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Complete 12 pages APA formatted article: The Need for Management Accounting Information.
Complete 12 pages APA formatted article: The Need for Management Accounting Information. Management accounting is a branch of accounting that provides accounting information for use by the management internally (Drury 7). Sharma duly notes that the accounting information provided by management accountants is utilized in decision making by a firm (Sharma 100). The information forms a basis for informed decisions to be made. It is imperative to have the relevant information before making decisions especially those that have immense impacts on the fortunes of an organization. Concrete management decisions, if based on reliably generated management information, can ensure profitability (Riahi-Belkaoui 28). Management information simplifies complex accounting phenomena drawn from different disciplines, classify them and present them in a way that managers can understand and, consequently, make informed decisions. Okoli asserts that the value of making the right decisions cannot be overstated. it is extremely valuable than indecision and, certainly, more desirable than wrong decisions (Okoli 53). For a profit making organization, the indecision of a manager is as bad as making the wrong decision. This paper delves into the impact that management accounting information has on a management decision making hoping to show the need for managers to be furnished with this kind of information. In an effort to achieve that objective this paper starts by highlighting the characteristics of management accounting information and differentiating it from financial accounting information.