The measurement, communication and processing of financial or non-financial information regarding economic entities is known as accounting. It measures the results of a firm's economic activities. Accounting also conveys this information to various users like investors, creditors, regulators and management. Accounting can be divided into various branches including financial accounting, management accounting, external auditing, tax accounting and cost accounting. Financial accounting deals with reporting of an organization's financial information. Management accounting is involved in measuring, reporting and analyzing the information in order to be used by the management. This book traces the progress of this field and highlights some of its key concepts and applications. It picks up individual branches and explains their need and contribution in the context of a growing economy. Through this book, we attempt to further enlighten the readers about the new concepts in this field.