Frequently Asked Questions about Management Accounting
Management accounting, also called managerial accounting is a branch of accounting that is used by company managers to analyze internal costs and budgets. Unlike financial accounting, it is not for use by people outside of the organization. At a fundamental level, management accounting is concerned with cost behaviors, cost systems, and cost analysis. It affects pricing, budgets, and other key internal decisions. Data presentation and data analysis are key parts of the work of a management accountant. Management accountants are comfortable with spreadsheets, and they are able to communicate with people inside the organization. Understanding management accounting is key to successful business management.
Management accounting is used by accountants and business analysts inside an organization. Corporate tax accountants also have an understanding of management accounting. People working in lower or middle management levels in an organization could benefit from an understanding of management accounting, as it will help them understand why and how decisions are being made. This will help them manage their objectives more effectively. Senior managers and executives need to understand management accounting because they are the folks who will be making key budget decisions and holding people accountable to them. Small business owners and other entrepreneurs should understand managerial accounting so that they have the information they need to grow their businesses.
Online courses can help you learn management accounting as well as financial accounting and tax accounting. There are courses at all levels, from introductory courses for beginners to continuing education course for practitioners. Some classes look at practical matters, like Excel functions and spreadsheet design. Others go into theories of value chain management and approaches to accounting for decision making. Online courses include video lectures, readings, exams, class discussions, and projects. Some online courses in managerial accounting are Guided Projects to help people apply managerial accounting to a specific situation. Others lead to Professional Certificates or Specializations. Many courses stand alone and can help you extend your management accounting skills.
This FAQ content has been made available for informational purposes only. Learners are advised to conduct additional research to ensure that courses and other credentials pursued meet their personal, professional, and financial goals.