Management accounting refers to processes and techniques that focus on the effective organizational

Question: “Management accounting refers to the processes and techniques that focus on the effective and efficient use of organizational resources to support managers in their tasks of enhancing both customer value and shareholder value” (Langfield-Smith et al, 2015, p 7). Required: 1) With reference to the above statement, identify and describe major processes and techniques that the management accounting system uses to gather organizational information required by internal managers. 2) Explain how management accounting information system helps managers to use organizational resources efficiently and effectively. 3) Critically analyse how organizational managers’ information needs are diverse, and explain the way that contemporary management accounting system meets these diverse information needs of internal managers. 4) Describe what is meant by enhanced customer value and shareholder value, and explain why many companies believe that improved customer value and shareholder value is important. 5) Using examples from the annual report of a selected listed company, outline how managers of that company improve customer value and shareholders value.