Management Accounting is the use of accounting information for managers wihin the organisation to make management decisions on financial matters for better business control and direction. Management accounting seeks to identify, measure, accumulate, analyse, prepare, interpret and communicate information used by management to plan, evaluate and control within an entity and to assure appropriate use of and accountability for its resources. Management accounting also comprises the preparation of financial reports for non management groups such as shareholders, creditors, regulatory agencies and tax authorities.Therefore management accounting is more forward looking rather than historical financial reporting as it uses day to day financial data to enable management to monitor and track business performance. Nowadays, management accountants rely heavily on management information systems such as enterprise reporting software, business intelligence software to extract data from financial, distribution, production sytems to produce focus management accounting reports for managers to have a real time understanding and picture of the business so corrective action and review can be taken on time. Besides online universities, the school of accounting and management, The Chartered Institute of Management Accountants (UK) offered a prestigious professional management accounting qualification.
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