BizSugar.com › Finance › Management Accounting: Process, Advantages & Disadvantages

Management accounting is a new concept. It is also known as managerial accounting. Unlike financial accounting, management accounting produces weekly or monthly reports that cover internal issues. These reports include various stats, available monetary fund, returns generated on sales, piled up orders, amount of payment to be generated, remaining debts, stats of raw materials, etc. These reports are presented to the people of various departments within the organization and are mostly confidential. It helps in keeping a track of available resources. According to the definition of The Institute of Certified Management Accountants (ICMA), Management accounting system is the ‘value creators’ for the company and its progress.