Managerial accounting is the process of analyzing, identifying, measuring, interpreting and communicating the information for the pursuit of an organization’s goals. It is also known as the cost accounting or Management accounting. It is concerned with the provisions and the use of accounting information to the managers within the organizations to provide them with the basis to make informed the business decisions that will allow them to be better equipped in their management and control functions. Managerial accounting is the integral part of Management process.
The major difference between the managerial and financial accounting is that the managerial accounting information is aimed at helping the managers within the organisation to make decisions. Whereas the financial accounting aims at providing the information to parties outside the organisation.
Following are the features of the managerial accounting information:
The managerial accountants add value to an organization by providing information, assistance in directing and controlling the activities, by motivating the managers and the employees towards the organization’s goals and measuring the performance and assessing the organization’s competitive position.
Managerial accounting is used by businesses, government, the not-for-profit organizations and individuals:
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