Management accounting is a new branch of accounting that promotes the overall managerial performance of an organisation
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In other words, this concept assists managers to deal with their management and control functions effectively. According to UK’s Certified Institute of Management Accountants (CIMA), “management accounting is an integral part of management concerned with identifying, presenting, and interpreting information used for formulating strategy, planning and controlling activities, decision making, optimising the use of resources, disclosure to shareholders and other external to the entity, disclosure to employees, and safeguarding assets”1.