Management Accounting: Key Concepts and Systems

Management accounting

Introduction
The management accounting signifies process of maintaining report regarding operations and functions
of organisation that aids assistance to top management to take decision which will be beneficial for
company in future period of time. In assistance of this, management accounting signifies implementation
of professional tools concept as well as skill for maintaining information related to accounting in
appropriate way that provide facility to improve plan by administration, use of resources in optimum
manner, fulfilling need of stakeholder and take appropriate decisions. It also signifies that the accounting
statement mainly focuses on internal administration committee of organisation in which both monetary
and non monetary elements are included.

P1 Description of management accounting and offer key need of different
kinds of management accounting system
It is determined as a process of generating objective of organisation by quantifying, inspecting and also providing
instruction to manager that is a determined as a management accounting. It also provides facility regarding
decisions taken by top management in order to provide them financial information as well as resources. It aids
assistance to administration in appropriately execute overall operation and also control them in appropriate way. It
involves timely maintain offering financial statement of company to its stakeholder. Furthermore, this assignment
is improved for internal stakeholder of company.

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BASIS MANAGERIAL
ACCOUNTING
FINANCIAL
ACCOUNTING
CONTENT It is connected with both kinds of data which is
monetary and non- monetary.
Financial accounting is connected with data
that signifies financial information.
Uses and Purposes Managerial accounting is adopted by internal
stakeholders for taking proper decision.
They provide information which is important
for stakeholder of company that provide
facility to taking decisions that is linked with
interest.
Rules, Regulations and Laws In management accounting, there is not any
kind of law that are improved only for
internal administration committee of
company.
There are different rules and regulation that is
monitored by organisation accountant during
preparing this kind of form related to
financial accounts.
Auditing It is determined as a tool adopted for
assessing performance of company and
taking appropriate measure and also finding
deviation for overcoming with these kinds of
issues.
It involves interference related to
independent audit as well as external parties
like revenue audit, corporate audit and so on.
These are performed for complying rules and
regulation that is connected to company.