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... Management Accounting Management Accounting Management accounting is not a specific system of accounts, but could be any form of accounting which enables a business to be conducted more effectively and efficiently. Management accounting in the words of Robert S. Kaplan, is a system that collects, classifies, summaries, analyses and reports information that will assist managers in their decision making and control activities (Institute of cost and works Accountants of India, n. d, p.4) Accounting may be defined as “the art of recording, classifying, and summarizing ... transactions and events and interpreting the results thereof” (Introduction to managerial accounting, n. d, p.2). Two types of...