management accounting

Definition:

the provision of information required by management for such purposes as: (a) formulation of policies, (b) planning and controlling the activities of the enterprise, (c) decision-taking on alternative course of action, (d)disclosure to persons external to the entity (shareholders and others), (e) disclosure to employees, (f) safeguarding assets. Management accounting is regarded as including long-term planning, budgeting, profit planning, financial accounting, cost accounting, financial control, treasureship and internal audit.



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