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Relevance of Management Accounting in Today's Society
Finance & Accounting
Pages 7 (1757 words)
Relevance of Management Accounting in today’s society Relevance of Management Accounting in today’s society Management accounting is one of the modern business terms or functions evolved during the last few decades. Earlier accounting information was limited to the accounts department employees and the top management.
Earlier financial accounting, cost accounting etc were some of the renowned terms in the corporate world; however, at present apart from these accounting systems, management accounting is also gaining prominence. This paper briefly analyses what is management accounting and the relevance of management accounting in today’s society. What is Management accounting? Management accounting combines accounting, finance and management with the leading edge techniques needed to drive successful businesses. It advises managers about the financial implications of projects, explains the financial consequences of business decisions, formulates business strategy, monitor spending and financial control, conduct internal business audits and explain the impact of the competitive landscape (What is Management accounting?) Man, material, machine and money are the major resources of an organization which should be managed properly to raise the productivity and efficiency of an organization. All these resources were earlier managed by concerned employees and department managers alone. ...
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