1000 results for “Management Accounting Essays Examples”.
The clear line drawn between accounting and managing, for example, illustrates that traditional accounting systems are of little use to the managers, and that they should have their own accounting systems to meet their needs.
Another way in which Fayol influenced managerial accounting systems is in the way he viewed organizational structure. Some of his key structural principles, such as centralization and scalar chain, reinforce the value of management accounting systems. The systems are needed to support the chain of command, and the top manager at the center of the system. The principle of unity of direction probably contributed the most to management accounting systems because it ties objectives together with a single manager. This guided management accounting systems towards meeting specific singular objectives, and framed the chain of tasks around goals.
Behavioral theories also helped to have an influence of the development of management accounting systems. Human relations is…
Hoque, Zahirul. (2006) Methodological Issues in Accounting Research. Spiramus Press, London.
No author. (no date). Session 5: Financial and Managerial Accounting Transportation Operations Management. Retrieved August 16, 2008 at http://cbdd.wsu.edu/kewlcontent/cdoutput/TOM505/page11.htm
No author. (2007). Frederick Taylor and Scientific Management. NetMBA. Retrieved August 16, 2008 at http://www.netmba.com/mgmt/scientific/
No author. (no date). Administrative Theory (Fayol). Babson College. Retrieved August 16, 2008 at http://faculty.babson.edu/krollag/org_site/encyclop/admin_theory.html
Management accounting provides data that can help a small business craft a strategy that can be used to meet their financial and organizational objectives by assisting in the decision making process. Examples of types of issues that a management accountant is equipped to analyze might include items such as product costing, relevant costing, capital budgeting, and operational or strategic planning. Furthermore, a management accounting can design, implement, and manage internal metrics that sustain timely decision making, planning, and control over the business's most critical operations. Being able to determine financially which business activities are profitable and which could be refined is a critical part of any small business strategy and often can represent the difference between success and failure.
The field of management accounting, or managerial accounting, is rapidly evolving with new technology and analytical tools. The modern business environment is becoming increasingly competitive and sophisticated their strategic positioning. For…
Endencih, C., Brandau, M. & Hoffjan, A., 2011. Two Decades of Research on Comparative Management Accounting -- Achievements and Future Directions. Australian Accounting Review, 21(4), pp. 365-382.
Gorchel, L., 2010. The Product Manager's Handbook. 3rd ed. New York: McGraw-Hill.
Ittner, C. & Larcker, D., 2001. Assessing empirical research in managerialaccounting: a value-based management perspective. Journal of Accounting and Economics, 32(1-3), pp. 349-410.
Michalek, J., Feinberg, F. & Papalambros, P., 2005. Linking Marketing and Engineering Product Design Decisions. The Journal of Product Innovation Management, 22(42-62), pp. 42-62.
This is consistent with contingency theory -- not only must the managerial system be broadly appropriate for the firm type, but is must also be fine-tuned to meet the specific structural and environmental needs of the firm. The subsystems must be congruent with the firm's objectives, and firms of the same type do not necessarily have the same objectives (ade & Schneberger, 2006).
A firm can, if it chooses, use a managerial system that broadly fits its needs, such that the same system is used in a number of similar organizations. However, for a firm to be most effective, it should tailor that broad system to meet its specific circumstances. Management cannot assume that a managerial system used by a similar organization will work for them, because not too firms will have the exact same structure, environment, and objectives. Because management accounting is so focused on the provision of information…
Hayes, David C. (1977). The Contingency Theory of Management Accounting. The Accounting Review. Vol. LII No. 1, January 1977 pp.22-39
Chennall, Robert H. & Morris, Deighan (1986). The Impact of Structure, Environment, and Interdependence on the Perceived Usefulness of Management Accounting Systems. The Accounting Review. Vol. 61, No. 1, January 1986, pp.16-35.
Wade, Mike & Schneberger, Scott. (2006). Contingency Theory. York University. Retrieved July 17, 2009 from http://www.istheory.yorku.ca/contingencytheory.htm
This will help mananagement to understand how sensitive the organization is to changes in the sales mix. Such information is helpful when determining future strategy and spending decisions.
The sensitivity analysis can also help is determining the ideal degree of operating leverage. In general, the greater the leverage the greater the sensitivity of the organization to change. Understanding the effect that operating leverage has on the business is one of the key benefits to CVP analysis.
One of the potential problems with CVP analysis is that it implies future performance based on either past trends or on assumptions. The market may not react as expected changes in the marketing mix, price or other variables. The sensitivity analysis can mitigate some of this effect, but the risk still exists that the market will not react in the manner that was modelled using CVP.
Another potential problem is that CVP analysis is…
Williams, Jan R.; Haka, Susan B.; Bettner, Mark S. & Meigs, Robert F. (2002). Financial and Managerial Accounting: The Basis for Business Decisions. McGraw-Hill, New York, 2002.
Horngren, Datar & Foster. (2003). Cost Accounting. Prentice-Hall, Upper Saddle River, NJ, 2003.
Williamson, Duncan. (2000). Cost Volume Profit Analysis: Its Assumptions and their Pitfalls. Duncan Williamson. Retrieved February 19, 2009 at http://business.fortunecity.com/discount/29/cvpass.htm
In addition, service measures like customer satisfaction are also gauged. Production measures -- especially those related to efficiency and airplane load factors -- are also critical in decision-making at the organization. But the PSP philosophy illustrates clearly that FedEx recognizes the link between non-financial measures and financial outcomes. Thus, the company explicitly measures performance in non-financial terms, specifically because it believes that its financial performance will benefit from focusing on non-financial measures.
Overall performance evaluation approaches should include a mix of non-financial and financial measures. This perspective recognizes that financial objectives are not achieved in a vacuum -- that they require work on a number of inputs in order to achieve financial objectives. The use of performance measures of all types will help to orient the activities of the organization towards actions that will have a positive impact on the company's ability to achieve its financial objectives. Good companies recognize…
BSI. (2011). Balanced scorecard basics. Balanced Scorecard Institute. Retrieved December 13, 2011 from http://www.balancedscorecard.org/BSCResources/AbouttheBalancedScorecard/tabid/55/Default.aspx
Gjerde, K. & Hughes, S. (2007). Tracking performance: When less is more. Management Accounting Quarterly. Retrieved December 13, 2011 from http://findarticles.com/p/articles/mi_m0OOL/is_1_9/ai_n31141879/?tag=co%20ntent;col1
Mudde, P. & Sopariwala, P. (2008). Examining Southwest Airlines' strategic execution: A strategic variance analysis. Management Accounting Quarterly. Retrieved December 13, 2011 from http://findarticles.com/p/articles/mi_m0OOL/is_4_9/ai_n31151644/pg_2/?tag=content;col1
The IMA statement of ethical professional practice begins with the overarching principles of honesty, fairness, objectivity and responsibility. The statement consists of four standards, these being competence, confidentiality, integrity and credibility. Lastly, the statement provides guidance for the resolution of ethical conflict. Three steps are to contact a superior, then an IMA ethics counselor and then finally a lawyer.
There is evidence in the Enron case that Enron's executives violated some of the elements of the IMA ethical statement. Now, it is worth remembering that the fraud was related to the financial accounting statements, and there is less strict legal guidance with respect to managerial accounting, but the IMA statement still pertains to the accounting function. Clearly, Enron did not adhere to the overarching principles of honesty, fairness, objectivity and responsibility. It is felt that they were probably deliberately dishonest and it has been proven that they hid…
IMA. (2013). IMA statement of ethical professional practice. IMA. Retrieved October 27, 2013 from http://www.imanet.org/pdfs/statement%20of%20Ethics_web.pdf
The control of the financial resources is pivotal in any occupation as it serves a multitude of purposes. For instance, an extensive budgetary process helps set realistic and attainable objectives, while also considering resource constraints (Shim and Siegel, 2005, p.9). Additionally, the financial planning component is a central element in the final success of any business endeavor, and one could wonder how it is possible to reach business success without focusing on financial constraints. It is in fact rather difficult. While it may be doable for companies in the public sector or for not-for-profit institutions, to a for-profit company, for which "profitability is the primary goal of the firm, […] financial systems are inevitably the primary mechanism through which top management seeks to control performance" (Grant, 2005, p.214).
From the lessons of Body Glove however, one can see that business triumph is indeed possible with a reduced emphasis on budget…
Cohen, S., Eimicke, W., Heikkila, T., 2008, the Effective Public Manager: Achieving Success in a Changing Government, 4th Edition, John Wiley and Sons, ISBN 0470282444
Grant, R.M., 2005, Contemporary Strategy Analysis, 5th Edition, Wiley-Blackwell, ISBN 1405119985
Premchand, a., 1983, Government Budgeting and Expenditure Controls: Theory and Practice, International Monetary Fund, ISBN 0939934256
Shim, J.K., Siegel, J.G., 2005, Budgeting Basis and Beyond, 2nd Edition, John Wiley and Sons, ISBN 0471725021
Purpose of Management Accounting
An organization is typically a system consisting of many departments that work as a system. The overall performance of an organization is based on the individual contributions made by the varied departments therein. One of such departments is the accountants and accounting management department. The purpose of management accountant is to support decision making by collecting, processing, and communicating information that helps management plan, control, and evaluate business processes and company strategies. These types of roles and responsibilities have not been accorded to the self-directed accountant in most cases. This is because many of these responsibilities have been left to individual people in the company.
