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Management Accounting Essay

657 words - 3 pages

Management accounting provides necessary information to assist management in decision-making and management control. The chartered institute of management accountants defines management accounting as “the process of identification, measurement, accumulation, analysis, preparation, interpretation and communication of information used by management to plan, evaluate and control within an entity and to assure appropriate use of accountability for its resources. Management accounting practices could be dated back to the 1700s. Evidence of management accounting practices has been provided by (Fleishman and Parker,1991) who noticed activities such as expense control, product costing, overhead ...view middle of the document...

Today, the management accountant must not only posses technical skills or play his role as a “bean counter” or corporate cops but must also be to help the company analyze businesses and act as an interior consultant.

Many people believe the traditional management accountants information are not timely, focuses too much on the organizations internal performance art the expense of the social and external issues and also pays too much attention on the manufacturing but neglecting high cost post-conversion activities.

The new management accountants roles has changed considerably over the past year, they do not spend all their time like they used to on budgeting and financial reporting but rather co-ordinate with other managers to analyze the other business both externally and internally. Due to factors such as technological advancements, they spend little time on “working figures” and rather spend more time to explain and translate the meaning of “figures” to the people who need them. They take active part in strategic decision within the top hierarchy of the organization.
Anastas (1997), states that, it was depicted information to technology is pushing...

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