ISBN 9788182091610,Essentials Of Management Accounting

Essentials Of Management Accounting



Publication Year 2008

ISBN 9788182091610

ISBN-10 8182091616


Number of Pages 506 Pages
Language (English)

Budgeting & financial management

Essential of Management accounting is an internal form of accounting that analyzes a business's financial information in order to make financial goals and decisions for the company. This form of accounting differs from standard financial accounting and is primarily concerned with three major activities planning, directing and motivating, and controlling.Every large organization has some form of a management team. These employees are called management accountants, managerial accountants or cost accountants. Management accountants are handed all the financial information of the company and it is their job to analyze it and plan for future needs of the company based on the information they are given.They make decisions about product development, manufacturing needs and budgets for the future. These accountants determine goals and implement ways of achieving those goals. Part of the job of a management accountant is determining ways for the business to become more profitable.Management accountants also monitor daily activities happening within the organization. They try to implement strategies for the business to run more smoothly. They do this by directing and motivating employees to perform well at their individual tasks. They delegate duties to employees, answer questions and solve any problems the employees have. Besides setting long-term goals, these accountants also handle daily issues, such as viewing daily sales reports or sales logs.