This report delves into the intricacies of management accounting, exploring its role in business decision-making, its distinction from financial accounting, and the various systems and tools it encompasses. It examines the importance of budgeting and its different types, including static, zero-based, rolling, and incremental budgets. The report also analyzes the impact of inventory valuation methods like FIFO and LIFO on financial performance, using the case study of All-Ace Ltd. to illustrate how management accounting can be applied to address financial challenges and optimize business operations.