Management Accounting Books

10 Best Management Accounting Books [Updated 2021]

Being a manager means you need to possess more knowledge than others, specifically your subordinates. Accounting know-how is equally important for managers, and hence for people there without an accounting background, we have some great books to help you with the subject. Below is the list of such books on management accounting to read in 2021  –

  1. Management Accounting: Principles & Practice ( Get this book )
  2. Real Numbers: Management Accounting in a Lean Organization ( Get this book )
  3. “Best” Management Accounting: Successful Business – Decision Making & Budgeting ( Get this book )
  4. Advanced Management Accounting
  5. Management Accounting (Projects & Budgets) ( Get this book )
  6. Handbook of Management Accounting Research ( Get this book )
  7. Introduction to Management Accounting ( Get this book )
  8. Management Accounting ( Get this book )
  9. Introduction to Management Accounting ( Get this book )
  10. Management Accounting ( Get this book )

Let us discuss each of the managerial accounting textbooks in detail along with its key takeaways and reviews.

Management Accounting Best Books

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#1 – Management Accounting: Principles & Practice

by- M.A. Sahaf 

Financial Management: Principles and Applications (12th Edition) (Pearson Series in Finance)

Introduction

This management accounting book has been introduced by the author to make sure that he addresses the varying scope of the subject, along with pioneering the changed curriculum. The content has been presented in a logical and structured manner by the author to make sure that students make the most out of the difficult concepts and techniques of management accountancy.

Book Summary

Mr. Sahaf has included the following topics to the book, the scope and the nature of management accounting principlesAccounting PrinciplesAccounting principles are the set guidelines and rules issued by accounting standards like GAAP and IFRS for the companies to follow while recording and presenting the financial information in the books of accounts.read more and processes of accounting, decision making with the help of cost analysis, cost inventory, costing of products, financial statement analysis, ratio analysis and much more. He has started right from the basic principles of accountancy to reading and understanding the financial statementsFinancial StatementsFinancial statements are written reports prepared by a company's management to present the company's financial affairs over a given period (quarter, six monthly or yearly). These statements, which include the Balance Sheet, Income Statement, Cash Flows, and Shareholders Equity Statement, must be prepared in accordance with prescribed and standardized accounting standards to ensure uniformity in reporting at all levels.read more, which help managers in making managerial decisions for the organizations.

Key Takeaways

The entire management accounting book is based on the revised edition of accountancy. The author has introduced and explained the core concepts, an analysis that has helped in the development of the subject, and hence it is not only about the principles, techniques, and procedures of accountancyProcedures Of AccountancyThe accounting procedure is the process of standardized nature that performs a specific accounting function designed to incorporate better risk management policies to complete these functions efficiently. It includes billings, invoices to suppliers, bank reconciliation, requiring comprehensive and streamlined procedures.read more.

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#2 – Real Numbers

Management Accounting in a Lean Organization 
by- Jean E. Cunningham and Orest Fiume 

Real Numbers: Management Accounting in a Lean Organization

Introduction

This best management accounting book is for managers who need a book to make their numbers real from lean calculations. Reading and practicing the techniques given in the book by the author will help you change your business and improve it forever. The author calls his book a guide and an insurgency in controlling finance and administration.

Book Summary

The authors have all been ex-chief financial executives of their respective organizations, and they have clearly focused on how the subject has developed to this point, and management can restore simplicity and clarity in business, especially in a lean business. They have described their personal experiences with the Why’s and How’s of lean accounting in this book. The model of management accounting described in this book show the ways true profit potentials of an organization can be unlocked.

Key Takeaways

Management accounting models used in real life by the CFE of huge companies and organizations can really be very helpful for your understanding of the subject; besides, the authors have disclosed the ways of unlocking profit potentials.

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#3 – “Best” Management Accounting

Successful Business – Decision Making & Budgeting

by- Deepak Gupta

'Best' Management Accounting: Successful Business - Decision Making & Budgeting

Introduction

A fresh attempt made by the author to present the basics of accountancyBasics Of AccountancyAccounting is the formal process through which a company attempts to present its financial information in a way that is both auditable and usable by the general public. read more in very simple language. He specifies that every definition of accounts concludes that it is a tool that helps management in making financial decisions of the organization as the impact affects every aspect of the organization.

Book Summary

The author has added the most basic topics to the book for easy understanding. These topics include control of the budget, decision making of management, various sections of costing, and its analysis, and of course, the book starts with the basics and the explanation of its concepts. The motive of the author is to guide the readers, both graduates, and professionals, about the objectives of cost accountingObjectives Of Cost AccountingCost accounting is a defined stream of managerial accounting used for ascertaining the overall cost of production. It measures, records and analyzes both fixed and variable costs for this purpose.read more and how it can help in making management decisions. This top management accounting book will help you make decisions such as pricing, total cost, and sales orders, etc.

