Management Accounting and Organizational Controls

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Hence , management accounting deals with identifying measuring , analyzing , preparing and interpreting of information for the help of managers (Chartered Institute of Management Accountants Managerial accounting extends to the areas of strategic management br performance management and risk management (AICPA

Discuss the role of the financial accounting and managerial accounting functions in organizations and some of their job responsibilities Managerial accountants mainly collect , analyze and present information to managers in a manner which would assist them in taking various decisions

What is Management Accounting Management accounting is the act of applying accounting procedures to assist managers in taking informed decisions

Where managerial accounting emphasizes on the daily financial workings of a firm , financial accountants usually provide a summary of happening at a firm from the financial aspect

What are some of the differences between financial accounting and managerial accounting functions and the type of reports they may each use Managerial accountants usually work on reports such as cash flow statements , budgeting etc

Apart from this financial management data is publicly available and distributed openly Managerial accounting information however is guarded and can result in a lot of trouble if it gets out especially to competitors References AICPA – American Institute

Furthermore , management accountants are not responsible for maintaining past records , but provide advice in financial matters and project undertakings from a financial aspect

Results produced by performing managerial accounting practices are in the form of reports which are primarily used internally or for stakeholders such as shareholders internal to the company , tax paying purposes etc 2

which in turn provides data for financial accountants who then consolidate this information and present it in the form of income statements , balance sheets , profit and loss statements etc

The same way a marketer can tell how to sell a product , a researcher can tell how good the market currently is , a management accountant tells how to manage a project in the most cost effective way possible

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