Management accounting is viewed as Management-oriented Accounting. It is also known as Managerial Accounting. Basically it is “accounting in relation to management function”. It is the presentation of accounting in such a way as to assist management in creation of policy and day-to-day operation of an understanding.
It is the term used to describe the accounting methods, systems and techniques which coupled with special knowledge and ability, assists management in its task of maximizing profits and minimizing losses. It is also the application of principles of accounting and financial management to create to create, protect, preserve and increase the value for the stakeholders of for-profit and not-for-profit enterprise in the public and private sectors. Management accounting is an integral part of management.