Management accounting is the presentation of accounting information in such a way as to assist management in the creation of policy and in the day to day operations of the undertaking; Elucidate this statement.
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In ordinary language any system of accounting, which assists management in carrying out its functions more efficiently may be termed as management accounting. The Institute of Chartered Accountants of England and Wales has stated that “any form of accounting, which enables a business to be conducted more efficiently can be regarded as Management Accounting.”
On the same lines, Robert N. Antony has stated, “Management accounting is concerned with accounting information which is useful to management.” However, these definitions are very general in nature.
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