Managerial Accounting Assignment Help / Managerial Accounting Homework
Managerial Accounting / Management Accounting
‘Management Accounting’ or ‘Managerial
Accounting’ consists of accounting information provided to
managers within organizations in order to enable them take suitable
business decisions. Such decisions enable the managers to
exercise their control and management powers more efficiently.
The main difference between ‘Management Accounting ‘
and ‘financial accounting’ is that the former is confidential
and meant for managers within the organization, while the latter available for
use by regulators, creditors, investors and shareholders. Infact, information in
financial accounting can be considered as a subset of
Management Accounting since the latter contains all the information in
the former apart from additional information. Another important difference is
that while financial accounting has to comply with
international accounting standards like GAAP
(Generally Accepted Accounting Principles-US), Management Accounting
has no fixed format. It is normally computed by reference by and
according to the requirements of the managers.
Financial Accounting is prepared based on historical
information. They are prepared generally for a period of 12 previous months.
Management Accounting on the other hand, is
future-oriented and does not have any specific time period.
There is no legal requirement for companies to use
management accounting for their
functioning. But financial accounting is
compulsory by law for public limited companies.
Financial accounts of public
companies need to be reviewed by independent auditing firms
while management accounting does not require any such review.
Generally management accounting is made
use of by multinational and big companies.
Financial accounting is done in all
Management Accounting deals with
many areas which are not generally touched by financial
accounting. Some such areas are
cost analysis, cost-benefit analysis, cost-volume-profit
analysis, life-cycle cost analysis, client
profitability analysis, product profitability, price modeling
sales forecasting, cost allocation and capital
Management Accounting is extensively used for
strategic management, performance management and risk
management by the managers in organizations. Management
Accounting is instrumental in devising several Accounting
practices aimed at increasing organizational efficiency. Activity
Based costing (ABC), Lean Accounting, Resource Consumption Accounting (RCA),
Throughput Accounting and Transfer pricing are some such important
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