In a competitive business environment, all organizations take full responsibility for accounting and management. So, what is management accounting? Management accounting, however, is accounting in the sense that it includes the production of all information useful to an organization. This may include financial or non-financial information, accurate or generally correct, actual or estimated, detailed or highly aggregated, presented in various forms, written or oral, which also includes graphs and tables, and is primarily profit and/or related. or losses, volumes, trends, etc. (Coombs, Hobbs and Jenkins, 2005, p.2)According to the Chartered Institute of Management Accountants [CIMA], management accounting is the combination of accounting, finance and management that occupies the forefront of a business prosperous (CIMA). This CIMA definition is generally accepted as the definition of management accounting because some of its known definitions and descriptions were too broad and imprecise. Terence Lucey (2003) could generally define management accounting as an integral part of management, which involves the identification, presentation and interpretation of information, which will be used in the following areas:• Strategy formulation• Planning and control of activities• Decision making• Optimization of the use of resources• Disclosure to shareholders and others external to the entity• Disclosure to employees• And safeguarding of assetsManagement accounting is an essential profession that determines the business performance of an organization (Institute of Management Accountants, Inc. [IMA]). During this discussion, we will discuss the principles, objectives and importance of management accounting therefore...... middle of paper ......te of management accountants. Management accounting. The Association of Accountants and Corporate Finance Professionals. Available via [accessed December 29, 2013]Johnson, R. Managerial Accountant's Role in Business Planning. Small Business by Demand Media. Available via [accessed December 30, 2013]Knese, WF 2013. Management accounting matters. Outlook. Lucey, T. 2003. Management accounting. 5th ed. Great Britain: Biddles Ltd., Guilford and King's LynnManagement Accounting Concepts and Principles. APTARA. Available through Prasad, M. and Sinha, K. 1990. Principles of management accounting. First edition Delhi: Jainendra Prakash Jain at Shri Jainendra Press