Final answer:
The function of management accounting includes various activities to support decision-making, such as creating financial forecasts and performing cost accounting. However, management accounting typically does not audit financial statements.
Step-by-step explanation:
The function of management accounting involves various activities to support decision-making within an organization. However, one activity that is not typically performed by management accounting is Auditing financial statements. This function is usually carried out by external auditors who are independent of the organization being audited.
Management accounting helps in creating financial forecasts to plan and make informed business decisions. It also performs cost accounting to analyze and control costs within the organization. Additionally, management accounting may be involved in internal audits to evaluate and improve internal controls and processes.