Introduction to Management Accounting Dr.Meenakshi.A.singh.

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Presentation transcript:

Introduction to Management Accounting Dr.Meenakshi.A.singh

Management accounting or managerial accounting is concerned with the provisions and use of accounting information to managers within organizations, to provide them with the basis to make informed business decisions that will allow them to be better equipped in their management and control functions.

Definition of Management Accounting : Provision of information required by management for planning, organising and control - for such goals as: recording, analysing and reporting actual costs and inputs of products, services and processes evaluating stocks of raw materials, W-I-P and finished goods working with other functions: establishing standards of performance establish cost, revenue and quantity budgets (plus) evaluating alternative opportunities

Primary Users Financial Investors Creditors Government authorities (IRS, SEC, etc.) Management Internal managers of the business

Purpose of Information Financial Help investors, creditors, and others make investment, credit, and other decisions Management Help managers plan and control business operations

Focus and Time Dimension Financial Reliability, objectivity, and focus on the past Management Relevance

Type of Report Financial Financial statements restricted by GAAP Management Internal reports not restricted by GAAP; determined by cost-benefit analysis

Verification Financial Annual independent audit by CPAs Management No independent audit

Scope of Information Financial Summary reports primarily on the company as a whole Management Detailed reports on parts of the company