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Management accounting system produces the information required by managers to manage resources and creates value. The process involves estimation of cost of goods and services to support tactical and operational decision making requirements of managers, information for operational planning and controlling and for measuring performance.
Management accounting or managerial accounting requires use of accounting information to managers within organizations and gives them basis to make informed business decisions to perform their management and control functions. The management reports prepared under management accounting contains financial and statistical information which help managers make their short term decisions.
Managerial accounting provides information for decision making and planning which assist managers in controlling operational activities. This information helps in measuring the performance of activities, functional areas and employees and also in assessing the organization’s competitive position.
The important aspects of managerial accounting are Analysis and interpretation of Financial Statements, Management Accounting Ratios, Management accounting vs financial accounting vs cost accounting, cash flow and fund flow analysis, budgetary control, marginal costing, standard costing, variance analysis, Break-even analysis, differential cost analysis, capital budgeting, inventory control, inflation accounting , depreciation policy etc.
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Management accounting differs from financial accounting in the following way:
- There are no regulations on management accounting reporting since the information is generated for management decision making.
- The information is designed and intended for use by managers within the organization instead of being intended for use by outsiders like stockholders, creditors etc.
- The reports are confidential and are reported to management rather than to public.
- The information is forward-looking and not historical;
- The information is reported as per the needs of managers instead of general financial accounting standards.
Though management accounting seems similar to financial accounting, management accounting deals with interpretation of the accounts and reports created and also assists management in taking decisions involving outflow or investment.
Managerial Accounting differs from cost accounting due to following factors:
- Wider scope coverage;
- Provides cost and financial accounting information;
- Emphasis is on decision making rather than cost ascertainment and control;
- Uses cost accounting techniques like standard costing, budgetary control as well as financial accounting techniques like ratio analysis, fund flow statement etc.
Managerial accounting information includes:
- Information on the costs of an organization’s products and services.
- Performance reports comparing budgets with actual business results and the variances are analyzed.
- Any other information which will assist managers in their planning and control functions.
The management reports show the following- cash position, sales revenue, state of accounts payable and accounts receivable, raw material and inventory position, variance analysis, trend charts etc.
Management accounting assignment help assists managers to take various decisions from a financial angle and help them understand the business as a whole. Our managerial accounting assignment help team has been exclusive elected and trained professionally to provide perfect solutions in management accounting domain as well on any other finance subjects.