MANAGEMENT ACCOUNTING: NATURE AND SCOPE

1 MANAGEMENT ACCOUNTING: NATURE AND SCOPE Objective: The present lesson explains the meaning, NATURE , SCOPE and limitations of accounting. Further, it discusses the activities covered under MANAGEMENT accounting and its difference with financial accounting. LESSON STRUCTURE Introduction Definitions of MANAGEMENT Accounting NATURE of MANAGEMENT Accounting Functions of MANAGEMENT Accounting SCOPE of MANAGEMENT Accounting The MANAGEMENT Accountant MANAGEMENT Accounting and Financial Accounting Cost Accounting and MANAGEMENT Accounting Limitations of MANAGEMENT Accounting Self-Test Questions Suggested Readings INTRODUCTION MANAGEMENT accounting can be viewed as MANAGEMENT -oriented Accounting. Basically it is the study of managerial aspect of financial accounting, "accounting in relation to MANAGEMENT function". It shows how the accounting function can be re-oriented so as to fit it within the framework of MANAGEMENT activity.

Psychology enables us to know the mental make-up of employers and employees. A knowledge of these subjects helps to increase motivation, and to control the actions of the people who are ultimately responsible for costs. This builds a better employer-employee relationship and a sound

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