Many organizations do not have a typical docket of management accounting. Instead, this docket has many individuals who are accorded the same roles. Financial reporting is an important docket within an organization. This role is executed at the beginning…
Bendrey, M., Hussey, R., & West, C. (2003). Essentials of management accounting in business.
Chapman, C.S., Hopwood, A.G., & Shields, M.D. (2009). Handbook of management accounting research: V. 3. Amsterdam: Elsevier
Needles, B.E., Powers, M., & Crosson, S.V. (2010). Financial and managerial accounting.
Classic Pen Company is an organization specializing in the production of pens, the Classic Pen has been enjoying the low costs for the production of BLACK pens and BLUE pen, and the company has enjoyed the profit margin of 20% of sales. Increase in sales makes sales manager to decide to expand business by introducing new product line, which could offer at a 3% premium. Thus, management introduced ED pens, which could be sold at 3% premium despite its complicated production requirements. PUPLE was also introduced last year because it is has been viewed to command 10% premium selling price.
Since the introduction of new products, the financial statement of Classic Pen has been disappointing and there is a need to address the problem to make the company to enjoy increase in profitability.
Production of new ed Pen and Purple Pen has made Classic…
Akyol, D.E. Tuncel, G. & Bayhan, G.M (2005).A comparative analysis of traditional costing and activity-based costing .World Academy of Science, Engineering and Technology . 3: 44-47.
Cooper, R. & Kaplan, R.S. (1988). Measure Costs Right: Make the Right Decisions. Harvard Business Review. 66 (5): 96-103.
Harvard Business School (1998).Classic Pen Company: Developing an ABC Model.
Luehlfin, M.S & Mason, W.H. (2010) . Activity-Based Costing. Encyclopedia of Management. Cengage.UK.
Management Accounting in a Growing Business
One of the most important factors towards the success, productivity, and growth of a business is management accounting whose significance has attracted considerable attention in the recent past because of new trends and recent developments. Actually, management accounting is considered as a business process that creates energy, which drives a company's results and success. The significance of management accounting in today's business environment is also attributable to the fact that business organizations are increasingly focusing on value creation instead of valuation. In light of these factors, a growing business needs to establish suitable management accounting processes based on understanding the significance of investing in management accounting systems for future organizational growth and profitability.
Management Accounting v. Financial Accounting
Management accounting and financial accounting are terms that have widely been used interchangeably despite the difference between the two concepts. While management accounting is a process…
Banks, L n.d., How Do I Create an Operating Budget, Small Business Chron, viewed 5
Clarke, RL 2015, 5 Methods of Classifying Costs -- By Accounting Function, By Management
Function, By Traceability, By Behavior, By Relevance to Decision Making, Online Success, viewed 5 November 2015,
The use of managerial accounting to keep profit margins where they need to be and make sure that individual product offerings are not a net drain on the company is not the only thing that Thai Airlines can and must do to keep a competitive edge and to protect themselves from things like corporate malfeasance and terrorists attacks, but it is certainly a major thing that should be take into account and otherwise dealt with in a timely and complete nature. It will not be easy for Thai Airlines to keep their competitive edge largely because other firms will be doing the exact same calculations and measurements. However, not doing so would be ceding progress and adeptness to their competitors. As such, not doing managerial accounting should be a non-starter for Thai Airlines.
AccountingExplained.com. (2013, May 12). Managerial Accounting Introduction | Accounting Explained. Accounting Explained | Financial and Managerial…
AccountingExplained.com. (2013, May 12). Managerial Accounting Introduction | Accounting Explained. Accounting Explained | Financial and Managerial Accounting Notes. Retrieved May 12, 2013, from http://accountingexplained.com/managerial/introduction/
CEIBS. (2013, May 12). Managerial Accounting for Decision-makers_CEIBS. China Europe International Business School. Retrieved May 12, 2013, from http://www.ceibs.edu/execed/index/8079.shtml
CSUN. (2013, May 12). Managerial Accounting. California State University, Northridge. Retrieved May 12, 2013, from http://www.csun.edu/~hfact004/Managerial.html
McGraw-Hill. (2013, May 12). The Work of Management and the Need for Managerial Accounting Information. McGraw-Hill. Retrieved May 12, 2013, from http://highered.mcgraw-hill.com/sites/0073526703/student_view0/ebook/chapter1/chbody1/the_work_of_management_and_the_need_for_managerial_accounting_information.html
The two basics to keep in mind is that managerial accounting should be used early and often and not just internal stakeholders should be heeded and listened to (Tutor2U.net, 2013).
In conclusion, Thai Airlines would benefit greatly from an entrenched and well-managed managerial accounting framework. It should supplement and complement both the financial accounting mechanisms of Thai Airlines as well as general process management, general product management, marketing, other accounting matters and general business decision making for Thai Airlines. Part and parcel of all of that is integrating stakeholder's expectations and conversely managing the expectations and perceptions of those same stakeholders is also vital on a number of levels. However, if all of the above is managed and managed well, then the outcomes for firms like Thai Airlines that use managerial accounting effectively will tend to be very good.
Holtzman, M. (2013, May 12). Managerial Accounting for Dummies…
Holtzman, M. (2013, May 12). Managerial Accounting for Dummies Cheat Sheet - for Dummies . How-to Help and Videos - for Dummies. Retrieved May 12, 2013, from http://www.dummies.com/how-to/content/managerial-accounting-for-dummies-cheat-sheet.html
Money-Zine.com. (2013, May 12). Financial vs. Managerial Accounting. Money-zine.com Home Page. Retrieved May 12, 2013, from http://www.money-zine.com/investing/investing/financial-versus-managerial-accounting/
Singha Beer International. (2013, May 14). Singha Beer International. Singha Beer International. Retrieved May 14, 2013, from http://www.singhabeer.com/
Tutor2u.net. (2013, May 12). Accounting - Introduction to Stakeholders. tutor2u | Economics | Business Studies | Politics | Sociology | History | Law | Marketing | Accounting | Business Strategy. Retrieved May 12, 2013, from http://www.tutor2u.net/business/accounts/stakeholder_theory.htm
Yet, success would be reached as the system would be better able to account for the intangible assets within a corporation and link them to the final costs of the service. This view argues that despite its recognized reduced applicability in today's business community, traditional management accounting systems enjoy the benefit of vast expertise and advantages which have been consolidated across time. Therefore, their elimination would have a negative impact and the most desirable course of action would be that of a readjustment of the system to meet the new and continually emerging needs (Financial Executive, 2002).
The next proposition that is being then forwarded revolves however around the idea that it would be even more efficient to replace the traditional systems altogether, rather than spend additional time and efforts to repair the old one. The traditional techniques of management accounting, despite their past benefits, are nowadays less applicable. And…
Niedenthal, M., April 20, 2001, Traditional accounting measures don't tell full manufacturing story, Kansas City Business Journal, http://www.bizjournals.com/kansascity/stories/2001/04/23/focus4.html last accessed on July 3, 2009
March 1, 2002, Rethinking accounting: Traditional accounting designed for an industrial economy of tangible assets, is under increasing pressure to modernize and reflect the value of the New Economy's intangible assets, Financial Executive, http://www.allbusiness.com/management/130049-1.html last accessed on July 3, 2009
2009, The World Factbook -- United States, Central Intelligence Agency, https://www.cia.gov/library/publications/the-world-factbook/geos/U.S..html last accessed on July 3, 2009
The mistake occurred when enthusiasts tried to use those data for other purposes such as 'strategic product decisions.' The average cost of production never could, and never will, be relevant for those classes of decisions where only the change in total costs and revenues are relevant. That is, the rough, average post calculations provided a guide for pricing unique one-off products or services, but were of no use for the other purposes (emphasis added) (Garner & Tsuji, 1995, p. 52).
The strategic product decision function of management accounting described above is based on the strategic management accounting method; this approach serves to cause change in the management framework through various accounting devices designed to adapt effectively to the constantly changing external business environment (Garner & Tsuji, 1995). Strategic management accounting, though, should be managed by production people (including sales and engineering), rather than by accounting staff (Garner & Tsuji, 1995).…
Anthony, R.N. (2003, January 1). Management accounting: a personal history. Journal of Management Accounting Research, 15, 249.
Black, T., & Gallagher, L. (1999). Are physical capacity constraints relevant?: Applying finance-economics theory to a management accounting misconception. Australian Journal of Management, 24(2), 143.
