May 19th, 2015
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Walsh College of Accountancy and Business Administration
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DEDAN KIMATHI UNIVERSITY OF TECHNOLOGYHBC 2213: Managerial Accounting1. Nature and Scope of Management Accounting2. Decision Making process and environmentsKey DefinitionsDefinition of accountingAccounting is the process of identifying measuring and communicating economic information to permit informed judgments and decisions by users of information.It is therefore concerned with providing information that will help decision makers make good decisions.To understand accounting one must understand:The attributes of good information Process of measuring and communicating information The decision making processUsers of informationThe above points are briefly discussed below:Users of informationThe users of information can be divided into two:Internal users who are parties within the organization e.g. the management or the employees.External users who on the other hand, are parties outside the organisation e.g. the shareholder, creditors, government, customers, etcFrom the users point of view accounting can be divided into two:Management Accounting Which is concerned with provision of information to people within the organisation to help them make better decisions. Management accounting is concerned with the provision and interpretation of the information required by management at all levels for the following purposes:Formulating the policies of the organisationPlanning the activities of the organisation in the long-term, medium-term and short-term

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