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¶ … Managerial Accountant
ACC403 Module 4 Threaded Discussion Managerial Accounting 21st Century The purpose management accounting organization support competitive decision making collecting, processing, communicating information helps management plan, control, evaluate business processes company strategy.
The importance of management accounting within an organization:
Changes and evolution of the managerial accountant's role
The distinctive feature of managerial accountancy is that members of the profession work for one specific company on a consistent basis, versus being employed by a variety of clients. "The role of the management accountant is to perform a series of tasks to ensure their company's financial security, handling essentially all financial matters and thus helping to drive the business's overall management and strategy" (Role of the managerial accountant, 2012, Business Careers). Depending on the seniority of the accountant, these duties may include budgeting, tax advice and policy, managing assets within benefits packages and other forms of strategic planning (Role of the managerial accountant, 2012, Business Careers).
Accounting, particularly corporate accounting, has been increasingly in the national consciousness for the past decade, particularly in the wake of...
Inappropriate accounting techniques resulted in massive fraud that posed a danger to the world economy. The credit crisis of 2008 further underlined how concealed financial irregularities that were not transparent could be facilitated by unethical accounting. As a result of these scandals, "the face of accounting has changed. Its role in business, particularly big business, is much more complex... One upshot of the accounting scandals from the early part of this century is a new realization of the critical role accounting practitioners play in business decisions" (Accounting, 2012, Wet Feet).
As organizations themselves grow more complex, the 'managerial' aspect of the managerial accountant's job description has risen in importance. Particularly in the wake of the recent recession, there is a need for forecasting and strategic analysis in the face of economic uncertainty. Besides the "traditional earnings reporting and analysis that takes place in every organization" there is also "a renewed and heightened interest in cash-flow management" due to concerns about available credit (How has the role of a corporate accountant changed, 2009, ACBJ). Accountants have additional responsibility for the "proactive management of accounts receivable, inventory and accounts payable" to improve cash flow (How has the…
References
Accounting. (2012).Wet Feet. Retrieved:
http://www.wetfeet.com/careers-industries/industries/accounting
Cooper, Phillip & Dart, Eleanor. (2009). Changes in the managerial accountant's role: Drivers and diversity. The University of Bath School of Business. Working Paper. Retrieved:
http://teambath.bath.ac.uk/management/research/pdf/2009-06.pdf
http://www.bizjournals.com/columbus/stories/2009/07/20/focus2.html?page=all
http://www.allbusinessschools.com/business-careers/accounting/management-accounting
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
Managerial Accounting Managerial accountants are charged with all financial matters that do not pertain to the financial accounting statements. Within their company, they ensure that the company has good financial security, they perform analysis on costs and revenues, they perform budgeting, handle taxes, and their work is frequently used in strategic planning, whereby they provide the financial analysis to management to help make better decisions (No author, 2012). Some of the
Managerial Accounting Accounting Managerial accounting is different from financial accounting because it is used primarily by companies and organization to generate weekly, daily and monthly reports to help them forecast future financial events (Birnberg, 1992). The profession of managerial accounting looks at the many ways managers can help facilitate increased revenues over defined times, and the future in general. It is not concerned with investments as much as it is concerned with
Managerial Accounting Elkay is a manufacturer of sinks. The company has three plants, serving different markets. The Ogden plant is high-volume, low-margin production. The company has new technology that makes it an innovator in efficiency. The Lumberton plant focuses on high margin items. Broadview is for commercial, institutional and specialty products. The company's information provides feedback about profits that indicates one customer type provides all of the profits, and the other
That we do not find out about cost overruns until the project is completed creates a climate where managers are motivated to overlook past transgressions yet are powerless to address future ones. Lastly, I would tie performance-based bonuses either to non-financial measures or to ones based on financial accounting, subject to GAAP and other defined rules and procedures. In general, financial incentives are only necessary when there are competing
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