Cooper R., & Kaplan, R.S. (1990, February). Measure costs right: Make the right decision. CPA Journal, 25.
Cortada, J.W. (2004). The digital hand: How computers changed the work of American manufacturing, transportation, and retail industries. New York: Oxford University Press.
role of management accounting for Bravo plc and discusses its use as an effective management tool. Management accounting, also called managerial accounting, is concerned with providing information to managers inside Bravo, those who direct and control its operation.
For management accounting to have strategic value, it must accomplish the three strategic objectives of quality, cost and time. Management accounting achieves its objectives by providing information that links the daily actions of managers to Bravo strategic objectives; by enabling Bravo mangers to effectively involve the entire extended Bravo enterprise of customers and suppliers in achieving strategic objectives; and by taking a long-term view of Bravo's organizational strategies and actions. Once Bravo managers understand the benefits to their organization that management accounting provides, they can use the information that is generated to make better decisions and improve the company's performance (Bell, Ansari, Klammer and Lawrence, 2010).
The Institute of Management Accountants (IMA)…
Bell, J., Ansari, S., Klammer, T., and Lawrence, C. 2010. Strategy and management accounting. Retrieved May 2, 2011 from http://college.cengage.com/accounting/ansari/management/1e/students/modules/mod11.pdf
Caplan, D. (2009). Management Accounting Concepts and Techniques. Retrieved May 3, 2011, from http://www.denniscaplan.fatcow.com/Chapter01.htm
Financial and management accounts: the basics. (2010). Business Link. Retrieved May 3, 2011, from http://bgateway.com/bdotg/action/detail?itemId=1073791257&type=RESOURCES
Geense, I.M. (2005). Managerial Accounting. Retrieved May 3, 2011, from http://www.managerialaccounting.org/
history of Management Accounting in a ten-page paper and review product costing, investment analysis and organizational performance evaluation over the past 150 years.
Read Relevance Lost: The Rise and Fall of Management Accounting and reference four other articles that describe the evolution of Management Accounting.
This paper examines the role of management accounting over the years as a system for determining an organization's performance and profitability. This paper further analyses the evolution of certain management accounting practices and their role in global competition and productivity.
Today's management accounting information, driven by procedures and the cycle of the organization's financial reporting system, is too late, too aggregated, and too distorted to be relevant for managers' planning and control decisions.
"In attempting to understand the genesis and scope of modern cost and management accounting systems, accounting historians adopting what has been labeled as a "Foucauldian" approach have been rewriting the history of…
www.acct.tamu.edu?, "A Short History of Accounting"
Dan R. Hansen & Maryanne M. Maven, Management Accounting, 5th Ed., Oklahoma State University
Louis, MO, and investing heavily in intuitive products (2004, pp. 1-2).
It should be easy for one's roommate to see why it is important to take financial accounting if one wants to go into International business. Management accounting will afford one the knowledge to make important international business decisions when needed. Without this basic knowledge, it would be more difficult for one to understand the significance of some basic decision making moments. Without management accounting, one can have difficulty deciphering whether or not to invest staff, money, or other resources in another part of the world.
Anderson, D.J. (2004, May 25). Management vs. Financial Accounting. AGILEManagement.NET, 2004,May, pp. 1-3. etrieved 08/04/05, at http://www.agilemanagement.net/Article/Weblog/Managementvs.FinancialAcc.html
Venture Line (2005, 2005). Accounting Dictionary. etrieved 08/03/05, at http://www.VentureLine.com
Anderson, D.J. (2004, May 25). Management vs. Financial Accounting. AGILEManagement.NET, 2004,May, pp. 1-3. Retrieved 08/04/05, at http://www.agilemanagement.net/Article/Weblog/Managementvs.FinancialAcc.html
Venture Line (2005, 2005). Accounting Dictionary. Retrieved 08/03/05, at http://www.VentureLine.com
Financial & Management Accounting
Selling price of the AOK Play
Contribution per unit = Selling price per unit -- variable cost per unit
total variable cost (= total cost -- total fixed costs) / sales
(3,600,000 -- 2,100,000) / 80,000
(1,500,000 / 80,000)
Selling price = $50 per unit
Fixed cost per unit
Fixed cost per unit = total fixed costs / sales
= 2,100,000 / 80,000
= $26.25per unit
Total cost per unit
Total cost = total variable cost + total fixed costs
= 18.75 x 80,000 + 2,100,000
= 1,500,000 + 2,100,000
Cost per unit = total cost / sales
= 3,600,000 / 80,000
= $45per unit
Contribution margin per unit = total contribution / sales
= 2,500,000 / 80,000
= $31.25per unit
Expected Profits and Breakeven
Breakeven = total fixed costs / contribution per unit
= 2,100,000 /
"The nature of crop and livestock life-cycles means there are fewer and more significant opportunities to intervene, as opposed to the continual tinkering that can occur in a factory" (Ross 2008, p.42).
However, Jack believes that inadequate record-keeping may also be to blame for farmer's reluctance to use TCM in the industry. Even if TCM must be modified for agriculture, this does not negate its applicability. Farmers must learn how to make TCM work for them. Certain factors make it more difficult to identify target prices and costs, but they are not reasons to avoid implementing TCM. Rather, using TCM could encourage farmer to adopt more innovative practices and help to manage risks inherent in this industry. Jack believes that the resistance to TCM is more endemic to the culture of the agricultural industry than due to real problems with its use in agriculture.
The formula for TCM is fairly…
Ross, L. (2008, October). Target cost management. Financial Management, 42-43. Retrieved
July 4, 2009, from ABI/INFORM Global. (Document ID: 1596572181).
The topic of finance and managerial accounting inclusively, are broad and incorporate a critical skill set in the modern day business student. Finance involves corporate and investment finance and managerial accounting is complimentary as it involves cost accounting and essentially stresses cost management. Together, these topics provide a comprehensive financial analysis skill set yielding capability in solving the day's most critical business financial quandaries. The literature review will seek to narrow down the literature and funnel the topic into the main financial analysis area.
According to Musvoto, (2011), "Studies in accounting measurement indicate the absence of empirical relational structures that should form the basis for accounting measurement. This suggests the lack of objectivity of accounting information. Landmarks in the development of finance theory indicate the use of accounting measurement information as a basis for their development. This indicates that subjective accounting information is incorporated in finance theory. Landmarks…
Allen, D. (1992). Financial management: The leading edge of management accountancy. Strategic Finance, 73(12), 53. Retrieved from http://search.proquest.com/docview/229748882?accountid=13044
Black, T., & Gallagher, L. (1999). Are physical capacity constraints relevant?: Applying finance-economics theory to a management accounting misconception. Australian Journal of Management, 24(2), 143. Retrieved from http://search.proquest.com/docview/200627217?accountid=13044
Brewer, P.C. (2008). Redefining management accounting. Strategic Finance, 89(9), 26. Retrieved from http://search.proquest.com/docview/229763529?accountid=13044
Coakley, J.R., & Brown, C.E. (2000). Artificial neural networks in accounting and finance: Modeling issues. Intelligent Systems in Accounting, Finance and Management, 9(2), 119. Retrieved from http://search.proquest.com/docview/214368060?accountid=13044
Strategic Perspectives in Management Accounting and Finance
The main reason for differentiation in the accounting studies seemed to occur due to the functionalist perceptions in the expertise of social studies. According to Dellaportas and Davenport (2008) professions are being separated by occupation on the basis of the level of distinctiveness one occupation has from another; a model first designed by Greenwood in 1975.
Abercrombie et al. (1994, p. 335) in their study explained that such distinctiveness is surrounded by the concept which results in more beneficiary outcomes for the public than for an individual's professional interest in providing services. This simply means that it was an original human demand that gave birth to all professions. There's an equality on profession's social compulsion i.e. there is a balance between a professional's job and his obligation to serve the public. In this regard Carey (1965, p. 376) asserted that it was in…
Abbott, A. The system of professions: an essay on the division of expert labor. Chicago: University of Chicago Press (1988).
Abercrombie, N., Hill, S., Turner, B.S. The penguin dictionary of sociology. 3rd ed. Ringwood: Penguin Books (1994).
Bedard, J. The disciplinary process of the accounting profession: protecting the public or the profession? The Quebec experience. Journal of Accounting and Public Policy; 20 (2001) (4/5): 399 -- 437.
Bivins, T.H. Public relations, professionalism, and the public interest. Journal of Business Ethics; 12 (1993) (2): 117 -- 26.
Management Account in the Public Sector and Management Accounting in the Private Sector: A Comparative Review
The late 20th and early 21st centuries have brought increasing change to almost every country in the world, Australia included. Globalism describes, in fact, the increasing unification of the world through economic means (reduction of trade barriers, support of international trade, and mitigation of export and import quotas). They goal for globalization is to increase material wealth and the distribution of goods and services through a more international division of labor and then, in turn, a process in which regional cultures integrate through communication, transportation and trade. The overall theory is that if countries are tied together cooperatively economically, they will not have needed to become political enemies. Additionally, the idea of globalism and international trade has changed the way Australian's view public and private businesses and the opportunities afforded them because of investment,…
Alexander Performance Management, Inc. 2004, Private vs. Public Sector, viewed May 2012, .