Key Takeaways

Mr. Gupta has taken immense efforts in designing practice questions for the book. These questions are both solved and unsolved and also taken from some different professional examinations that have been given in the chapters of this book.

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#4 – Advanced Management Accounting

by- Robert Kaplan and Anthony A. Atkinson

Introduction

The authors have focused on very minute points of management accounting and the practice of real-world managerial accounting. He has also used the usage or the application of analytical tools of the extensive coverage in detail. This book is a perfect coverage of innovative management accounting issues.

Book Summary

This best management accounting book covers major cost managementCost ManagementCost management is an integral part of business management that works on the basis of estimates, where various activities such as data collection, data analysis and mechanisms, process evaluation, and event reporting are carried out so that the decision-maker can plan and control the organization's budget requirements, allowing the decision-maker to make informed decisions.read more issues faced by big companies across the globe. The authors have added an adjustable approach to the topics of advanced management through systematic accounts management. The chapters of this book are accompanied by a description of case studies and also a description of the concepts used. This team of authors is famous for setting up business standards that are innovative. This book contains chapters like performance evaluations and incentives in detail by using modern approaches.

Key Takeaways

The authors have added an additional chapter called the transfer pricingTransfer PricingTransfer pricing is determined for the transactions between two or more related entities within a multi-company organization. It shows the value of transfer between the associated entities in terms of goods or transfer of employees, labours across different departments.read more. This chapter will take the reader through modern approaches of the subject; it is an addition to (EVA) Economic ValueEconomic ValueEconomic value added (EVA) is a measure of surplus created on a given investment. read more Added. This concept is absolutely appropriate for professionals involved in cost accounting and management.

#5 – Management Accounting (Projects & Budgets)

New Manager Series
by- Alasdair Gilchrist 

Management Accounting (Projects & Budgets): New Manager Series

Introduction

Management accounting is a subject that lets you see in the future as most of the time managers are expected to predict the future. Now how is that possible? This is what this subject all about. Managers are not only promoted on the bases of their technical competencies, knowledge, discipline, and team management skills they need to possess much more.

Book Summary

This top management accounting book covers management accounting for new managers, and it covers internal accounting processes and methods that help the management in handling resources creating its value in a number of forms for both that is value for stockholders and customers. These resources can be both financial and non-financial, which is in the form of employees or human resources, work process, raw material, designs, contractors, vendors, etc.…

Key Takeaways

The author has used and explained MAS that is a management accounting systemAccounting SystemAccounting systems are used by organizations to record financial information such as income, expenses, and other accounting activities. They serve as a key tool for monitoring and tracking the company's performance and ensuring the smooth operation of the firm.read more that helps the management in handling a huge range of data and also converting the data into a very important source of information. He says that when data is processed, it is called information. Once consumed, it becomes knowledge, and finally, when understood, becomes wisdom.

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#6 – Handbook of Management Accounting Research

by- Christopher S. Chapman, Anthony G. Hopwood, Michael D. Shields

Handbook of Management Accounting Research (Volume 2) (Handbooks of Management Accounting Research, Volume 2)

Introduction

Management accounting is nothing but a science of set practices that are very loosely linked to each other. However, they also vary between both time and space. This entire phenomenon makes management accounting very interesting and, at the same time, challenging. This subject, once learned and used, can help you in making economic decisions, organizing, controlling, and also helps you in planning.

Book Summary

The authors propose that the researchers of management accounting are definitely qualified in a way that they can create a structure of cost management know-how that shows both the display and the working of cost management. They do it in such a way that it shows the stakeholders a way of creating and maintaining long-run profit, creating and building the organization. The author has contrasted the facts with the models developed by him.

Key Takeaways

In this management accounting book, the author actually develops a model that uses different measures and analysis tools to generate the performance of cost accounting and management. His model correlates to performance evaluation through cost management and strategy development.

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#7 – Introduction to Management Accounting

by- Charles T. Horngren, Gary L. Sundem, William O. Stratton, Dave Burgstahler, Jeff O. Schatzberg

Introduction to Management Accounting: Ch's 1-17 (15th Edition) [Hardcover] [2010] 15 Ed. Charles T. Horngren, Gary L. Sundem, William O. Stratton, Dave Burgstahler, Jeff O. Schatzberg

Introduction

This best book on management accounting is especially for management professionals who would want to understand the subject better and take strong and effectual economic decisions for their organizations. The authors have very clearly described theories as well as common practices that are added in order to help the readers understand the subject better. In all, this book is very well organized, logical, and easy to understand.

