In management accounting or managerial accounting, managers use accounting information in decision-making and to assist in the management and performance of their control functions.
IFAC Definition of enterprise financial management concerning three broad areas: cost accounting; performance evaluation and analysis; planning and decision support. Managerial accounting is associated with higher value, more predictive information. Copyright July 2009, International Federation of Accountants
Managerial costing time line Used with permission by the author A. van der Merwe. Copyright 2011. All Rights Reserved.
Accounting, also known as accountancy, is the process of recording and processing information about economic entities, such as businesses and corporations. Accounting measures the results of an organization's economic activities and conveys this information to a variety of stakeholders, including investors, creditors, management, and regulators. Practitioners of accounting are known as accountants. The terms "accounting" and "financial reporting" are often used interchangeably.
Portrait of Luca Pacioli, painted by Jacopo de' Barbari, 1495 (Museo di Capodimonte)
Early 19th-century ledger
