The process of identifying, analyzing and communicating information to
managers which would help in achieving business goals is termed as
management accounting. Also known as cost accounting, it encompasses
information regarding all financial and non-financial decisions. The
discipline of management accounting can be broadly classified into
strategic management, risk management and performance management.
Strategic management studies the role of management accountants in
organizations. Risk management focuses on decision making techniques and
management of performance within organizations. Risk management
contributes to frameworks and practices which are used for the
identification and management of risks. Some prominent methodologies
studied under this discipline are activity based costing, lean
accounting, throughput accounting, resource consumption accounting and
transfer pricing methods. The book studies, analyses and uphold the
pillars of management accounting and its utmost significance in modern
times. While understanding the long-term perspectives of the topics, it
makes an effort in highlighting their impact as a modern tool for the
growth of the discipline. This book is a complete source of knowledge on
the present status of this important field.
