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The management accounting also known as managerial accounting. The managers in business organizations utilizes the information of accounting provisions for better decision making. The management accounting is the process that manages the flow of information for deciding matters related to organizations. This assist the management and performance of business operations by controlling functions.

Content

  • Strategic Management
  • Performance Management
  • Risk Management

Meaning of Management Accounting [edit]

The simplest definition of management accounting is that it facilitates both the financial and non-financial decision-making within the organization by providing manager the valid information. In the words of “Institute of Management Accountants (IMA)” Management accounting is the process that partners in the management decision making. This formulates the business planning and the entire system of performance management. The managers utilize control and financial reports to assist the management. They are responsible for the implementation and execution of management accounting strategy within the organization.

The management accounting is managed by Management accountants who are also known as called managerial accountants. They dive deeper into the operations that occurs within the business. The decisions are made by considering the requirements of the organization. From this, data and estimates emerge. The management accounting also uses cost accounting process for translation information and data. These are used in knowledge which ultimately enables management accountant make better decision.

According to one of the biggest management accounting institute that has over 100,000 members defines management accounting as the process of analyzing information to create a proficient business strategy that can drive business towards the path of success. Moreover, management accounting as the practice is categorized in three major areas is affirmed by the Association of International Certified Professional Accountants (AICPA). These areas are as follows:

Strategic Management[edit]

The management accountant also play advance role to be the strategic partner of the business organization. It involves creation of strategies to manage business operations.

Performance Management[edit]

This is the process that involves practices associated with business decision-making and most importantly management of employee the performance in the organization.

Risk Management[edit]

The risk management is the process that contributes to development of practices and framework for early identification, measurement, and management of risks involved in the business operations. It helps businesses to achieve the goals and objectives of the organization without any obstructions.

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Topic revision: r1 - 23 May 2020, ChristianHolm
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