There is old saying in business that “you can not manage what you can not
measure”. The same goes for an accounting system. Accounting is one of the
fastest-growing fields in the modern business world. Accounting is the
recording, classifying, summarizing, and interpreting of those business
activities that can be expressed in monetary terms.
In modern society, accounting plays an important role. Accounting is a basic
and vital element in every modern business, especially is management
accounting. None of the business organization can operate without it.
Management accounting or managerial accounting has its roots in the
industrial revolution of the 19
th
century. It is concerned with the provisions
and use of accounting information to managers within organizations, to
provide them with the basis to make informed business decisions that will
allow them to be better equipped in their management and control functions.