Management accounting involves the presentation of financial information for internal purposes, which will be used by management in making key business decisions.
The methods used by management accountants are not dictated by accounting standards, unlike financial accounting.
The presentation of management accounting data can be modified according to the specific needs of the end user.
Management accounting covers many aspects of accounting, including product costing, budgeting, forecasting and various types of financial analysis.
This is different from financial accounting, which compiles and distributes official financial statements for public consumption that comply with current accounting standards.