Final answer:
The five-step procedure in management accounting for making a decision does not include acting altruistically to benefit others. Instead, it involves steps centered around financial analysis and strategic benefit maximization for the organization
Step-by-step explanation:
In the context of management accounting, when making a strategic decision, several steps are generally followed to ensure the decision aligns with the organization's goals. However, the five-step procedure in question does not include acting altruistically to benefit others (option b) as a step. Management accountants typically focus on gathering relevant financial information, analyzing it, and making decisions that will benefit the organization financially and strategically.
A typical five-step decision-making process may include defining the problem, identifying alternatives, evaluating each alternative based on cost and benefit analysis, making the decision by choosing the alternative with the highest net benefit, and finally, implementing the decision and monitoring its outcomes.
Management accounting decisions are often based on cost/benefit analyses where marginal costs are weighed against marginal benefits. Such analyses aid in making informed and strategic financial decisions that aim to maximize efficiency and profitability for the organization.