Accounting, which is rightly called the language of business, intends to communicate relevant and reliable information to internal and external user groups by developing financial reports/statements. To satisfy the needs of different users, different branches of accounting have come into existence. Managerial accounting is the one of the branch of accounting. The information provided by the financial accounting system is significant but not sufficient for smooth, orderly and efficient conduct of business. Management needs more information to discharge its functions of stewardship, planning, control and decision-making. As information needs of management vary from enterprise to enterprise, the grouping and reporting of information takes different forms. The different ways of grouping information and preparing reports as desired by managers for discharging their functions are referred to as managerial accounting. Thus, it aims to provide customised information through multiple reports to cater to the specific information needs of a single internal user. Areas of Managerial Accounting The managerial accounting has vast area of responsibility and depends according to the ability of the managerial accountant.

• Annual Budgeting
• Cost Benefit Analysis
• Capital Budgeting
• Cost Allocation
• Strategic Planning
• Client Profitability Analysis
• Sales Management Scorecards
• Buy vs. Lease Analysis
• Price Modeling
• Business Metrics Development
• Product Profitability
• Geographic vs. Industry or Client Segment Reporting
• Cost Analysis
• Strategic Management Advise
• Internal Financial Presentation and Communication
• Sales and Financial Forecasting
• Rate & Volume Analysis

Management accounting provides information to management not only about cost but also about revenue, profit, investment etc, for managing business more efficiently and effectively. A very important component of management accounting is cost accounting which deals with the cost ascertainment and cost control. Performance of the managerial accounting is evaluated on the basis of one or all of the following:

• Opportunity Cost
• Flexible Budgeting
• Economic Value Added

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