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Management Accounting: Definition, Principles, and Functions

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Added on  2023-04-21

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This presentation provides an overview of management accounting, including its definition, principles, and functions. It explains how management accounting helps in decision making and achieving business goals. The presentation also explores different systems and requirements of management accounting, such as cost accounting, inventory management, job costing, and price optimization.

Management Accounting: Definition, Principles, and Functions

   Added on 2023-04-21

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Management accounting
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Management Accounting: Definition, Principles, and Functions_1
Introduction
Management accounting that is also known as the
cost accounting or managerial accounting is
considered as the procedure to analyse the business
operations and costs. It is carried out for preparing
internal records, accounts and financial reports for
assisting the managers in the process of decision
making to achieve the business goals.
Management Accounting: Definition, Principles, and Functions_2
Definition
As per the definition given by Alleyne and Weeks –
Marshal (2011), management accounting is the
practice that considers the business methods for
supporting the management accounting procedure
and infrastructure of the organisation. The practice is
associated with financial accounting, tax accounting,
internal auditing and management accounting
(Erepository.uonbi.ac.ke 2019).
Management Accounting: Definition, Principles, and Functions_3
As per the definition given by AICPA (The American
Institute of Certified Public Accountants), management
accounting is the practice that is extended to 3 areas
as follows –
Performance management
Strategic management
Risk management (AICPA, 2019).
Management Accounting: Definition, Principles, and Functions_4

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