Define "Management Accounting"

Management accounting is the branch of accounting used by the managers of an institution for the purpose of decision making. Management accounting utilizes available data and future estimates to provide reports on a need basis. Under management accounting, the costs of the business are analyzed and utilized by the management to prepare budgets that can facilitate the planning and control functions. Management accounting unlike financial accounting is intended for internal users of an institution and preparation of the reports is not guided by a set of rules or regulations.