Question: Question 1 Management accounting is subjected to constant evolution due to the fact that the business environment always changed. It may be due to

Question 1 Management accounting is subjected to constant evolution due to the fact that the business environment always changed. It may be due to change to laws and regulation, increasingly intense global competition, change in product life cycles as well as technological advancement both in manufacturing process and information technology. These changes have significantly altered the ways in which firms operate, which in turn, have resulted in changes in management accounting practices. Required: Discuss the impact of the changing business environment on management accounting. [35 MARKS] (Not more than 1,000 words)

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