Definition of Managerial Accounting:
Managerial Accounting is defined as a method of accounting which helps top level management to take important decision by presenting management related information in a suitable manner.The term, “Managerial Accounting” has been defined by Robert Anthony as, “Management Accounting is concerned with accounting information which is useful to management”. We at Courseworktutors provides all types of Managerial Accounting Assignment Help to students.
Courseworktutors.com defines the term Managerial Accounting in a simple manner for Students so that they can understand the concept in a detailed manner. As per experts in Courseworktutors, Managerial Accounting is a process which identify, interpret information for achieving management and organization goals. The basic purpose of doing this accounting is to keep the management informed about the business operation metrics.
Management Accountancy is the combination of both Management and Accountancy. An Accountant just provides an analysis of the past activity where as a Management Accountant provide information in such a manner that it will help management to take future decisions. Management Accountant presents data in such a manner that it helps the management to take decision by reliability on the information given. In Short, this information forms a base for taking important policy decisions.
Institute of Cost and Works Accountants of US defines Managerial Accounting as, “a system of collection and presentation of relevant economic information relating to an enterprise for planning, controlling and decision-making”.
Importance of Managerial Accounting to Managers
Managerial Accounting enables managers:
- For doing a projection of Future business and taking corrective measures well in advance
- For the preparation of Internal Reports which will enable managers to bring harmony in internal control system.
- Comparing Actual Management results with the budget prepared at the beginning of period.
- To highlight the difference between Actual Expenses and Budgeted expenses.
- To determine where bottlenecks is happening and what is the effect of it in the Income Statement.
Application of Managerial Accounting
Managerial Accounting can be applied in areas such as:
- Profit Centre Accounting
- Responsibility Accounting
- Financial Statement Analysis
- Cost Allocation
Other Areas where Marginal Accounting is used for doing analysis are as follows
- Margin Analysis
- Constraint Analysis
- Capital Budgeting
- Trend Analysis/Forecasting
- Product Costing/Valuation
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