Management accounting is the process of supplying the managers in an organization with relevant information, both financial and nonfinancial, for making decisions, allocating resources, and monitoring, evaluating, and rewarding performance. (…) Nonfinancial management accounting information includes measures related to customer satisfaction and loyalty, process quality and timeliness, and employee motivation. Management accounting information has the following features:
1. Managerial accounting provides both data on past transactions and helps users with information and calculations for the future. For both reporting and planning, management accounting uses both financial and nonfinancial measures.
2. Management accounting has a multifaceted perspective by meeting the needs of decision-making of both employees and senior management.
3. Management accounting, as in financial accounting, does not analyze within the framework of various theoretical rules or legal regulations. All of these get determined by managers’ judgments and decisions about what best meets their needs for actionable information and is defined
entirely by the needs of managers using the information.
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