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Discuss the term "Management Accounting"

Discuss the term "Management Accounting"

Answers

Wilfred
- Management accounting is defined as: The application of professional knowledge and skill in the preparation and presentation of accounting information in such a way as to assist management in the formulation of policies and in the planning and control of operations of the undertaking.
- The provision of information required by management for such purposes such as:
a) Formulation of policies
b) Planning and controlling the activities of the enterprise
c) Decision taking on alternative courses of action
d) Disclosure to those external to the entity
e) Disclosure to employees
f) Safeguarding assets
- Management accounting uses both financial and cost information to advise management in planning and controlling the organization. The objectives of the various facets of accounting have been given above and differences. And the differences discussed. However, it must be realized that all form part of the financial information system of an organization and in many organizations the various facets are totally integrated with no artificial divisions between them.
Wilfykil answered the question on August 5, 2019 at 06:48

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