Management accounting is an area of accounting known for providing information to internal users.
What is management accounting?
Management Accounting is an area of accounting that refers to providing information to support internal management decisions. This accounting assist managers identify problem areas in budgeting and then develop a different plan to addressing those problems.
The role of management accounting includes:
- Monitoring costs
- Conduct audits
- Identify past trends and predict future needs.
Therefore, the area of accounting concerned with providing internal users with information is known as management accounting.
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