Broadbent, J & Laughlin, R 1988, 'Public Private Partnerships: An Introduction', Accounting, Auditing and Accountability Journal, vol 16, no. 3, pp. 332-41.
Financial Accounting Standards Board 2012, Convergence with the International Accounting Standards Board, viewed May 2012, http://www.fasb.org/international/convergence_iasb.shtml .
Funnell, W & Cooper, K 1998, Public Sector Accounting and Accountability in Australia, University of New South Wales Press, Sydney.
"Management believes that the accounting estimates employed are appropriate and the resulting balances are reasonable; however, due to the inherent uncertainties in making estimates actual results could differ from the original estimates, requiring adjustments to these balances in future periods."
ased on the data retrieved and the projections made, the accounting division will proceed to the development of the consolidated statements for all of GM subsidies and the overall group. There are 24 consolidated statements, as follows: Discounted Operations; Asset Impairment; Investment in Nonconsolidated Affiliates; Marketable Securities; Variable Interest Entities; Finance Receivables and Securitization; Inventories; Equipment on Operating Leases; Income Taxes; Property - Net; Goodwill and Intangible Assets; Other Assets; Accrued Expenses, Other Liabilities and Deferred Income Taxes; Long-Term Debt and Loans Payable; Pensions and Other Postretirement enefits; Commitments and Contingent Matters, Stockholders' Equity; Earnings per Share Attributable to Common Stocks; Derivative Financial Instruments and Risk Management; Fair Value of…
1. 2007 General Motors Annual Report. Page 9. On the Internet at http://www.gm.com/corporate/investor_information/docs/fin_data/gm07ar/download/gm07ar_full.pdf.Last retrieved on February 15, 2009
2. General Motors Mission Statement, 2009, on the internet at http://www.samples-help.org.uk/mission-statements/general-motors-mission-statement.html . Ast retrieved on February 16, 2009
3. Supplier Diversity, Website of General Motors, 2009, on the internet at http://www.gm.com/corporate/dealers/diversity/index.jsplast retrieved on February 16, 2009
4. Management's Discussion and Analysis, Website of General Motors, 2009, on the internet at http://www.gm.com/corporate/investor_information/docs/fin_data/gm07ar/content/financials/mda/mda_10.htmllast retrieved on February 16, 2009
Yet, financial statements and managerial accounting reports can be highly effective nonetheless. Sometimes they will merely confirm what the proprietor already knows, but there are inevitably going to be times when they will reveal that the proprietor's assumptions about the nature of the business are false. Moreover, accounting can act as essentially a second opinion. The proprietor may feel one thing is true, but the numbers can reveal something different.
Overall, accounting is an essential component of any business. Sole proprietorships often make less use of accounting, in part because the law does not obligate them to engage in any more than the most rudimentary accounting. However, proprietors should not overlook the value of accounting. Accounting helps to reveal the business' past performance, but can also be used to enact organizational controls today and to help plant for more effective operations in the future. By understanding the firm's cost structure…
Marshall, David H.; McManus, Wayne W & Viele, Daniel F. (2008). Accounting - What the Numbers Mean. McGraw-Hill/Irwin, New York, 2008.
Common buzz words management uses in regards to loss are, "Probable," "easonable," or "emote." Although these words can vary, management must be careful to provide an accurate account of the likelihood of loss and a reasonable estimate of loss. It is important to note that many contingent liabilities are not currently a liability but may become one in the event of adverse circumstances in the future. An example of an accounting journal entry for a contingent liability is listed below
A manufacturer of XYZ shoes provides products to various consumers worldwide. XYZ Company provides itself on excellent customer service. As such, it provides a one year warranty on its shoes. Using the company's proprietary information, they estimated that each shoe sod is equivalent to roughly $2 of warranty expenses. During the current year, XYZ Company sold 20,000 pairs of shoes. As it is probable that XYZ company will…
1) Keenan, Denis.Accountancy; Jan1980, Vol. 91 Issue 1037, p91
2) Management Accounting: Magazine for Chartered Management Account; Jan97, Vol. 75 Issue 1, p10
The management accounting leads candidates into finance, risk management and even production management. hile CMA certification is not necessary to pursue a career in management accounting, it is recommended. The IMA claims that certified management accountants earn on average $25,000 more per year than non-certified peers (IMA, 2011).
As with the accounting profession in general, there is increased demand for management accountants. CMAs are in demand because of their ability to contribute to the profitability of businesses, and demand for CMAs is expected to grow in coming years. Because CMA job duties are less structured than those of financial accountants or auditors, CMAs enjoy greater career flexibility.
Both types of accounting positions are poised to enjoy significant growth. There is also a trend in business, particularly since Sarbanes-Oxley, of looking to accounting professionals to lead firms. More CEOs are coming from the accounting stream than ever before, which highlights the…
Bureau of Labor Statistics. (2011). Occupation outlook handbook 2010-2011: Accountants and auditors. BLS. Retrieved March 20, 2011 from http://www.bls.gov/oco/ocos001.htm
IMAnet.org, various pages. (2011). Institute of Management Accountants. Retrieved March 20, 2011 from http://www.imanet.org/ima_home.aspx
Taub, S. (2003) Now playing: CFO as CEO. CFO Magazine. Retrieved March 20, 2011 from http://www.cfo.com/article.cfm/3007934
One example has been the printer market; firms will often subsidize the printers that are sold, with the aim of creating long-term profits by the ongoing sale of the printer cartridges (Thompson, 2007). The cellular telephone market also operates in a similar manner, with mobile phone service suppliers subsidizing the cost of the handsets in order to gain a contract from a customer, the cost of the subsidy is offset against the profit that will be gained on the service contract. Therefore, the firm will need to look at the impact that ending production may have on the sale of other goods. However unless there is a complimentary item then it would appear some changes may need to take place.
If there is a loss with the fixed costs of $1,000,000 it is will be expected that higher fixed costs will increase the loss.
Assessment with fixed costs at $3,000,000…
Gillespie a, (2010), Business Economics, Oxford, Oxford University Press
Seal, Will; Garrison, Ray H; Noreen Eric W, (2011), Management Accounting, McGraw-Hill Higher Education
Thompson JL, (2007), Strategic Management; Awareness and Change, London, Thompson Business Press.
The second question is the cost per unit to produce a given product or deliver specific service. Just as the total cost of revenues for a business, this figure will also provide a business owner with insights into how their business is operating, from the supply chain through pricing and distribution of gross margin assumptions (Hall, 2010). The cost per unit to produce is also a good measure of how well the efficiency of a given company is running at. Often a business owner will evaluate these from the standpoint over the long-term, looking for trends in hwo their business is operating at an efficiency level that makes the entire company profitable. For services business, the cost per service event or services deliver (as a plumber making a house call) needs to have a minimum charge level as costs are allocated across all forecasted calls in a given month. This…
Hall, M. (2010). Accounting information and managerial work. Accounting, Organizations and Society, 35(3), 301.
Jansen, E.P. (2011). The effect of leadership style on the information receivers reaction to management accounting change. Management Accounting Research, 22(2), 105.
Managing Organizational Change
It is reasonable to suggest that companies of all types and sizes have integrated information technology systems of some sort to help them manage their businesses and achieve a competitive advantage in recent years. Because computer systems tend to become obsolete rapidly as Moore's Law continues to hold true, many companies have accumulated a mish-mash of various computer types and capabilities that may not operate efficiently in a networked environment. When these legacy systems are replaced by a standardized array of compatible computers, the transition may introduce a number of challenges and obstacles that can adversely affect the company's ability to remain agile and responsive to internal and external customer needs. To determine how the transition from an older legacy system to an improved set of computers can be achieved in an efficient fashion, the key stakeholders who are involved in the process, and the potential lessons…
Johnson, J. & Andrews, M. (2003, July). New markets, old technology: a strategic mismatch.
Risk Management, 50(7), 48.
McGinn, D., Kudyba, S. & Diwan, R. (2002). Information technology, corporate productivity and the new economy. Westport, CT: Quorum Books.
