Managerial accounting is a key department in all organizations since it provides both financial and non-financial information that is essential in decision making. It involves participation in developing planning and performance management systems, provision of expertise services in financial reporting, and formulation and implementation of strategies.
————Middle of paper————-
First, it is taken as science since it is a unit of systematic knowledge that relate to a wide variety of subjects. Secondly, it is an art because it requires ability and skills in applying management tools and techniques (Thukaram, 2003). Management accounting covers a wide scope of accounting disciplines such as financial accounting, cost accounting, statistical methods, taxation, budgetary controls, operation research, and capital budgeting.
Thukaram, R. M. V. (2003). Management Accounting. New Delhi: New Age.
Garrison, R. H., Noreen, E. W., & Brewer, P. C. (2003). Managerial accounting. New York: McGraw-Hill/Irwin.