Management Accounting in Private Sector

Need for Managerial Accounting Information:
Every organization-large and small-has managers. Someone must be responsible for making plans, organizing resources, directing personnel, and controlling operations. Every where mangers carry out three major activities-planning, directing and motivating, and controlling.
For over a hundred years now, during which period science and technology has been revolutionizing all aspect of human life and experience, modern management has not only gone through a series of metamorphosis but it has also played a strategic role in that resolution. The continuous process of identifying human needs and wants and applying human knowledge and skills in converting available resources or raw materials into what is required to satisfy the felt needs and wants of each society has been made possible only through the art and science of managerial and entrepreneurial leadership and improved technology. It can be said that the major distinctive characteristic between the have and the have-not of the world today lies in their relative capabilities to develop and utilize their human and non human resources, without improvement in this area of art and science of development and management of resources the country will fall in the category of the world have-not.
The need for managers cannot be over emphasized; the views of the most national and international leaders and experts are that a major cause of the retarded progress of most under-developed countries of which Nigeria is one is under-development of managerial capabilities in a very broad sense. Manager in this sense includes all who are responsible for setting organizational objective and getting these accomplished through other people at all levels of the organization. It therefore includes education, trainer, professional engineers, scientists, technologists and technicians who supervise the work of other sub-ordinates within their organizational hierarchy. The present situation in most...