external factors on the attainment of organizational objects.
f) Protection of Assets: The protection of business assets is another function assigned to the management accountant. This function is performed through the maintenance of internal control, auditing and assuring proper insurance coverage of assets.
Lellah answered the question on November 8, 2021 at 13:41
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