Management accounting is that field of accounting which deals with providing information including financial accounting information to managers for their use in planning, decision making, performance evaluation, control, management of costs, and cost determination for financial reporting. Management accounting helps management in all the related areas in achieving the ultimate aim of organization. Management accounting makes use of information that is drawn from financial accounting and other disciplines such as economics, finance, statistics and others.

Source: LAL, Jawahar. Advanced

Management Accounting: Text and Cases, 2003, S. Chand & Company, New Delhi, India, pp.831.

Why is the field of management accounting important for many businesses?