2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16
At the moment, management accounting can be defined as an activity that takes place in one enterprise. It provides the management apparatus of an economic entity with the necessary information that is used to plan, control and manage the activities of the organization.
This whole process includes the identification, collection, preparation, analysis, interpretation, reception and transmission of information that is necessary for the control apparatus to carry out the functions assigned to it.
Management accounting is an area and a system of research at the same time. It is an important element of the organization's management system. It can also be described as a link connecting the accounting process and enterprise management.
Management accounting is designed to:
- provide the necessary information to the administration in order to effectively manage production and make rational decisions in the future;
- calculate the actual cost of production, andalso identify deviations from norms, estimates and standards;
- determine the financial results of already sold products, new technological solutions, etc.
Accounting management accounting has a subject and an object. The subject is the production management of the enterprise as a whole, as well as by divisions. Transactions that are purely financial in nature are not included in management accounting. Among them are the purchase, sale of property, leasing and rent, securities transactions, investments, etc.
The accounting objects are:
- expenses of the organization (capital and current);
- business results of the enterprise;
- internal reporting;
- budgeting;
- internal pricing.
Management accounting has the following objectives:
- information support for managers, assistance in making decisions;
- planning, forecasting and control of the economic and managerial activities of the organization;
- selection of optimal ways for the effective development of the enterprise.
Accounting and management accounting is aimed at solving the problem of compiling internal reports. They should include information about both the general financial condition of the enterprise and how production is progressing. The content of these reports may vary depending onwhat goals will be set and to whom the final result of the work will be handed over.
Management accounting is maintained using the following methods and techniques:
- documentation and inventory;
- balance sheet and summary;
- statistical index methods;
- economic analysis (mainly factorial);
- mathematical (linear programming, correlation, etc.).
These methods are often integrated and create a unified management accounting system. It is carried out at the enterprise independently, without the participation of state bodies. Nevertheless, its maintenance in the organization is simply necessary both for the company itself and for interested persons.
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