1. Management Accounting: Management Accounting: Meaning, Nature, Characteristics, Objectives, Advantages and Limitations Meaning of Management Accounting: The term Management Accounting consists of two words “Management” and “Accounting”. It is the study of managerial aspects of accounting. It is a tool in the hands of management to exercise decision making. The emphasis of management accounting is to redesign accounting in a manner which is helpful to the management in framing the policies and control of their execution. Management accounting is of recent origin. The term was first used in 1950 by a team of accountants visiting the U.S.A. under the auspices of Anglo-American Council on productivity. The terminology of cost accounting had no reference to the word ‘management accountancy’ before the visit by this study group. Intensive competitions, large scale production, dynamic developments in technology, and complexities of modern business have led to the deve...
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