What is Management Accounting?
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What is Management Accounting?
Management accounting is the presentation of current and future financial information of a business. This is shown through the budgeted or projected reports such as the financial statements. The reports will show an estimate of the profits or losses of the business that could happen. But this will depend on the predicted variables including: the selling price of the goods or services, the volume of the goods and services to be sold, and also the costs involved in these goods and services. The reports for management accounting are made for internal use and are adapted to the needs of decision-makers such as management. Because of this they are not released publicly and there are no standards that need to be met.
