WHAT IS MANAGEMENT ACCOUNTING
Accounting
Accounting is an
information sysytem which receives data process the same data and gives its
output. According to American Institute of Certified Public Accounts (AICPA) “
Accounting is the art of recording ,classifying and summerising in a
significant manner and in terms of money ,transactions and events which are at
least of a financial character and interpreting the result thereoff” . The Chartered Institute of Management
Accounting (CIMA) London defines management accounting as follows “ The
application of proffessional knowledge and skill in the preparations of
accounting information in such a way as to assist management in the formation
of policies and in the planning and control of the operations of the
undertaking”
Characteristics of management Accounting
Providing Accounting
Information
Achieving of
objectives
Taking Important
Decisions
Use of special
Techniques and Concepts
Increase in
Efficiency
Concerned with
Forecasting
Scope of Management Accounting
Financial Accounting
Cost Accounting
Financial Management
Budgeting and
Forecasting
Inventory Control
Tax Accounting
Internal Audit
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