Essay Examples on Pope St. John XXIII National Seminary

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Meaning of Management Accounting

1 1 Meaning of management accounting Management accounting was described by The Institute of Management Accountants IMA in the following statement Management accounting is a profession that involves partnering in management decision making devising planning and performance management systems and providing expertise in financial reporting and control to assist management in the formulation and implementation of an organization's strategy Management accounting also known as managerial or cost accounting includes preparing and providing seasonable and accurate financial and statistical information to business managers which can help them to make day to day and short term decisions It is differs from financial accounting when it makes frequent and confidential reports for organization s internal audiences such as the CEO and department managers whereas financial accounting produces publically annual reports mainly towards external stakeholders Management accounting reports typically include details of the organization s available cash recent creation of sales revenues the current state of the company's accounts payable and receivable number of orders in hand debts raw materials and other statistics Different types of management accounting Organizations make decisions and judgments based on accounting Accounting is the process of measuring communicating and identifying economic data to provide informed by the users of data There are many kinds of management accounting systems such as cost accounting system price optimization and job costing system all with different accounting functions objectives and elements

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