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  Management Accounting

Introduction to Management Accounting

The scope of Management Accounting is wider than the scope of cost accounting. In cost accounting, like we have seen, the main importance is on cost and it deals along with analysis, relevance, collection, interpretation and presentation for several problems of management. Management Accounting is an accounting system that will assist the Management to enhance its efficiency. The major thrust of Management Accounting is in the direction of determining policy and formulating plans to acquire desired aims of management. It assists the Management in controlling, planning, and analyzing the performance of the organization in order to track the path of continuous enhancement. Management Accounting uses the standard and practices of financial accounting and cost accounting additionally to other modern management methods for effective operation of a company. Actually there is an overlapping in several areas of cost accounting and management accounting. Though, the distinctive features of Management Accounting are given below.

Features of Management Accounting

The features of Management Accounting are described below.

1. The data of Management Accounting are derived from both, financial accounting and cost accounting.

2. The major thrust in management accounting is in the direction of determining policy and formulating plans to accomplish desired objectives of management.

3. Management Accounting creates corporate planning and strategy effectual and meaningful.

4. It is apprehensive with short and long range planning and employs highly sophisticated techniques such as sensitivity analysis, decision tree, probability techniques, ratio analysis etc for control, planning, and evaluation.

5. It is futuristic in predictive and approach in nature.

6. Management Accounting system cannot be installed lacking proper cost accounting system.

7. Management Accounting systems generate several reports that are very much useful from the Management point of view.

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