Management Accounting

The ability of managers to deal with complex problems is crucial for the success of any kind of business. The task of managers is to integrate claims of different stakeholder groups and to justify the legitimacy of decisions taken in order to ensure the long-term survival of the business. This creates the need to support management in acquiring knowledge of how decisions affect the achievement of these stakeholders' goals. This knowledge is incorporated at various places within the operation.

Management Accounting can be identified as the knowledge bearer concerning the claims of the equity providers, which means that Management Accounting has the central function of contributing this knowledge to the decision-making processes within the business.

 

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