Definition: [ˈmænɪdʒmənt əˈkaʊn.tɪŋ] can also be named managerial accounting. It is the process of doing all types of management reports, accounts and details. It is completed to give definite and prompt financial data that is requested by managers to make decisions for the short periods of time. Management accounting provides weekly or monthly details for an internal audience of the company, such as managers at the departments and the chief executive officer. These papers mostly include the amount of accessible cash, orders, debts, and other needed and required statistics.
Management Accounting In a Sentence:
- Having a perfect management accounting staff is the key to success for any organization.
- In the process of planning, management accounting provides an opportunity to understand the real situation of the company’s sources and allows formulating the future actions.
Synonyms and related words: managerial accounting, financial accounting, cost system.
