What is Management Accounting? Meaning.
Management Accounting is the analysis and presentation of
financial and allied operating data which help management to carry out its
planning, control and administration duties effectively. This involves the
use of techniques such as costing, budgetary control, marginal costing, and
the preparation of management and financial ratios. It is the design, implementation,
and management of the internal systems that support effective decision support,
planning, and control over the organization’s value-creating operations.
Management accounting is focused on operations and the value
chain, the leading indicators and harbingers of financial results, as opposed
to the historical activities of external financial reporting and auditing.
It is by nature forward looking and focused on seeking opportunities for growth
and improvement.
Management accounting focuses on the real internal economics of the enterprise
– creating new business, optimizing existing business processes, and analyzing
customer value – that create long-term, sustainable value.
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Financial Accounting versus Management Accounting
The purpose of accounting is to provide information that is needed for sound economic decision making.
FINANCIAL ACCOUNTING
The main purpose of financial accounting is to prepare financial reports...
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The Meaning of 'Accounting'
What is meant by accounting in your opinion?
Let me make it simple:
- by using 'count' we mean we are counting some money or valuable thing, valuable for a person
- by using 'account' we mean keep...
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Tier 1 and 2 Capital in Banks
What do you think about tier capital in bank? Can you distinguish between tier 1 and tier 2 clearly? We can quote from Basel III. Give me your ideas.:)....
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Product Costing, Process Costing and Job-Order Costing Cost Management, Management Accounting, Managerial Accounting, Activity Based Costing This presentation provides detailed knowledge about Job Order Costing, one of the traditional product based costing syst...
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Management Accountant's Role in Decision Making Managerial Accounting, Strategic and Operational Management, Decision Making, A managerial or management accountant plays an important role in strategic and operational management. This presentation...
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Process Costing Process Costing, Management Accounting, Cost Management This presentation provides in-depth instructions about Process Costing, one of the traditional product based costing sys...
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