UNIT – I MANAGEMENT ACCOUNTING INTRODUCTION

MBA-FinanceManagement AccountingUNIT IMANAGEMENT ACCOUNTINGINTRODUCTION:Abusiness enterprise must keep a systematic record of what happens fromday-tot-day events so that it can knowits position clearly. Most of the business enterprisesare run by the corporate sector. These business houses are required by lawtoprepare periodical statements in proper formshowing the state of financial systematic record of the daily events of a business leading to presentation of acompletefinancial pictureis knownas ACCOUNTING . Thus, Accountingis thelanguage of business. Abusiness enterprise speaks through ACCOUNTING . It revealstheposition, ACCOUNTING : ACCOUNTING is the process of recording, classifying, summarizing, analyzing andinterpreting the financial transactions of the business for the benefit of managementand those parties who are interested in business such as shareholders, creditors,bankers, customers, employees and government.

MBA-Finance Management Accounting 1. Financial Accounting 2. Cost Accounting, and 3. Management Accounting FINANCIAL ACCOUNTING: The term ‘Accounting’ unless otherwise specifically stated always refers to ‘Financial Accounting’. Financial Accounting is commonly carries on in the general offices of a business.

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  Management, Cost, Financial, Accounting, Management accounting, Financial accounting, Cost accounting, Management accounting financial accounting

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