Management accounting


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The main purpose of management accounting is to provide information to the management team at all levels within the organisation for the following purposes:

 

(a)        formulating the policies – strategic planning

 

(b)        planning the activities of the organisation – corporate planning

 

(c)        controlling the activities of the organisation

 

(d)       decision-making – long-term and tactical

 

(e)        performance appraisal at strategic and operational level

 

Definition: Management accounting is the application of professional knowledge and skill in the preparation and presentation of accounting information in such a way as to assist management in the formulation of policies and in planning and controlling the operations of the organisation.


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