This book introduces the core of “Management Accounting”. Management accounting is the process of preparing reports about business operations that help managers make short-term and long-term decisions. It helps a business pursue its goals by identifying, measuring, analyzing, interpreting and communicating information to managers.
What does a management accountant do? This role involves looking after a company’s accounts, and finding ways of improving profitability and growth. Duties could include: preparing regular financial statements and accounts, such as profit and loss accounts.
Management accounting is the process of preparing management reports and accounts that provide accurate and timely financial and statistical information to managers to make short-term and long-term decisions. Another key role of management accounting is to help managers decide on the prices of products, by providing all the information regarding costs, market factors, and profitability. Essentially, management accountants provide key insights that help a company’s management team make many of their decisions.
Functions of Accounting are; control of financial policy, and formation of planning, preparation of the budget, cost control, evaluation of employees’ performance, Prevention of errors and frauds. analysis of the interested parties, including the management.
- Good oral and written communication skills.
- The ability to work as part of a team.
- Excellent analytical and numerical abilities.
- Sound business knowledge.
- Accuracy and an eye for detail.
The main objective of managerial accounting is to maximize profit and minimize losses. It is concerned with the presentation of data to predict inconsistencies in finances that help managers make important decisions. Its scope is quite vast and includes several business operations.
- Financial Planning. The main objective of any business organization is maximization of profits. …
- Financial Statement Analysis. …
- Cost Accounting. …
- Fund Flow Analysis. …
- Cash Flow Analysis. …
- Standard Costing. …
- Marginal Costing. …
- Budgetary Control.
We sincerely hope that, when you read this book, you will develop an interest in Finance And Macro Economic Environment and have a detailed knowledge on what has made economists understand for a business. We are quite confident that Finance And Macro Economic Environment will be one of the useful studyfor you to improve your knowledge on business.
With the help of this book, the reader can build a solid foundation for his / her endeavor in Financial Accounting.
Happy Learning!
