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Management Accounting

Business is an activity carried out with the intentions of earning profits. A person carrying out business is interested in knowing basically two facts about his business:

a. What is the result of operations of the business activity? In other words, whether the business has resulted into the profit or loss? Excess of revenue over the expenses will be in the form of profits whereas excess of expenditure over the revenue will be in the form of loss.

b. Where the business stands in financial terms at any given point of time.

Providing the answer to the above questions is not possible unless the transactions relating to the business are recorded in a systematic manner. Here the process of accounting comes into picture. According to American Institute of Certified Public Accountants, “Accounting is on art of recording, classifying and summarizing in a significant manner and in terms of money, transactions and events which are of a financial character and interpreting the results thereof.” The process of recording the business transactions in a defined set of records, which in technical words are called as Books of Accounts, is referred to as Book Keeping. Accounting refers to the process of analyzing and interpreting the information already recorded in the books of accounts with the ultimate intention of answering the above stated questions.

Preparing what are called as Financial Statements satisfies this intention. The financial statements prepared by the organizations are basically in two forms:

a. Profitability statement, which is the answer to the first questions, i.e. what is the result of operations of the business activity. Thus, profitability statement indicates the amount of profit earned or the amount of loss incurred.

b. Balance sheet, which is the answer to the second questions, i.e. where the business stands in financial terms at any given point of time. Thus, balance sheet indicates the financial status of the business at any given point time in terms of its assets and liabilities.

The nature of these financial statements is discussed in details in the following pages:

Thus, the process of book keeping is more procedural and clerical in nature while the process of accounting is more managerial in nature. As such, the job of book keeping is entrusted to junior level employees, whereas the job of accounting needs more professional expertise.

Useful Topic of Management Accounting given below.

1:- Introduction to and Definition of Management Accounting
2:- Distinction between Management and Financial Accounting
3:- Analysis and Interpretation of Financial Statements
4:- Management Accounting Ratios
5:- Funds Flow Analysis homework help
6:- Cash flow analysis homework help
7:- Budgets and Budgetary Control homework help
8:- Marginal Costing & Break-even analysis
9:- Differential Cost Analysis Homework help
10:- Standard Costing Homework help
11:- Variance Analysis Homework help
12:- Capital Budgeting Homework help
13:- Financial Evaluation of Projects
14:- Inventory Control Homework help
15:- Accounting for Inflation Homework help
16: Depreciation Policy Homework help