Management accounting involves partnering with management in decision making, planning, and performance management. It has evolved from traditional cost accounting to also include strategic management, performance management, and risk management. Management accountants analyze financial data and costs, prepare budgets and forecasts, report to management, and perform tasks like cost control, internal auditing, and tax planning to assist managers in making informed decisions. Specific methodologies used include activity-based costing, standard cost accounting, and transfer pricing.