The term usually employed to distinguish the accountant in industry who is primarily concerned with presenting information on which cost-conscious management decisions will be made from the purely financial accountant, concerned with the overall financing of a business. Management accountants must decide, through analysis of the cost variances concerned, the precise amount of funding necessary for a given project. They are also concerned with budgetary control (it is upon the figures which they supply that budgets are ultimately agreed) and standard costing. Management accountancy has evolved as a profession from cost accountancy; the latter’s governing and examining body has dropped the title of Institute of Cost and Works Accountants in favour of Institute of Cost and Management Accountants.
Reference: The Penguin Business Dictionary , 3rd edt.