Discribe the principel function of
management Accounting?
Answers
Answer:
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Explanation:
Management accounting is the provision of financial and non-financial decision-making information to managers. In management accounting or managerial accounting, managers use the provisions of accounting information to inform themselves better before they decide matters within their organizations, which allows them to manage better and perform control functions.
The part of accounting that helps managers in making decisions providing accounting information is called management accounting.
Management accounting is a special branch of accounting. It is a modern and scientific innovation of accounting. Management accounting is accounting for effective management.
Management accounting is the process of identification, measurement, accumulation, analysis, preparation, interpretation, and communication of information that assists executives in fulfilling organizational objectives.
It helps the management to perform all its functions, including planning, organizing, staffing, direction, and control. In other words, the field of accounting that provides economic and financial information for managers and other internal users is called management accounting.
Some beautiful definitions of management accounting are mentioned below:
The Institute of Chartered Accountants of England and Wales defines, “Management Accouaung is that form of accounting which enables a business to be conducted more efficiently.”
According to R. N. Anthony, “Management Accounting is concerned with accounting information that is useful to management.”
Professor J Batty defines, “It is the term used to describe the accounting methods, systems, and techniques, which, coupled with special knowledge and ability, assist management in its task of maximizing profits or minimizing losses.”
The Institute of Cost and Management Accountants London has defined, “Management Accounting as the application of professional knowledge and skill in the preparation of accounting information in such a way as to assist management in the formulation of policies and the planning control of the operation of the undertakings.”
Similarly, according to the American Accounting Association, “It includes the methods and concepts necessary for effective planning for choosing among alternative business actions and for control through the evaluation and interpretation of performances.
From the above definitions, we can say that the part of accounting that provides information to the managers for use in planning, controlling operations, and decision making is called management accounting.
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Answer:
Management accounting is concerned with the future. It collect and analyses data to plan the future.Management Accounting makes available useful information which helps the management in planning and decision making.