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planning, 
decision-making and control. 
This is called management accounting. 
(a) 
Planning
(i) 
The finance function draws up 
budgets
which direct and allocate resources. 
(ii) 
The finance function also produces 
forecasts
of anticipated future results. 
(b) 
Decision-making
. The finance function is often involved in assessing and modelling the 
expenditure and cash flow implications of proposed decisions. 
(c) 
Control 
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PART B: BUSINESS ORGANISATION STRUCTURE, FUNCTIONS AND GOVERNANCE 
 
160
 
(i) 
Budgets are also used to monitor performance
. The finance function regularly provides 
information comparing budgeted revenues and costs for a period, with 
actual results 
and 
comparisons from previous months. 
(ii) 
Management accountants 
are involved in assessing the contribution which products, 
services, processes and other operations make to overall profitability.
(iii) 
Costing based on predetermined standards
provides the information which enables 
managers to identify weaknesses and look for remedies all in a timely manner. 
The success of management accountants in meeting their job objectives will depend on two things. 

The quality of the information they provide 

Whether the information they provide to other managers is used properly 
1.7.7 Co-ordination with other departments 
Instead of being seen as helpers and advisers to other managers, management accountants are 
sometimes regarded as an adversary who tries to 
find fault
. However, close co-ordination with other 
departments is essential. 
(a) The