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Managerial Accounting?

 

Managerial accounting also known as by Cost accounting, is the technique of measuring, identifying, interpreting, analyzing, and communicating data or information to managerial level for the achievement of management goal or organization goal.
 

The basic difference between the financial accounting and managerial accounting is that the financial accounting is prepared with the aim of providing information to the outside parties. And in case of managerial accounting information is provided within the organization.
 

Objectives of Managerial Accounting

 

• Planning: – One of the basic and important objective is to make plan for the future. Past entry are being recorded in financial accounting but the future plan are being projected in managerial accounting. The main motive is to provide information on a timely basis rather than on precise basis. Future planning may relates to a product future cost which helps the management in pricing that product. With each passing year the information is being refined and revised as per the requirement and situation.
 
• Controlling: – Once the planning is being set the next step is to work as per that plan. So the next objective i.e. controlling comes into play. The activities relates to controlling is to assess or analyze how good the company is doing his business so that they can achieve company’s goal. The actual performance is being compared with the budget one with the help of performance report. The managerial accounting provides much flexibility with these types of report. As performance report can be made as per the requirements i.e. that can be prepared as a whole, or as per division basis, as per area basis, for a group or an individual. After assessing the performance, the information is again recycled for better information if required.
 
• Decision Making: – It’s is one of the beneficial objective among the entire list, as here management able to take decision. Decision had to be taken in business in day to day activities, during the start-up of the business and so on. Decision such as what product to sell, where to sell, to make or purchase the product.
 
• Internal Reporting: – As the main objective of managerial accounting is to make report for internal purpose. And the process of doing so is highly customize.
 

Functions of Managerial Accounting

 
Management accounting is sum-up of analyzing, collecting and information on reporting about the finance and operations of a firm. The managerial accounting includes the following functions
 
• Margin Analysis: Profit generate from a business by a specific product or line is being determine.
• Break Even Analysis: It calculate the point where business exactly break-even i.e. no loss or profit.
• Target Costing: Its help in new design for a product by taking into consideration new design cost.
• Constraint Analysis: They understand that where are the issue or bottleneck in the process.
• Trend Analysis: The review the trend of various cost and compare where there is uncertain trend and then report the same to the management.
 
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