Concept of Managerial Accounting

Concept of Managerial Accounting - properties/plants...

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Concept of Managerial Accounting Targeted toward specific needs of management Supports the decision making process through planning and controlling operations Concerned with providing financial and economical information for manager and other internal user in support of the internal management processes Does not need to follow any particular set of mandatory guidelines Managerial accounting refers to the process of recording and analyzing financial information for company managers so they can make financial decisions. Function of Managerial Accounting Planning : (Thinking in advance about future activities) Strategies, organization goal (money/service), Directing : (Doing the business) Hiring people, supervising them, motivating them (to increase their productivity), acquiring
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Unformatted text preview: properties/plants, establishing factory, opening retail location etc. Controlling : (Giving feedback that directing and planning are correct/organization is not deviating from its basic philosophy) Which types of strategy should follow, what type of labor should admit, what is size of assets we need? Objectives/Needs/Importance of Managerial Accounting • To categorize and compute costs of production • It gives future prediction for expenses and profits • It gives information on which investment decisions can be based • One can also discover inefficiencies within the organization • It is also use to manage costs and manage the flow of cash • It also helps in seeking opportunities which could be exploited by the firm...
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