Advertisement Introduction: Accountancy as we all know can be bifurcated into three segments, financial accounting that we learnt in semester 1, cost accountancy that we learnt in semester 2 and managerial accounting that we are learning now. Financial accounting was done in a way that all details and...
The Institute of Chartered Accountants of England states “Any form of accounting which enables a business to be conducted more efficiently can be regarded as management accounting”. “Management Accounting may be defined as the application of accounting techniques to the provisions of information designed to assist all levels of...
Main functions of Management Accounting are as follows: Planning – Information and date provided by management accounting helps management to forecast and prepare short-term and long term plans for the future activities of the business and formulate corporate strategy. For this purpose management accounting techniques like budgeting, standard costing,...
The task of management accounting involves furnishing of accounting data to the management for basing its decisions on it. It also helps, in improving efficiency and achieving organizational goals. The following are the main characteristics of management accounting: Providing Accounting Information: Management according is based on accounting information....
Financial Accounting: Financial Accounting deals with the historical data. The recorded facts about an organization are useful for planning the future course of action. Though planning is always for the future but still it has to be based on past and present data. The control aspect too is based...
Financial accounting and management accounting are two major sub-systems of accounting information system. Both are concerned with revenues and expenses, assets and liabilities and cash flows. Both therefore involve financial statements. But the major differences between the two arise because they serve different audiences. The main points of difference...
The distinction between cost accounting and management accounting may be made on the following points: Basis Cost Accounting Management Accounting 1. Scope Scope of cost accounting is limited to providing cost information for managerial uses. Scope of management accounting is broader than that of cost accounting as it provides...
Management accounting provides significant economic and financial data to the Management and the Management Accountant is the channel through which this information efficiently and effectively flows to the Management. The Management Accountant has a very significant role to perform in the installation, development and functioning of an efficient...
It is the duty of the management accountant to keep all levels of management informed of their real position. He has, therefore, varied functions to perform. His important functions can be summarized as follows: Planning: He has to establish, coordinate and administer as an integral part of management, an...
Responsibility Accounting describes the decentralisation of authority with performance of the decentralised units measured in terms of accounting results. Responsibility Accounting recognises various decision centres throughout an organisation and trace costs, revenues, assets and liabilities to the individual managers who are responsible for making decisions about the costs...
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