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Management Accounting is a science but not an exact science.
Member rating: No Rating | Words: | Submitted: Mon Jun 19 2006
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Management Accounting is a science but not an exact science. Many of the conclusions drawn on the basis of Management Accounting depend on a greater extent upon the intelligent interpretation of data and this may guide only under some particular situations. The common practices, which have been adopted by the Management Accountants to deal with a particular problem from time to time, have taken the form of conventions or concepts. Though the significant role, which Management Accounting is expected to play in the management of business concerns, cannot be disputed at all and its use may under a number of benefits to modern management. This system likes other sciences and techniques suffering from certain situations and reservations. The various limitations may be highlighted in brief as followed: 1. Most of the information used in Management Accounting is derived from Financial Accounting Record or Cost Accounting Record or other records. Therefore,...
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