Managerial Accounting

Managerial Accounting

Managerial Accounting

Management accounting is also referred to as Management accounting. Managerial accounting is a process involving preparation of accounts and management reports, which present timely and accurate financial as well as statistical information needed for making daily and short term decisions by managers. Unlike financial accounting, whose reports are produced annually and to the external shareholders, Management accounting produces weekly, or monthly reports for internal use, for instance by the companies CEO or departmental manager.

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He plays an important role in the production sector as well as well as administrative or managerial sector. Financial status of the company highly depends on the managerial accountant. For company to operate efficiently and minimize cost the expertise of a managerial accountant is necessary. Indeed managerial accountant is a valuable asset to an organization.

References
Collier, P. M. (2003), Accounting for Managers: Interpreting Accounting Information for Decision Making, England, Chichester: John Wiley & Sons Ltd

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