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One simple definition of management accounting is the provision of financial and non-financial decision-making information to managers. [ 2] In other words, management accounting helps the directors inside an organization to make decisions. This can also be known as Cost Accounting.
The two management accounting principles are: Principle of Causality (i.e., the need for cause and effect insights) and, Principle of Analogy (i.e., the application of causal insights by management in their activities). These two principles serve the management accounting community and its customers – the management of businesses.
Accounting, also known as accountancy, is the process of recording and processing information about economic entities, such as businesses and corporations. [ 1][ 2] Accounting measures the results of an organization's economic activities and conveys this information to a variety of stakeholders, including investors, creditors, management, and ...
IMA was founded in 1919 in Buffalo, New York as the National Association of Cost Accountants, later changing its name to IMA in 1957. It has its headquarters in Montvale, New Jersey, United States, and regional offices in Americas, Asia/Pacific, Europe, and Middle East/India. In 1969, it formed the management accounting practices committee that ...
t. e. Certified Management Accountant ( CMA) is a professional certification credential in the management accounting and financial management fields. The certification signifies that the person possesses knowledge in the areas of financial planning, analysis, control, decision support, and professional ethics. There are many professional bodies ...
The Chartered Institute of Management Accountants ( CIMA) is the global professional management accounting body based in the UK. CIMA offers training and qualification in management accountancy and related subjects. It is focused on accountants working in industry and provides ongoing support and training for members.
t. e. Cost accounting is defined by the Institute of Management Accountants as "a systematic set of procedures for recording and reporting measurements of the cost of manufacturing goods and performing services in the aggregate and in detail. It includes methods for recognizing, allocating, aggregating and reporting such costs and comparing ...
The Chartered Global Management Accountant (CGMA) is the most widely held management accounting designation in the world with more than 137,000 holders. [2] It recognizes professionals who have advanced proficiency in finance, operations, strategy and management and is underpinned by global research to maintain relevance with employers, and develop competencies most in demand.