Management Accounting
Management accounting is a branch of accounting that focuses on providing information to managers within an organisation to support decision-making, planning, and control activities. The information provided by management accounting is used by managers to make informed decisions about resource allocation, cost management, pricing strategies, and other operational and strategic decisions.
Management and Cost Accounting
Financial Accounting
Financial accounting involves recording the financial transactions of an organisation and summarising them in periodic financial statements for external users who wish to analyse and interpret the financial position of the organisation.
ACCURATE - Information Retrieval
| Letter | Context |
|---|---|
| A | Accurate |
| C | Complete |
| C | Cost-Effective |
| U | Understandable |
| R | Relevant |
| A | Accessible |
| T | Timely |
| E | Easy to use |
SMART - Goal Setting
| Letter | Context |
|---|---|
| S | Specific |
| M | Measurable |
| A | Achievable |
| R | Relevant |
| T | Time-Bound |
Responsibility Accounting
Responsibility accounting is based on identifying individual parts of a business which are the responsibility of a single manager.
Responsibility Centres
A responsibility centre is an individual part of a business whose manager has personal responsibility for its performance. The main responsibility centres are:
- Cost Centre
- Profit Centre
- Investment Centre
- Revenue Centre