Question

Management Accounting is
in nature​

Answer 1

Explanation:Management accounting is a modern concept of accounting as a tool of management. The ICMA London has defined management accounting as – “the presentation of accounting information in such a way so as to assist management in the creation of policy and in day to day operations of an undertaking.”

Management accounting makes use of various techniques which include marginal costing, standard costing, budgetary control, break-even analysis, cost- volume-profit relationship, ratio analysis, inter-firm comparison and uniform costing, internal audit, etc. Most of these techniques are also employed by a cost accountant.

As the CIMA Official Terminology itself points out, management accounting is the process of identification, measurement, accumulation, analysis, preparation, interpretation of communication of information used by management to plan, evaluate and control within an entity and to assure appropriate use of accountability for its resources.

Answer 2

Answer:

Management Accounting is a technique of selective nature. It takes into consideration only that data from the income statement and position state merit which is relevant and useful to the management.We know Accounting is the systematic recording of financial transactions and presentation of the related information of the appropriate persons. Accounting is identified as a process as it performs the specific task of collecting, processing and communicating financial information.

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