Define Management Accounting
Give a brief introduction of the term ‘Management Accounting’. And also write down its objectives?
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Management Accounting is the procedure of determine, presentation and interpretation of accounting information gathered with the assist of cost accounting and financial accounting, so as to assist management in the procedure of decision making, formation of policy and daily operation of an organization. Therefore, it is clear from the above that the management accounting is depended on cost accounting and financial accounting. The objectives of Management Accounting are illustrated below: i) Measuring performance: Management accounting evaluates two kinds of performance. Primary is employee performance and the subsequent is efficiency measurement. The real performance is evaluated with the standardized performance and a report of divergence from the standard performance is reported to the management for the effectual decision making and also point to the effectiveness of the techniques in use. Both kinds of performance management are employed to make counteractive actions so as to improve performance. ii) Assess Risk: aspire of management accounting is to review risk so as to maximize risk. iii) Allotment of Resources: is a significant objective of Management Accounting. iv) Presentation of different financial statements to the Management.
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Outcome: The outcomes of a program activity as compared to its intended aims. Program outcomes might be computed in terms of service or product quality and quantity, customer satisfaction, and usefulness.
Unit Cost: The cost of a chosen unit of a good or service. Illustrations comprise dollar cost perton, machine hour, labor hour, and department hour.
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Cost: The monetary value of resources employed or liabilities or sacrificed incurred to attain an objective, such as to obtain or make a good or to execute an activity or service.
Common Data Source: All of the programmatic and financial information available for the cost, budgetary, and financial accounting processes. This comprises all financial and much non-financial data, like environmental data, which are
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