Management accounting involves the presentation of financial information for internal purposes to be used by management in making key business decisions. The main objective of the topic is to maximise profit and minimise losses. It is concerned with the presentation of data to predict uncertainties in finances that help managers make important decisions. It surrounds many sides of accounting, including product costing, budgeting, forecasting and various financial analysis. The four standards are competence, confidentiality, integrity and credibility. They form a financial report used by business owners and management for day-to-day and strategic decision making. They are produced, usually, on a monthly or quarterly basis, and provide insight into the current financial health of a business by tracking various key performance indicators. It is the process of identification, measurement, analysis and interpretation of accounting information that helps business leaders make sound financial decisions and efficiently manage their daily operations.

Prachi Garg

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