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Management accounting

Management accounting Definition

Management accounting (or managerial accounting) is a sub-set of accounting that is focused on the internal needs of a business.  The accounting information used by managers within organizations, to provide them with current information to make informed business decisions that will allow them to be better equipped in their management and control functions.

Unlike financial accountancy information (which, for the most part, is public information), management accounting information is used within an organization and is usually confidential. Contemporary managerial accounting systems are focusing more on the activities that occur at all levels of the organization.

Additional meaning of Management accounting:

In contrast to financial accountancy information, management accounting information is:

  • designed and intended for use by managers within the organization, instead of being intended for use by shareholders, creditors, and public regulators;
  • usually confidential and used by management, instead of publicly reported;
  • forward-looking, instead of historical;
  • computed by reference to the needs of managers, often using management information systems, instead of by reference to general financial accounting standards.

Project accounting

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