Nakata, C., Zhu, Z. & Kraimer, M.L. (2008). The complex contribution of information technology capability to business performance. Journal of Managerial Issues, 20(4), 485-
The traditional role of budgeting combines the need for planning and the development of a framework which can be used for control. This is achieved through the gathering of figures for the expected or desired revenue generation and the expected or desired outgoings associated with the generation of that revenue (de Waal et al., 2011). Two major forms of budget exist for commercial organizations; capital budgeting and operating budgets, the former deals with large long-term projects and investment, whereas operating budgets deal with the everyday operations of the firm or department (Horngren et al., 2010). It is usual for budgets to be prepared in advance of the period in which they will be applied, gathering the relevant information in order to create a budget. The most effective and potentially accurate budgets are those which have accurate input information, which often means consulting with relevant managers involved in the…
Chenhall, Robert H; Brownell, Peter, (1988), The effect of participative budgeting on job satisfaction and performance: Role ambiguity as an intervening variable, Accounting, Organizations and Society, 13(3), 225-233
Horngren, Charles T; Sundem, Gary L; Stratton, William O; Burgstahler, Dave, Schatzberg, Jeff O, (2010), Introduction to Management Accounting, Prentice Hall
Howell, R. A, (2004, July), Turn Your Budgeting Process Upside Down, Harvard Business Review, accessed at http://hbr.org/2004/07/turn-your-budgeting-process-upside-down/ar/1
de Waal, Andre; Hermkens-Janssen, Miriam; van de Ven, Arco, (2011), The evolutionary adoption framework: explaining the budgeting paradox, Emerald 7.
When it comes to standard costing, what is referred to as a standard cost is assigned the costs (actual) of manufacturing overhead, direct labor as well as direct material. In this case, these costs are not assigned to a product. It therefore follows that amounts mirroring standard costs are what become identified first in regard to the cost of goods sold as well as inventories of a given manufacturer. In this case, it can also be noted that standard costing is regarded a rather important tool of management. Incase of any variance, the top leadership of the organization immediately becomes aware of the variation between planned/standard costs and manufacturing costs.
The information provided by cost accounting is critical when it comes to the effective management of an organization. Without such information, decision making would become an equivalent of operating in the dark for most businesses. For instance, firms would…
Brammertz, W., Akkizidis. L., Breymann, W., Entin, R. & Rustmann, M. (2009). Unified Financial Analysis: The Missing Links of Finance. West Sussex: John Wiley & Sons.
Drury, C. (2007). Management and Cost Accounting (7th ed.). London: Cengage Learning EMEA.
Needles, B.E., Powers, M. & Crosson, S.V. (2010). Principles of Accounting (11th ed.). Mason, OH: Cengage Learning.
Siegel, J.G. & Shim, J.K. (2000). Accounting Handbook (3rd ed.). New York: Barron's Educational Series.
ystems of income and financial position would superimpose standards of normalization upon everyone within the firm. Accounting, thereby, had achieved Foucault's definition of knowledge as power over people per excellence. By the 1950s, however, person as decision-maker replaced this vision of person as machine, and accounting still has power in our society, but a different sort of power. Likewise, accounting still possesses its constructivism (i.e. manner of perceiving a certain stranglehold on reality by emphasizing certain construct and demoting others), although its constructivist paradigm may have differed from that of, say, a century ago. Individuals are viewed, measured, and criticized within programmatic frameworks, and Miller and O'Leary (1987) suggest that accounting today can still be viewed as part of the heritage and structure (albeit slightly changed) of the traditional mode of power that it was in the early decades of this century. In other words, the slanted domination of accounting…
Armstrong, P. 2002, "Management, Image and Management Accounting. Critical Perspectives on Accounting, 13, pp. 281-295
Bryer, R. 2006, "Accounting and control of the labour process" Critical Perspectives on Accounting, 17, pp 551-598.
Chwastiak, M. & Young, J.J. 2005, "Silences in Annual Reports, Critical Perspectives on Accounting, 14, 533- 552
Ezzamel, M., Lilley, S. & Willmott, H. 2004, "Accounting representation and the road to commercial salvation." Accounting, Organizations and Society, 29, pp. 783- 813.
They then proceed to detail their selected sample (76 NYSE firms that reported at least three annual losses in period's 1980-1985 and that reduced cash dividends. They then implemented various conditions to test their hypothesis that it is the troubled firm's aim to retain preservation of their company, rather than to make a bonus, that causes them to select a certain accountancy plan.
In section 2, the authors describe their methods used in selecting a sampled population and their bias controls. There is a great deal of numerical data, and the material is dense particularly when they elaborate on the earnings and cash flow performance of the various firms. Each unit is broken up into subunits. Scholarly tables condensed with data that for instance report accrual levels and changes for the 76 firms support their written text and the Tables are alluded to in the text. Statistical analysis of these…
DeAngelo, H. DeAngelo, L. & Skinner, DJ (1992) Accountign choice in troubled companies. Jour. Of Account. & Econ. 17, 113-143
Elliot, Barry & Elliot, Jamie: Financial accounting and reporting, Prentice Hall, London 2004
Gray SJ (1988) Towards a Theory of Cultural Influence on the Development of Accounting Systems Internationally Abacus, pp.1-15
management has to do with the knowledge of the resources a company uses in running their daily affairs. It also involves effective projection of additional resources that could be needed along the way, and the maximization of the available resources. Maximizing the efficiency of the available resources and the ability to put some of them in reserve are part of Cost Management. Some scholars define cost management as the of cost setting up systems of accounting and models for the provision of guidance in relation to current and future operations in order to achieve specified objectives. They also believe that analyzing and interpreting cost information is vital and aids the processes of decision making. Basically, between a client and a contractor, cost management refers to the final cost of a construction project (Dubois, 2003).
The major reason for the analysis of cost management is to find a more effective final…
Ansari, S., Swenson, D., Bell, J. And Kim, W. (2003): Best Practice in Target Costing. Management Accounting Quarterly, Winter 2003, Vol.4, No.2, pp.12-17.
Baker, W. (2002): Eliminate Non-Value-Added Costs. Industrial Management, May/June 2002, Vol.44, Issue 3, pp.22-27.
Carr, D. And Smith R. (2000): Change Management. In: Brinker, B. (ed.): Guide To Cost Management. John Wiley & Sons, Inc. New York, pp.128-143.
Cokins, G. (2001): Activity-Based Cost Management: An Executive's Guide. John Wiley & Sons, New York.
accounting important success firm? What methods cost accounting ? The paper (a) identify main issues chosen area, (b) reference learning occurred, (c) build class activities incidents facilitated learning understanding, (d) present specific current / future applications relevance typical workplace.
Cost accounting -- definition, importance, methods
The modern day society is constantly presenting the economic agent with more numerous and more pressing challenges. In order to face them and emerge as a competitive institution, firms develop and implement a wide array of strategies, such as creating customer value, developing the skills of the staff members, establishing strategic partnerships or creating financial stability and accountability. One specific means in this endeavor is represented by cost accounting, which represents a key to organizational success. The current project focuses on the identification of the reasons as to why cost accounting is important to organizational success. A secondary research objective is that of pin pointing…
Pizzey, A., 1989, Cost and management accounting: an introduction for students, 3rd Edition, SAGE
2009, Cost accounting definition, Accounting for Management, http://www.accountingformanagement.com/cost_accounting_definition.htm last accessed on January 26, 2011
2010, Activity based accounting, Accounting Coach, http://www.accountingcoach.com/online-accounting-course/35Xpg01.html last accessed on January 26, 2011
2010, Cost accounting, Investopedia, http://www.investopedia.com/terms/c/cost-accounting.asp last accessed on January 26, 2011
d.). The methods by which this information is gathered will differ based on the type of production that is being undertaken. Cost flow assumptions relates to how costs flow through inventory accounts. This can include FIFO, LIFO, weighted average and other methods. This impacts the costs because it helps to determine which costs are counted for which period. Recording interval capability refers to the points in time when a company takes inventory. Many firms use perpetual inventory, but some firms will take inventory periodically in order to provide this information.
Overall, cost accounting systems provide the information that managers need with respect to the costs of a product. By using a specific system, wherein decisions about methodology are made about each of the five parts of the cost accounting system, the system will be consistent through different products and through different time periods for the same product. This will ensure…
Kinney, M. & Raiborn, C. (2009). Cost accounting: Foundations and evolutions. Mason, OH: Thomson Higher Education.
Martin, J. (no date). What is a cost accounting system? Management and Accounting Web. Retrieved June 23, 2010 from http://maaw.info/5partsofcostsystem.htm
Cooper, R. & Kaplan, R. (1988). How cost accounting distorts product costs. Management Accounting. Vol. 69 (10) 20.
