Essay About Management Accounting

Essay About Management Accounting-54
Establishing & maintaining an internal control structure is an important departmental management responsibility.This memo outlines the differences between managerial accounting and financial accounting and the Managerial Reports and Usefulness in Decision Making.In this perspective, the future might not be a replication of the transactions that took place previously.

Establishing & maintaining an internal control structure is an important departmental management responsibility.This memo outlines the differences between managerial accounting and financial accounting and the Managerial Reports and Usefulness in Decision Making.

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Management Accounting Introduction Management control is to ensure that the organization achieves its objectives.

Once the objectives have been agreed, action plans should be drawn up so that the progress can be directed towards the ends specified in the objectives.

Managerial Accounting What Joe needs to understand is that employee salaries can be taken out of company expenses. FINANCIAL AND MANAGERIAL ACCOUNTING Table of Contents Table of Contents 2 Introduction 3 Allocation for infrastructure development 4 Setting specialeconomic zones 5 Providing subsidized loans and other services 7 Setting up of health care facilities 9 Allocating federal funds for public school facilities 10 Development of recreational facilities 12 Capital budgeting 13 Conclusion 13 Reference 15 Bibliography 17 Introduction A project, be it a development project for a city or a corporate project relating to new installations and acquisitions, requires huge sum of money.

The reason for this is becausepaying employees their wages is something that is important to the functioning of a business. Therefore, it is important that a proper assessment of the various possibilities is done to ensure its success......through this experience I did gain good amount of knowledge in the fields of financial accounting, auditing and taxation.

Use of the Report This type of report gives the managers the ability to see the constituent cost prices of products against the selling prices thus enabling them to determine the profit margin. Thus it is the responsibility of the managerial accountants in managing the business team along with submission of report in relation to the corporation’s finance.

Efficient cost reports gives quality information to enable managers see the significance ...? The management accountant portrays planning and forecasting, monitoring and reviewing cost inherent to the business and performance variance......?On the other hand management accounting information system must be adequately elastic to give any kind of information that is appropriate for any specific decision (Teale, 2003).Managerial Reports and Usefulness in Decision Making There are various managerial reports which are used in making important decisions in business.Such reports comprise of cost reports, Performance reports, budget reports, business opportunity reports and order reports.These types of reports have various uses in decision making process.Financial accounting information is always anticipated to b verifiable and objective.Nonetheless, for internal purpose the manager demands data that is significant even if it is not totally verifiable or objective.Such objectives are used to make comparison with alternatives in decision making & are also the critical elements in evaluating the success or failure of the action plans.One of the most widely used management control systems is the budgetary control & the term “Budget” itself is one of the objectives that is expressed quantitatively in financial value [1].Cost Reports Management accounting makes calculations of the cost of goods and services being produced.This is possible through accumulation of costs of raw products, costs of overheads, labor costs and any other extra costs that might be put into consideration.

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