The process of identifying, analyzing and communicating information to managers which would help in achieving business goals is termed as management accounting. Also known as cost accounting, it encompasses information regarding all financial and non-financial decisions. The discipline of management accounting can be broadly classified into strategic management, risk management and performance management. Strategic management studies the role of management accountants in organizations. Risk management focuses on decision making techniques and management of performance within organizations. Risk management contributes to frameworks and practices which are used for the identification and management of risks. Some prominent methodologies studied under this discipline are activity based costing, lean accounting, throughput accounting, resource consumption accounting and transfer pricing methods. The book studies, analyses and uphold the pillars of management accounting and its utmost significance in modern times. While understanding the long-term perspectives of the topics, it makes an effort in highlighting their impact as a modern tool for the growth of the discipline. This book is a complete source of knowledge on the present status of this important field.