The coercive style: decisions are made top-down with little emphasis on individual ideas; it is best used in situations of crisis, but in the long run, it negatively affects the employees' morale levels
The authoritative style: sets clear goals and directions; rewards based on performances; individuality; it is stimulating for the dedicated employees; does not work if the manager is too demanding or when the employees work in teams
The affiliative style: based on the creation of a pleasant working environment; may lack control and stimulation; high performances only in a compact and hard working group, sharing common goals
The democratic style: employees' ideas are listened to; team work and participation are encouraged; could create a pleasant environment, but may lack control and direction
The pacesetting style: rapid pace of work, high expectations and performance-based rewards; might stifle creativity and generate a tense environment
The coaching style: based on roles…
Atrill, P., McLaney, E.J., 2007, Management Accounting for Decision Makers, 5th Edition, Pearson Education
Davidmann, M., 2006, Style of Management and Leadership, http://www.solhaam.org/articles/clm2.htmllastaccessed on February 17, 2009
Hannagan, T., Bennett, R., 2007, Management: Concepts and Practices, 5th Edition, Pearson Education
Ison, M., Kempton, K., 2007, the Impact of Management Style, NSW Department of Primary Industries, Retrieved at http://www.dpi.nsw.gov.au/__data/assets/pdf_file/0004/179185/the-impact-of-management-style.pdfonFebruary 17, 2009
Technology in Accounting
The author of this report is going to offer a fairly lengthy report about how technology has played an integral role in the changing of accounting. Indeed, technology and the internet have changed many things in demonstrable and perhaps immeasurable ways over the years. The author of this report will cover a number of different ways in which technology has emerged and changed things. Topics covered will include, but will not be limited to, pivot tables, API feeds from banks, credit card processing, vendor communication and enterprise resource planning (EP) systems. The four main dimensions that these technological updates have addressed include speed, accuracy, timeliness and applicability. While these rapid advances in technology have created some logistical, training and security headaches for many accounting and other professionals, the good of technology and how it has changed accounting far outweighs the bad.
Of course, the gold standard…
Girsch-Bock, M. (2011). Construction Vendors Turn to Mobile Communications & Tools. CPA Practice Advisor, 21(3), 30.
This is an article about how vendors in the construction realm is making heavier use of mobile communications. It is credible because it appears in a reputable CPA-involved publication and it's about the relevant topic.
Gullkvist, B.M. (2013). Drivers of change in management accounting practices in an ERP environment. International Journal of Economic Sciences & Applied
Research, 6(2), 149-174.
One of the crucial elements towards the realization of organizational success and profitability is creating a suitable working environment for all employees to thrive as they carry out their respective responsibilities. In essence, employees' contributions towards the achievement of established business goals/objectives is largely influenced by the nature of the working environment and working conditions. However, employees' behaviors also play a crucial role in determining their productivity in the workplace. Self-defeating behaviors in the workplace contributes to stress, which in turn affects employees' input to work processes and the overall profitability of an organization. This paper examines the management of stress brought by self-defeating behaviors in the workplace. The evaluation includes recommendations of suitable solutions to this issue based on organizational theory concepts and the concepts of organizational behavior.
The organization I work for has several divisions or department that are mandated with various responsibilities and tasks towards…
Performance Management Plan eview
The value of measuring and identifying key skills and attributes is essential to an evolving organization. The following performance management plan is tailored to the Stonefiled Limousine business.
Location: Austin, Texas
Type of Business: Limousine Service
Number of Employees
Current Predicted Annual Net evenue: $50,000
year evenue Growth Objective: 5%
Turnover ate: 10%
The purpose of a performance management plan is to track and guide an organization's employee's contribution to the organization. It is necessary to first identify the problems and objectives of the organization in order to get an appreciation for the industry and type of products and services they offer. The most important aspect of any performance management plan is that the organizational strategy is aligned with other facets of this improvement such as the Human esources and operations aspects of the company. Put simply, the company must understand what is being asked of…
Armstrong, M., & Baron, A. (2000). Performance management. Human resource management, 69-84.
Otley, D. (1999). Performance management: a framework for management control systems research. Management accounting research, 10(4), 363-382.
Horn of Africa experienced what was termed the worst drought in 60 years. The drought, caused by the failure of the rains for two consecutive seasons, led to a severe food crisis across Djibouti, Somalia, Ethiopia, and Kenya, and killed more than 100,000 people while placing hundreds of thousands at risk of starvation. According to Hiller and Dempsey (2011), the greatest tragedy was that the world had seen this disaster coming, but little had been done to prevent it. From as early as 2010, there had been clear indications of a looming crisis and its consequences. La Nina, a climate condition that would lead to drier than normal conditions over the entire area had already been confirmed. Further warnings of the crisis were repeated and became more strident in 2011. In light of all the warning signs, it is, therefore, rather surprising that proper response from the international aid system…
Bart, C., 1988. Budgeting Gamesmanship. Academy of Management Executive. vol.(2)4, pp. 285-294.
Hiller, D & Dempsey, B., 2011. A Dangerous Delay: The cost of late response to early warnings in the 2011 drought in the Horn of Africa. Oxfam International and Save the Children. Available at https://www.oxfam.org/sites/www.oxfam.org/files/bp-dangerous-delay-horn-africa-drought-180112-en.pdf. [Accessed 25 April 2015]
Kaplan, R. & Norton, D., 1996. The balanced scorecard: translating strategy into action. Boston: Harvard Business Review Press
Mintzberg, H., 1987. Crafting strategy. Harvard Business Review. Vol. (65)4, pp. 66-75.
he field of finance largely concerns itself with investment analysis and the management of funds. he fields of accounting and finance are distinct from each other. Essentially, finance, from the occupational perspective, has largely got to do with the efficient procurement and utilization of funds. On the other hand, still from an occupational perspective, accounting largely concerns itself with the examination and analysis of financial data, and preparation of financial statements. It should, however, be noted that the roles of both professions do in some cases overlap. Indeed, accounting according to Khan and Jain (p. 1.5) should be viewed as a finance sub-function.
In a typical corporation the finance function is divided into two divisions, or departments. What are they? What does each department do?
he finance function is typically divided into the financial accounting and management accounting divisions. Management accounting in the words of Drury (2006, p. 7)…
There are a variety of factors that could affect the price of a company's stock. Key amongst these include: economic shocks/conditions (including, but not limited to, natural disasters and wars), business environment, and the firm's internal dynamics (including the financial management decisions made by the key officers) (Parrino and Kidwell, 2009).
7. What's wrong (if anything) with saying the basic financial goal of a business is to "maximize profits?"
According to Drury (2006), there
hy I Chose Accounting
"I hate math." Ever since I can remember people have approached me to tell me how much they loathe math, when they hear that I love it. However, I have always been fascinated by the order mathematics can bring to a chaotic world. Sometimes when life seems hard, it is very comforting to be able to look at numbers. This is not to say, of course, that accounting is not challenging. In fact, like many prospective accounting majors, I initially struggled with the discipline in my fundamentals courses ("Top 10 Easiest and Hardest College Degree Majors of 2016"). There is a reason that introductory accounting classes are often considered weeding-out, gatekeeping classes for the profession. Many people decide they want to be accountants because they think it is a lucrative profession that does not require as much additional schooling as law or medicine but then…
Erstad, Will. "Is an accounting degree worth it or worthless?" Rasmussen. 16 Nov 2015.
Web. 8 Jul 2016.
Grohol, John. "10 Highly Effective Study Habits." Psych Central. Web. 8 Jul 2016.
"How to become a CPA." CPA Review. Web. 8 Jul 2016.
forecasting, there are a litany ethical dilemmas, decisions characteristics, problems, or frameworks that may impact the financial statements of Home Depot and Lowe's. The most egregious of which is management assumptions regarding future performance. In many instances, with the exception of cash, nearly every line item has some form of assumptions involved. Accounts receivable is often reported net of the allowance for doubtful accounts, which is a management assumption (Alexander, 2005). Management has the ability to dictate if the company will report inventory using LIFO of FIFO accounting rules. With LIFO, assuming rising prices in an inflationary environment, Cost of Goods Sold will increase thus reducing Net Income. However, the reduction in taxes paid will actually make the company's cash flow from operations increase on the cash flow statement. FIFO will have the opposite impact. From a shareholder perspective reporting under LIFO would be more to the shareholders advantage as…
1) Alexander, D., Britton, A., Jorissen, A., "International Financial Reporting and Analysis," Second Edition, 2005, ISBN 978-1-84480-201-2
2) Astrid Ayala and Giancarlo Ibarguen: "A Market Proposal for Auditing the Financial Statements of Public Companies" (Journal of Management of Value, Universidad Francisco Marroquin, March 2006) p. 41
3) Berezin, M. (2005). "Emotions and the Economy" in Smelser, N.J. and R. Swedberg (eds.) The Handbook of Economic Sociology, Second Edition. Princeton University Press: Princeton, NJ
4) Gilchrist, Warren (1976). Statistical Forecasting. London: John Wiley & Sons. ISBN 0-471-99403-0
What are the benefits of a comprehensive control program? If you were advising this corporation, what would be the specific benefits for them?
The benefits of a comprehensive internal control program include: the ability to monitor for unusual activities and it will increase vigilance. This will help to prevent fraud by providing actuaries with an actual way of discovering when these events are occurring through early detection. It is at this point that the negative impact on the firm and various stakeholders can be minimized. (Silverstone, 2011, pp. 14 -- 16)
Once this has been consistently implemented, is when it will have an impact on the entire organization by creating an atmosphere that is looking for these issues. When different staff members are actively involved in the process, this will make it difficult to be able to conduct any kind of fraudulent activities. In the future, this will…
Biegelman, M. (2012). Executive Road Map to Fraud. Hoboken, NJ: Wiley.
