Top 10 Functions of Management Accounting
Both management and accounting are two of the most fundamental tasks in any business organization. However, there is some difference between the two. Management is more of a human skill that varies from one professional to another. It is about creative thinking, a person has to deal each and every challenge that he or she can come across in an office. In the extreme end, these are crisis situations involving some human communication or miscommunication. At the same time, senior management is responsible for providing goals and visions to employees. BookMyEssay Management accounting assignment help in India helps students see how management gains a lot and gets better when it borrows from the principles of accounting.
The following points highlight the top ten functions of management accounting. The functions are:
1. Forecasting and Planning
4. Controlling Performance
5. Financial Analysis and Interpretation
7. Special Studies
8. Protection of Business Assets
9. Tax Policies.
One of the important functions of management accounting is to provide necessary information and data for making short-term and long-term forecasts and planning the operations of the business.
For doing this, the management accountant uses techniques of statistics, like probability, trend study of correlation and regression; budgeting and standard costing; capital budgeting; marginal costing and cash funds flow statements, etc. These are important tools in the hands of management accountants for the planning of the business.
The management accountant helps the management in organizing the human and non-human resources of the business by analyzing different functions and assigning specific responsibilities. He tries to organize the accounting and finance function of the business on the modern lines.
The management accountant increases the efficiency of an organization and maximizes its profits by providing different tools of coordination such as budgeting, financial reporting, financial analysis, interpretation, etc. It helps the management by reconciling the cost and financial accounts, preparing budgets and setting the standard costs and analyzing variances in costs to facilitate management by exception.
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