In management accounting services, decision by the managers are usually depend upon the reports and accounts that gives the exact financial and statistical information of an organization. In the case of financial accounting where annual reports, management accounting reports monthly or weekly for organization`s internal expenses such as department managers, CEO, CCO and other high post officers, are required, but management accounting shows the exact amount of available cash, monthly sales, revenue generated, number of orders by the clients, bank statements & other statistics etc.
According to the research in an American institute, management accounting mostly fall in the following three categories:
Provides the upgraded environment to the management accountant as a strategic organization`s partner.
Provides the environment that will helpful in practicing of business decision making and managing the organization for better performance.
Provides environment where experts practices to identifying the risk factor for the organization and managing the objectives of the organization.
Some of the major differences between management and financial accounting are as follows:
Some of the major skills of the management accountants are as follows:
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