CHAPTER ONE

INTRODUCTION

          Management is essentially concerned with planning and control of the resources of a firm, with a view to the attainment of set objectives. Planning is concerned with listing of goals and the formulation of a decision model for selecting means of achieving those goals. Control on the other hand, is the regulation of the activities within an organization so that they are in conformity with expectations established ion policies, plans and targets.

          Furthermore, crucial to the planning and control decisions of management, is information. Good decisions are based on information that is timely, relevant, properly presented, problem solving and forward looking. And here comes the challenge for the management Accountant to provide information for the planning and control of costs, volume and profit, for the purpose of attaining goals o management.

          Management Accounting, therefore, is concerned with the application of accounting and statistical techniques to the specific purpose of providing and interpreting information designed to assist management in its function of promoting maximum efficiency.

          Management Accounting focuses on the internal environment of business, and provides information for such decisions of the firm as make or buy, replacement, pricing and cost reduction decisions.

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