IMPORTANCE OF MANAGEMENT ACCOUNTING KNOWLEDGE IN DECISION MAKING

The worldwide trend in building a world-class enterprise is focused on reduction of costs in the business and the usage of modern methods for successful business management. The executive management must use comprehensive information on the activities of the enterprise in its management work, which is provided by the official accounting (financial). This information, although being relatively comprehensive, is mostly not sufficient enough. Therefore, in practice, enterprises have developed management accounting designation, as an indication of the complex information needed for successful work of the managers. The success of businesses is decided not only by the field which it operates in, but also by the tools and methods of management being used.