Define management accounting.

Management Accounting

Management accounting is the process of preparing, analyzing, and presenting financial and non‑financial information to internal users—principally managers—to aid planning, controlling, and decision‑making within an organization. It involves cost determination, budgeting, performance measurement, variance analysis, and forecasting, focusing on future-oriented data rather than historical financial statements. Unlike financial accounting, which serves external stakeholders, management accounting provides detailed, timely, and often confidential information that helps managers evaluate operational efficiency, formulate strategies, and achieve organizational objectives.