Book Summary

This management accounting book can be your 1st introduction to accounting. It is extremely easy to read a book where the content is comprehended and illustrated easily with the help of key points. This book covers business organization’s business ethics, introduction to budget and preparing a master budget, variance alliances and flexible budgetFlexible BudgetA flexible budget refers to an estimate which varies with the change in production activity or volume. Such a budget is more realistic and flares the managerial efficiency and effectiveness as it sets a benchmark for the actual corporate performance.read more, responsible accounting and management control system, etc.

Key Takeaways

This book is very easy to understand and is organized in a very logical way. It covers not just the required understanding in theory form it also covers common practices along with live examples of various organizations and their method utilization

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#8 – Management Accounting 

by- Anthony A. Atkinson, Robert S. Kaplan, Ella Mae Matsumura, S. Mark Young

Management Accounting (3rd Edition)

Introduction

To master any subject, you need to understand the basics of the same. That’s right. You need to get the base right before you want to understand it well. This book helps you understand the basics of accountancy with simplicity and ease. Learning a boring subject can actually get easy if you have the right guide to help you master its basics and advanced level.

Book Summary

The author shows the treatment of management accounting in a very advanced and detailed manner when actually the reason for recommending this book is that the author has extended the basic concepts extremely well in this book, along with focusing on the very basic concepts of management accounting. They also show or display how subject accounting is used and analyzed in actual case studies.

Key Takeaways

This best management accounting book includes new topics in management accounting that is activity-based cost system, targeted costing, JIT, planning of a product, pricing, performance measurement system, budget, etc. This book, in total, is insightful knowledge instead of too much focus on calculations and solving problems.

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#9 – Introduction to Management Accounting

by- Charles T. Horngren, Gary L. Sundem, Jeff O. Schatzberg, Dave Burgstahler 

Introduction to Management Accounting (Myaccountinglab)

Introduction

This subject is an essential tool for a manager as it helps them in making effective economic decisions. The authors do not believe in making you memorize the techniques. Their focus is to make you understand the basic concepts of management accounting. They have encouraged the reader to think about the advantages and disadvantages of different techniques and how they can be used.

Book Summary

Managers have to understand how their decision affects the cost of the organization. They have introduced the concepts of accounting in the very beginning of the book. These concepts are then revised in other chapters in more complex situations, however slowly and gradually as and when the students gain an understanding of the subject. This is not enough; the authors have also enclosed examples that are live examples of real companies with every concept of understanding.

Key Takeaways

This management accounting book has helped students understand the role or the part of accounting practices in modern business. They have also provided a sneak peek into the operations of major organizations. These chapters each one of them are ended with the help of problem illustration and how information available to the public can display the image of the company

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#10 – Management Accounting (For University of Delhi, Sem.5)

by- I.C. Jain 

Management Accounting (For University of Delhi, Sem.5)

Introduction

This management accounting book is a very student-friendly book and includes and covers the latest management accounting syllabus. The author has used a useful examination approach in creating the book, and hence it can also be used by students who are planning to appear for exams such as CFACFAThe Chartered Financial Analyst (CFA®) Program offers a graduate-level curriculum and examination program designed to expand your working knowledge and practical skills related to investment decision-making. read more, MBA, ICWA CA, CS examsCS ExamsA "Company Secretary" (CS) is a member of the Institute of Company Secretaries of India, as specified by the Company Secretaries Act, 1980. Candidates must finish a comprehensive three-level Company Secretary Course in order to become members of ICSI.read more, etc. He helps you create an impact on decision making in modern business with his book on management accounting.

Book Summary

This top book on management accounting covers an overview of Management Accounting which includes objective, definition, functions, the role of accounting, etc., in addition to this, it also covers budgetary controlBudgetary ControlBudgetary control refers to a cost controlling system in which the management plans and regulates the various corporate costs by identifying the variation of actual expenses from the budgeted expenditure.read more and budgeting, variance alliances and standard costing, measurement of income, profit analysis along with cost and volume performance measurement, etc.

Key Takeaways

This book facilitates a quick revision with the help of key terms, summary, theory questions, objective questions, practice problems, etc. It also includes 125 illustrations, 100 solved problems, 150 exercises that are not solved, and also have answers and hints, and much more. This book is a complete book for this subject.

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This has been the list of Top Management Accounting Books along with their key takeaways. If you wish to learn more about Investment Banking, you may refer the following books –

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