Management accounting concepts ,need and importance

Jul 6th, 2015
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Alcorn State University
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Management accounting identifies, collects, measures, and reports information that is useful to managers in planning, controlling and decision-making.

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MANAGEMENT ACCOUNTINGCONCEPTS ,NEED ANDIMPORTANCEDEFINITION :Managementaccounting is concerned with the provision ofinformation to those responsible for managing businesses andother economic organizations to help them in making betterdecisions about the future of organization and in controllingthe implementation of decisions they make.In simple termsThe provision of information required by management for planning, organising andcontrol .CHARACTERISTICS:No legal obligation -makes running a business simpler.Managementaccountingidentifies,collects,measures, and reports information that is useful tomanagers in planning, controlling and decisionmaking.The needs to improve overall profitability and costreduction are the major priorities for managementaccounting in Indian companies.Budgeting for planning and control is the most widelyused tool of management accounting. About 97%respondents use it moderately or extensively.SCOPEManagement accounting as practice extends to thefollowing three areas:Strategic ManagementAdvancing the role of themanagement accountant as a strategic partner inthe organization.Performance ManagementDeveloping the practiceof business decision-making and managing theperformance of the organization.Risk ManagementContributing to frameworks andpractices for identifying, measuring, managing andreporting risks to the achievement of the objectivesof the

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