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Management accounting is an important branch of accounting that provides financial and non-financial information to managers for planning, decision-making, coordination, control and performance evaluation. Unlike financial accounting, which is mainly concerned with reporting information to external users such as shareholders, creditors, government authorities and investors, management accounting is primarily designed to meet the information needs of internal management. It converts accounting data into meaningful information so that managers can make effective decisions and improve the overall efficiency and profitability of an organisation. The nature of management accounting can be understood through its major characteristics. First, management accounting is mainly concerned with internal management. Its reports are prepared according to the specific requirements of managers at different levels. Top management may require information about long-term investment and strategic decisions, whereas middle and lower-level managers may need information about budgets, costs, production and departmental performance. Second, management accounting is future-oriented. Financial accounting mainly records past transactions, while management accounting uses past and present information to estimate future conditions. Forecasting, budgeting, standard costing and capital budgeting are important techniques used to anticipate future revenues, costs, profits and financial requirements. This future orientation enables managers to prepare suitable plans and respond to changing business conditions. Third, management accounting is both financial and non-financial in nature. ______ ________ ____ _________ __________ _______ __________.
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