Accounting -- > Management Accounting

Management accounting involves application of appropriate techniques and concepts, which help management in establishing a plan for reasonable economic objectives. It helps in making rational decisions for accomplishment of these objectives. Any workable concept or technique, whether it is drawn from financial accounting, cost accounting, economics, mathematics and statistics, can be used in management accountancy. The data used in management accountancy should satisfy only one broad test. It should serve the purpose that it is intended for. A management accountant accumulates, synthesizes and analyses the available data presents it in relation to specific problems, decisions and day to day task of management.

Role of Management Accountant

A management accountant reviews all the decisions analyses from management’s point of view to determine how these decisions and analysis contribute to overall organizational objectives. A management accountant judges the relevance and adequacy of available data from management’s point of view.
The main trust in management accountancy is towards determining policy and formulating plans to achieve desired objectives of management. Management accountancy makes corporate planning and strategy effective and meaningful.

CIMA defined it as “an internal part of management concern with identifying, presenting and interpreting information used for :

1. Formulating strategy
2. Planning and controlling activities
3. Decision taking
4. Optimizing the use of resources
5. Disclosures to shareholders and other external to the entity
6. Disclosures to employees
7. Safeguarding assets

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