Meaning of Management Accounting System:
Management accounting system refers to the process of collecting, analyzing, and reporting financial and non-financial information to the management of an organization. It provides relevant and timely information to aid in decision-making, planning, controlling, and performance evaluation. The system is designed to assist managers in achieving the organization's goals and objectives effectively.

Objectives of Management Accounting System:

1. Planning and Decision-making: The primary objective of a management accounting system is to provide relevant and accurate information to support planning and decision-making. It helps managers in setting goals, formulating strategies, and making informed decisions based on reliable data.

2. Cost Determination and Control: Another objective of the management accounting system is to determine and control costs. It helps in identifying the various costs associated with different activities, products, and services. By analyzing cost data, managers can control expenses, reduce wastage, improve efficiency, and make cost-effective decisions.

3. Performance Evaluation: Management accounting system enables the evaluation of the performance of various departments, products, and individuals within the organization. It compares actual performance against planned targets, identifies variances, and assists in taking corrective actions to achieve desired results.

4. Profitability Analysis: The system helps in analyzing the profitability of different products, services, and customer segments. It provides insights into revenue generation, cost allocation, and profit margins. This analysis helps in identifying profitable areas and making strategic decisions to maximize profitability.

5. Resource Allocation: Effective resource allocation is essential for the success of any organization. The management accounting system provides information about the availability and utilization of resources. It helps managers in allocating resources optimally, identifying bottlenecks, and improving resource utilization efficiency.

6. Forecasting and Budgeting: The system facilitates forecasting and budgeting processes by providing historical data, trends, and insights. It helps in estimating future revenues, expenses, and cash flows. This enables managers to develop realistic budgets, monitor performance against budgets, and make necessary adjustments.

7. Internal Control: Management accounting system includes internal control measures to safeguard assets, prevent fraud, and ensure compliance with regulations. It establishes checks and balances, segregation of duties, and monitoring mechanisms to maintain the integrity of financial and non-financial information.

In conclusion, the management accounting system plays a crucial role in providing relevant and accurate information for effective decision-making, cost control, performance evaluation, profitability analysis, resource allocation, forecasting, budgeting, and internal control. It helps managers in achieving organizational objectives and improving overall performance.