Bizmanualz. (2002). Accounting and Book Keeping Procedures. New York, NY: Routledge.
Goldman, P. (2011). Financial Services Anti-Fraud Risk. Hoboken, NJ: Wiley.
Silverstone, H. (2011). Forensic Accounting. Hoboken, NJ: Wiley.
Several terms and definitions are valuable to understand financial statements. In the United States, financial statements of public corporations are produced in accordance with the U.S. Generally Accepted Accounting Principles. These principles govern how the information for financial statements is compiled and presented. The purpose of these principles is so that all stakeholders can easily understand the statements and make comparisons across both time and across different companies, because the statements are produced and presented in a consistent manner. The International Financial eporting Standards (IFS) are the international equivalent of GAAP. While several countries utilize a national version of GAAP (U.S., Canada, UK, etc.), more than 100 countries use IFS, making this set of standards the most widely-adopted in the world. There is a move to converge national GAAP standards with IFS, including a multi-year project to converge U.S. GAAP with IFS. For now, however, IFS represents a different…
No author. (2012). Generally accepted accounting principles (GAAP). Investopedia. Retrieved August 18, 2012 from http://www.investopedia.com/terms/g/gaap.asp#axzz23vrKSd9Q
PCAOB.org (2012) PCAOB oversees: The auditors of companies to protect investors. Public Company Accounting Oversight Board. Retrieved August 18, 2012 from http://pcaobus.org/Pages/default.aspx
SEC.gov. (2012). The investor's advocate. Securities Exchange Commission. Retrieved August 18, 2012 http://www.sec.gov/about/whatwedo.shtml
Accounting for Decision Making
Roland Anderson is the manager of the Ekland Division of Ystad Industries and has some decisions to make based on accounting data. Anderson is also being considered for the CEO position of the company which makes his dilemma even greater. He is unhappy with the profitability for the first quarter and is considering maxing out the capacity of the operation in the second quarter. It was found that Anderson actually performed fairly well based on the assumption that his actual costs were below the variable costs provided in the case using the contribution method. Doubling the production plan would be an unwise move given the fact that the sales forecast is only for twenty five thousand units. Thus if he produces fifty thousand units he would have greater inventory and it is likely that he would have to cease operations and let some workers take a…
Most audit managers assign supervisory tasks to senior auditors and, in general, consistently encourage more senior auditors to fulfill a mentor role within the audit team.
The dual benefit of this practice is that it fosters greater team unity and a healthier organizational culture, in addition to enabling junior auditors to learn technical skills from their more senior associates. Very often, the types of relationships maintained by senior auditors within their audit teams is one of the most important criteria considered in conjunction with possible recommendations for future promotion of senior (GS-13) auditors to management at the GS-14 level. By the time auditors reach the GS-13 level, they are not readily distinguishable from one another in technical skill (or they would not have risen above the GS-12 level).
Therefore, it is precisely their performance in the unofficial role of "supervisory" auditor that is most often considered the difference between auditors…
Kinicki, a., Williams, B. (2005) Management: A Practical Approach. New York: McGraw-Hill.
Nowalinski, G. (2001) a Brief History of the HHS Office of Inspector General USDHHS Office of Inspections and Evaluations. Washington, DC: GAO
U.S. Health and Human Services Office of Inspector General Public Website, Retrieved March 24, 2008, at http://oig.hhs.gov/organization/OAS/index.html
Accounting forms the overall backbone of the financial world. Financial markets are predicated on consumer and user confidence. Without confidence, consumers attempting to make financial decisions will be doing so using inaccurate and incomplete information. The lack of transparency regarding the truthfulness of reported numbers creates uncertainty within the capital markets. This uncertainty regarding the accuracy of information ultimately undermines the overall financial system, causing harm to society in the process. Investors will require higher rates of return, individuals will become unlikely to invest, and innovation could become stifled, harming the quality of life for society overall. Accounting standards, particularly those from the IFRS, are required to help maintain confidence in the reliability of reported financial performance. These standards, such as IFRS , are often amended to reflect the economic realities of business transactions. These changes, although well intended, may often have unintended consequence. This is particularly true for IFRS…
8) Jeffers, Agatha; Mengyu Wei; Sidney Askew (2010). "The Switch from U.S. GAAP to IFRS." Proceedings of the Northeast Business & Economics Association: 48 -- 54
9) Oler, Derek K., Mitchell J. Oler, and Christopher J. Skousen. 2010. "Characterizing Accounting Research." Accounting Horizons 24 (4): 635 -- 670
10) Perks, R.W. (1993). Accounting and Society. London: Chapman & Hall. p. 16. ISBN 0-412-47330-5.
In aaccounting research, the model used would be called analytical modeling, which consists of sstudies that use models with no specific underlying economic theory but use mathematical techniques. The mathematical formulas are applied to test and establish laws and accounting practices. Simulation, or the practice where the analysis is so complex that it requires a computer, is also an example of an inductive accounting practice research methodology.
Finally, pragmatic research utilizes pragmatic validity, which views research from a prescriptive-driven perspective. For example, solutions to problems that actually occur in the complex and high field of practice are developed in a way that, while valid for a specific situation, need to be adjusted according to the context in which they are to be applied. In the accounting area, general empirical research is a catchall that includes primarily descriptive empirical work. Another example of an accounting research methodology that consists of pragmatic…
Blaikie, N. (2007). Approaches to Social Inquiry. ISBN 0745634486.
Fleming, R., Graci, S. & Thompson, J. (2000). Dawning of the Age of Quantitative/Empirical Methods in Accounting Research. The Accounting Historians
Journal. (June 2000).
Furuholt, (2006) argues that lack of management engagement to the acceptance of information systems has been a barrier to the implementation of information systems. The issues are even common with organizations in the developing countries where management does not give enough priority to the information systems implementation. Importantly, implementation of information systems requires management support since management will need to approve fund that would be used for IS implementation. Generally, younger people are more interested in the it tools than older people. In a situation where number of older working team outnumbers younger working team within an organization, the IS implementation may be cumbersome.
More importantly, lack of knowledge of information systems may serve as barrier to its implementation. In the developed countries, private and public organizations have already aware the importance of information systems to the organizations. Many organizations in developed countries already realize that it tool is a…
Abukhzam, M. & Lee, a. (2010). Factors affecting Bank Staff attitude towards E-banking adoption in Libya. The Electronic Journal on Information Systems in Developing Countries: 42(2): 1-15.
Ali, S.N.A. (2010). E-government services: an exploration of the main factors that contribute to successful implementation in Libya. PhD thesis, University of Portsmouth.
Bartol, K.M. (1982). Managing Information Systems Personnel: A Review of the Literature and Managerial Implications. MIS Quarterly.
Boh, W.F. & Yelling, D. (2007). Using Organizational Architecture Standards in Managing Information Technology. Journal of Management Information Systems. 23 (3): 163 -- 207.
A senior executive in a Fortune 500 firm along with their colleagues on the company's management team are dependent on accurate, timely, and pertinent financial information regarding the health of the organization. Accounting information has aptly been described as "the language of business, which is used in the management, planning, control, and decision- making processes integral to achieving organizational objectives" (Marshall, D. & McManus, W. 1996). In this regard accounting information falls into distinct categories: financial and managerial accounting; yet with considerable overlap in their utilization by management. Explication of these accounting areas provides considerable insight into their utility in providing effective quantitative data for analysis.
Financial and Managerial Accounting
Financial accounting concerns itself with the "preparation and reporting of financial statements for an entity" (Marshall, D. & McManus, W. 1996); while managerial accounting "is concerned with providing information to managers- that is, to those who are inside…
Likewise, managerial accounting also utilizes financial data to reach conclusions as to how the company is operating and what if any corrections are necessary to enhance profitability. In this vein managerial accounting concerns itself with the analysis of costs, budgeting, performance, and capital expenditures. Managerial accounting information is highly detailed and provides a platform from which to judge the company's revenue creation and its cost controls. As examples, an executive management team might take considerable time analyzing activity based-costing; a "system identifying the activity that causes the incurrence of a cost" (Marshall, D. & McManus, W. 1996). This data could lead to a discussion on the company's operating leverage based on their orientation of fixed or variable costs. While both financial and managerial accounting provides detailed data concerning company performance, managerial accounting has a distinctive narrowness to its scope of focus.
Communication of Information
With volumes of financial information generated by a Fortune 500 firm's accounting department, the question becomes how
What decision making model would you use to make this decision?
The rational decision making model would be the best choice in this instance. This model is particularly useful as it provides a systematic method of processing information. Many of the steps involved within the overall process involve judgment and foresight. In question 4 of the self test, the primary problem is centered on working an additional shift. The decision to work the additional shift lends itself well to the rational decision making model. First the model allows the development of alternatives, which can better aid management in its overall decision. Alternatives to working an additional shift would be to outsource labor, improve productivity through technology and so forth. Through the rational decision making model, these alternatives can be properly addressed while also outlining a means to arrive at the best possible decision. Management however, must guard itself on…
1. Erdogan, B., Liden, R.C., & Kraimer, M.L. (2006). Justice and leader-member exchange: The moderating role of organizational culture. Academy of Management Journal, 49,395 -- 406.
