Question

Significance of management accounting in an organisation

Answer 1

management accounting is the process of preparing management reports and accounts that provide accurate and timely financial and statistical information to managers to make short-term and long-term decisions. It identifies,measures,analyzes,interprets and communicate information to enable an organisation to pursue it's goals.

    management accounting differs from financial accounting. While financial accounting provides information to people inside and, more importantly,people outside the organization,management accounting is mostly aimed at aiding managers inside the organisation with decision making.