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2. Research the answers to management tax or auditing questions- once an accountant understands their job, they must be prepared to answer very specific questions concerning the accounting information that is provided (Johnstone & Biggs, 1998). While most CEO's and people in various departments have some understanding of accounting, there are some very intricate financial details that only accountants fully understand (Johnstone & Biggs, 1998). With this understood, successful accountants will be prepared to answer complicated questions related to management tax and auditing questions. If the accountant does not have the capacity to answer these questions correctly the decisions that the business managers make may be incorrect.
3. Convey the results to colleagues- not only do successful mangers have to be able to understand and answer questions; they also must have the capacity to convey results with colleagues (Johnstone & Biggs, 1998). This means that successful managers must have good communications skills. Successful accountants must have the capacity to communicate with others in a way that assists them in understanding accounting language that can be rather complex. The ability to effectively communicate the financial happenings of a firm to the firm's managers is essential to ensuring that the company can make the correct decisions (Johnstone & Biggs, 1998).
Another attribute that seem essential for successful accounts to possess in the 21st century is a global perspective. The world has changed a great deal over the past 15 years. Businesses, governments and people are now more connected than ever before. These connections can be beneficial if they are properly maneuvered. That is if managerial accountants have properly analyzed the global avenues that the company can exploit, the results could be beneficial for the company.
Having a global perspective is also important because it allows the account to assist high level mangers in endeavors aimed at international expansion. International al expansion can be extremely problematic particularly if the company does not have accountants that understand the complexities of international transactions. In addition, accountants are also necessary because they ensure that the international expansion will receive the proper amount of funding.
Overall, managerial accountants must be prepared to work hard to assist their firms in achieving specific goals. Additionally accountants must behave in ways that demonstrate integrity and ethics. They must understand the consequences of behaving in ways that are unethical including the failure that might be visited upon companies or entire economies. Additionally accountants must possess excellent communications skills that allow them to properly convey the financial condition of the company. Such effective communication assists those in positions of authority in making the proper business decisions.
The purpose of this discussion was to provide an analysis of the factors that lead to success for accountants. The research found that management accounting is important to the establishing of the proper business and financial management schemas. The research reveals that successful managerial accountants must acquire the proper education, job experience and certifications. Additionally, successful managerial accountants must understand and implement important theories related to managerial accounting. Contract theory is the primary theorem that successful managerial accountants must understand. The reality of group dynamics present through this theory will aid accountants in presenting information in a way that is proper and ethical. The research also suggests that the most successful managerial accountants also have a global perspective. Such a perspective is important because of the changing nature of the business environment and the manner in which people around the world communicate with one another.
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Greater emphasis must be placed on studies to highlight the factors which affect the diffusion of these managerial accounting techniques which can increase an organizations productivity, efficiency and competitiveness. (Tan, 2002, p. 226) Innovative academic researchers and managers should pave the way for a scientific management movement which can lead to the design of management accounting systems which are significantly different from the traditional ones. (Johnson; Kaplan, 1991, p.
Managerial Accounting -- Budgeting 1 & (1) Is this a static or flexible budget? Since many of the budget line items are based on student enrollment, this budget format is considered to be a flexible budget. The costs of providing instructors and associated benefits is fixed by the state with regard to the ratio of students to teachers, and students per classroom (which is more a function of fire codes and building
Managerial Accounting E-Company Income Statement Contribution Margin For Period Ended Dec 31, 20XX Revenue less V Mfg Cost less V Op/Selling Cost Gross Profit (Contribution Margin) Fixed Mfg Overhead Fixed S&A Exp Total Fixed Costs Net Income $4,765,000 E-Company Income Statement Absorption Method For Period ended Dec 31, 20XX Revenue Less Mfg Cost Less Op/Selling Cost Less S&A Exp Net Income $5,485,500 The gross profit margin is 75.6%. This is calculated as the (revenue -- cogs) / revenue (Investopedia, 2011). The contribution margin is similar, but does not include costs associated with goods
Managerial Accounting Strategic Management in Large Multinational Corporations Strategic Sources, Inc. is a multinational organization that operates in 20 countries around the world. They offer a wide variety of products and services to their customers. Their extensive business portfolio includes some portions of the organization that serve as suppliers for other parts the organization. In an effort to increase profit margins, the Chief Financial Officer has been appointed the task of presenting
This is also a problem that must be addressed at the trustee level, rather than the treasurer level. Although these realities push this lower down the priority list, a medium-term priority should be to provide estimates to the trustees of the future funding levels required so that they can seek these funds in advance of the actual demand increases. High employee attrition rate. This is not specifically a treasury issue,
Managerial Term Managerial Accounting FINAL EXAMINATION Please complete the following by typing your answer letter next to "ANS" (example "ANS: c) and return to your Instructor via Blackboard by midnight, August 1, 2012: A (n) ____ is a review to determine whether the policies and procedures specified by top management have been implemented. A) management audit B) internal audit C) internal control D) internal accounting control 2) Variances A) are quantitative expressions of plans of action B) ignore areas that are
Also, these costs are not directly attributable to production and this makes it vital that the company keeps these expenses under constant control. Calculations Break-even point Break-even point = Fixed costs / (Unit Selling Price -- Unit Variable Cost) Break-even point for the given data = 500,000 / (20-10) = 50,000 So, the firm has to sell 50,000 units at the current price levels to break-even. The break-even point in terms of dollars is