2. Duarte, N.T., Goodson, J.R., & Klich, N.R. (1994). Effects of dyadic quality and durationon performance appraisal. Academy of Management Journal, 37, 499 -- 521.
3. Heneman, R.L., Greenberger, D.B., & Anonyuo, C. (1989). Attributions and exchanges: The effects of interpersonal factors on the diagnosis of employee performance. Academy of Management Journal, 32, 466 -- 476.
M.L., 2007). Managing a project where little support is present from upper management requires a precise degree of stable consistency in the way of project deployment, supervision and follow-up. There is much ado with executive decision making. When topics and issues arise where input or answers are likely to be unpredictable without higher level determination, a project manager is forced to put his/her best judgment to use while considering every potential avenue for adjustment.
3) Completion dates are excellent points for performance metrics. How much overdue? How late?...etc. These are all excellent measurements that can be made.
Completion dates are absolutely imperative to the specific performance of any project, in any market or industry. Anytime that there is a centered goal or group objective that requires the combination of entwined efforts from every aspect of preparation and process, dates are indefinitely determinable of capability and the essential quality through progress.…
Free Management Library. 2007. www.managementhelp.org.
Mind Tools, LTD. 2004.
A www.mindtools.com- Project Planning.
esearch Objectives and Scope
The main objective of the research then relates closely to the research problem. It is to research the problem of uncertainty as it manifests in the global business environment. Specific issues to be investigated include supply chain management and its related uncertainties, the production process itself and uncertainties related to it, as well as the post-production phase and market uncertainties that are related to it.
Time is also an important factor. Some industries require a long-term time frame in their planning process, which exacerbate uncertainties. The time factor should also be an important consideration in terms of creating a model that can effectively help businesses achieve their manufacturing and revenue goals.
To achieve these aims, the main objective of the research will then be to research industries and companies that operate on a global scale. They will be investigated for the models they have implemented to…
Alonso-Ayuso, A., Escudero, L.F., Garin, A., Ortuno, M.T. And Perez, G. An Approach for Strategic Supply Chain Planning under Uncertainty based on Stochastic 0-1 Programming. Journal of Global Optimization, No. 26, 2003. Retrieved from http://chentserver.uwaterloo.ca/aelkamel/che720/che720-methods-of-optimization-pse/stochastic_optimization/05100412180122714.pdf
Eppler, Martin J., Platts, Ken, and Kazancioglu, Emre. Visual Strategizing: the Systematic Use of Visualization in the Strategy Process. Institute for Corporate Communication, Dec. 2006. Retrieved from http://doc.rero.ch/lm.php?url=1000,42,6,20061207091432-KB/wpca0607.pdf
Gupta, Anshuman and Maranas, Costas D. Managing demand uncertainty in supply chain planning. Computers and Chemical Engineering, No. 27, 7 Feb. 2003. Retrieved from www.sciencedirect.com.
Kazaz, Burak, Dada, Maqbool and Moskowitz, Herbert. Global Production Planning Under Exchange-Rate Uncertainty. Management Science, Vol. 51, No. 7. July 2005. Retrieved from http://myweb.whitman.syr.edu/bkazaz/kazaz-MS-2005.pdf
This concept originated with the principles of Total Quality Management (TQM).
The notion that only managers play a role in controlling work activities is based on two false ideas. One is the antiquated notion of totalitarian management. Modern management does not follow this style, as it is often not consistent with organizational objectives. The second false idea is that the manager can control the employee at all times. In practice, managers merely provide instruction and guidance with respect to work activities. Employees often devise their own ways of performing different tasks, and it would be near impossible for management to control this. Thus, employees do exert some control over work activities.
Q3. Operations management can be applied to any managerial function.
Operations management techniques are based around analysis of processes. Control is merely one aspect of the role, even within the operations setting. In fact, operations management also consists of…
Management Approach That Offers the Best Outcomes
for Knowledge Development
Understanding business, and what that process contains, is extremely complex. It takes years of study and focus to gain even a rudimentary idea of all a company has to do to remain viable. A company has to have employees who understand their jobs, clear work goals for all concerned in the business, accounting practices that tell the actual financial workings of the company and keep government agencies happy, along with many other processes among the strata. Threads run through all of the working practices of an organization which tend to bind it together. These can be tangible communication channels (email, phone lines, other forms of information technology), or they can be intangible. These intangible communication lines are another layer of complexity which the organizations managers have to control and mold. How people deal with one another is the way an…
Cohen, Debra J. "Knowledge Development -- Future Focus: Emerging Issues -- in Human Resource Management." HR Magazine (2003). Web.
de Dreu, Carsten K.W., and Evert van de Vliert. Using Conflict in Organizations. New York: Sage Publications, 1997. Print.
Fischler, Michael L. "From Crisis to Growth…Race, Culture, Ethnicity, Conflict and Change." Education 124.2 (2003): 396-398. Print.
"Knowledge." Merriam-Webster Online Dictionary. 2011.
Accounting and Intrusion Detection
In a report issued by Paladin Technologies, Inc., entitled: "Security Metrics: Providing Cost Justification for Security Projects," 273 organizations were surveyed on the topic of security. The report illustrates in quantifiable terms the depth and reach of intrusion detection on the financial viability of the organization. The combined reported losses from the firms surveyed totaled $265.6 million in 1999. The highest loss categories were reported as follows:
Type of Loss
Estimated Dollar Value
Number of espondents
Theft of intellectual capital
The average annual financial loss of firms surveyed was estimated at $40 million. Forty three percent of respondents were able to quantify financial losses, and seventy four percent were able to acknowledge financial loss. Ninety percent detected cyber attacks within the most recent twelve-month period and seventy percent reported serious breaches other than viruses, laptop theft, and employee abuse of…
Risk Assessment risk assessment involves estimating the likelihood and severity of an occurrence, the relative impact of risk on the facility, information handler, processing, support, and the mission of the organization. Assessing the likelihood means determining the probability that existing controls will be skirted. Pfleeger has identified a series of steps for examining the likelihood of adverse occurrences:
Calculate the probability that the risk may happen, found in the observed data for the specific system.
Estimate the likely number occurrences in a given time period. The analyst gives a rating based on several different risk analysis methodologies, and then creates a table to hold and compare the ratings.
The Delphi approach: several raters individually estimate the probable likelihood of an event, combine their estimates, and choose the best one.
Accounting Fundamentals for ealthcare Management
This paper examines governmental and nonprofit accounting and discusses how it differs from commercial accounting. In the accounting field, there may not always be a clear distinction between the three types of organizations. The dividing line between business and nonbusiness organizations may depend on the incidence and relative importance of the nonbusiness characteristics found in an entity. The funds of such organizations are usually earmarked for specific purposes and must be used in accordance with laws, regulations, or contractual requirements.
One distinction of nonbusiness organizations is that they generally have no single indicator of performance, such as profit or net income. FASB:CS-4 provides two performance indicators for financial reporting for nonbusiness organizations:
They provide information about the nature and relationship between inflows and outflows of resources.
They provide information about service efforts and accomplishments.
FASB: CS-4 also sets forth the distinctive features of the nonbusiness…
Horowitz, K.J. (2006, February 26). State and Local Government Accounting Principles. Retrieved on Aril 15, 2011 from Mercer County Community College website: http://www.mccc.edu/~horowitk/documents/Chapter02D.pdf
Ruppel, W. (2010). Governmental Accounting Made Easy. Hoboken, New Jersey: John Wiley & Sons, Inc.
Siegel, J.G., & Shim, J.K. (2006). Barron's Accounting Handbook (4th ed.). Hauppage, New York: Barron's Educational Series.
Accounting report generation, tackling exercises and answering exams is vital, especially when testing the competency of each student. The accounting profession is a demanding course and requires accuracy in the presentation of information: almost all skills taught in class are implemented directly in the field. This analysis presents some findings in favor of three integral exams-based learning methodologies. The ideas are extracted from chapter twelve of "Effective Writing: A Handbook for Accountants" as written by May and May (2012). The first section focuses on essay exams, which may be handwritten, or in computer-generated documents whilst appreciating the importance of cognitive reasoning in responding to essay exams. The second section- professional exam- attempts to expose a handler into real accounting situations. In most cases, the handler will tackle similar assignments as those in a real company in the form of reports.
This chapter commences with a clear…
May, C, & May, S. (2012). Effective Writing: A Handbook for Accountants. New York: Pearson Prentice Hall
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M.L., 2007). Managing a project where little support is present from upper management requires a precise degree of stable consistency in the way of project deployment, supervision and follow-up.…Read Full Paper ❯
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