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The Concept of Management Accounting - Essay Example

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Management accounting has a design and intention, used by the management in the organization. Confidentiality plays an enormous role in management accounting as opposed to financial accounting. The information in management accounting has a computational dimension tailored for the managers; it uses management information systems, as opposed to financial accounting standards. Various concepts of management accounting exist for usage by managers and management teams within organizations and companies (Caplan, p. 156). This information plays a crucial role in decision making processes within the organization and also assists in the formulation of strategies, business activities and enhances the budget making process within the organization. Management accounting involves the process of measurement, identification, analysis, accumulation, interpretation, preparation and communication of information by managers in planning, evaluation and controlling an organization, entity or firm. This process ensures appropriate use and accountability of the entity’s resources. Management accounting could also involve the preparation of fiscal reports for non-management groups within the entity (Caplan, p. 158). This group includes creditors, shareholders, tax authorities and regulatory agencies. Management accounting covers strategic management, risk management and performance management. A management accountant should be able to apply the comprehension and skills in preparation and presentation of

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fiscal and decision oriented details in a manner that will assist management in the formulation of policies, and planning and control of the organizations undertaking (Hossan, & Yeshmin, p. 150). The Concepts of Management Accounting The concepts of management accounting include; cost accounting, lean accounting, throughput accounting, Grenzplankostenrechnung (G.P.K), resources consumption accounting and transfer pricing. Cost accounting plays a central role in management accounting. G.P.K provides accurate and consistent applications of managerial costs calculations assigned to a service or product. Lean accounting involves accounting techniques suited to the needs of small-scale production. This concept of management accounting does not measure or support ethical business practices in modern business environment (Caplan, p. 159).
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Summary

In this writing "The Concept of Management Accounting", an author introduces the term of management accounting. Furthermore, the paper reveals a number of methods, tools, approaches, and techniques of management which is widely used in management accounting…
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rethamarquardt added comment 2 months ago
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When I was writing my paper on Management Accounting, I have found this example particularly helpful. Includes loads of essential details in a pretty nice structure.

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