Introduction Cost accounting is vital for driving decision-making processes of a company. It is significant in the cases of both small and internationally influential organizations because it determines whether the decisions made by an organization’s senior management will be productive and benefit the company guaranteeing its further flawless development. Moreover, it is advantageous for resolving whether a company has critical problems and finding the ways to solve them. In addition to it, firms apply cost accounting for evaluating their performance by analyzing the data with the aim of estimating whether a company is at losses or has profits, what is the size of its external debt if any, who are the debtors of an organization and what is the period of their debt. It means that the primary field of application is determining the current condition and future prospects. Finally, the justification of the need for cost accounting is the opportunity to assess the current financial state of a company and its prospects in the future (Shanker, n.d.). Accounting has several dimensions such as financial reporting, budgeting, costing, planning a company’s activities, and estimating its performance. Effective cost accounting is a composition of numerous methods of analysis and ratios. However, what is the most significant for guaranteeing the flawlessness of accounting and its productivity is the access to information, and that this information is relevant and timely. It is the information that is an input variable of every process of accounting and it is the analysis of information that is the primary tool of management accounting and determining a company’s performance and perspectives – short-, mid-, and long-term. This paper aims at finding out the role of management accounting information in cost accounting. It will focus on the explanation of the nature of management accounting information determining the peculiarities of its analysis and possible modifications with regard to the industry of involvement and operation and company’s specialization. Moreover, the paper will provide examples of its use and significance, for the purpose of estimating its role and significance. In addition to it, the paper will speculate on advantages and disadvantages of using management accounting information in cost accounting with the special accent on relevance and timeliness of the analyzed information. Finally, it will present some recommendations on improving the experience of the application of this tool of cost accounting and making it more effective when applying to decision-making mechanisms as well as some ways to refining the quality of the information. Explanation of the Nature of Management Accounting Information Cost accounting dates back to the beginnings of civilization and state. The justification for the need of cost accounting is the opportunity to estimate and forecast the operation and welfare of not only organizations but also states. Initially, it was the state that implemented accounting as a tool for assessing the performance of its activities through managing and controlling financial systems. Later, with the rise of organizations, they borrowed this tool from the state because saw it as the foundation of successful operation and prosperous future. However, both the state a