Tiêu đề Unit-1-Management Accounting.pdf ✅

them with the help of certain tools or techniques and then pass on to the management fortaking decisions in the interest of the organization and the parties interested into it. Therefore it can be said that the Management Accounting is selective in nature where only important information are supplied to the management which have been collected from different sources. The management takes both routine and strategical decisions with the help of the information. Actually the ManagementAccounting works two ways – one the management is capable of knowing each and every thing about itsorganization, finds out the strong and weak points and accordingly takes decisions for grabbing the opportunities available to the organization in the external environment by facing the challenges and on the other hand the performance of the management can also be evaluated by various stakeholders during a particular time period by going through the financial statements of the organization. 1.3 Definition The Management Accounting has been defined by various scholars/authorities from time to time. The following are some important definitions of Management Accounting: • The Institute of Chartered Accountants of England and Wales. “Any form of accounting which enables a business to be conducted more efficiently can be regarded as Management Accounting”. • Anglo-American Council on Productivity. “Management Accounting is the presentation of accounting information in such a way as to assist management in the creation of policy and the day to day operation of any undertaking”. • R,N. Anthony. “Management Accounting is concerned with accounting information that is usefulto management”. • J. Batty. “Management Accounting is the terms used to describe the account methods, systems and techniques which, coupled with special knowledge and ability, assist management in the task