Management Accounting Essay

The goal in the life of a college student is graduating and getting the dream job in the career field that is chosen. To achieve this goal takes more than just having the knowledge and heart for the career; it also takes technical skills to be able to perform the tasks. The Auditor: An Instructional Novella stretches beyond the standard textbooks to reveal the principles and practices of auditing as they are in the real world. The book consists of a few key aspects such as: targets students’ natural curiosity about the field of accounting, supports traditional teaching tools, shapes the potential challenges that awaits public accountants.

Accountants are responsible in analyzing and assessing the revenue, expenses, reporting financial matters and giving advice about the financial health of their employer. They help their client to know the best way to run a business by tracking and analyzing where does the money of the business go. They also give suggestions on where money could be made and advice in budgeting the money in the business.

Brewer, C. P., Garrison, H., R., & Noreen, W., E., (2005). Introduction to Managerial Accounting, 2nd Edition. New York, NY: McGraw-Hill/Irwin.

Dynamic companies use their internal budgets to make course adjustments throughout the year. For instance, if a product or service is not doing well in the first half of the year in comparison to the forecast or budget, the management team can use that information to make necessary changes or to scale back operations until market trends or the economy changes. Managerial accounts are the value creator for the organization (Collier, 2003). Their forward-looking capacity will help the organization to plan and make decisions for future profitability. The management accountants have a dual role to perform in an organization. The management accountant works as a strategic partner to provide strategic based financial and operational information (Collier, 2003). They are also responsible for business team management in organizations. The management accountant plays a prominent role in preparing financial reports, risk, and regulatory reporting, aggregating financial information, forecasting and planning important organizational information. Managerial accountants often perform cost analysis of products and divisions, which include variable and fixed costs. The production decisions made by managers are a direct result of information received from managerial accountants.

II. Main Point #2. Contrary to popular belief, Accountants, and the tasks that they perform, are an important part of most people’s everyday life.

Accounting is the study of how businesses track their income and assets over time. Accountants engage in a wide variety of activities besides preparing financial statements and recording business transactions. These activities include computing costs and efficiency gains from new technologies, participating in strategies for mergers and acquisitions, quality management, developing and using information systems to track financial

We need accountants because they are trained to handle tough financial situations. They know what investments are wise, what we can afford, and how we can increase our wealth.

Accountants should always carry out the public responsibility, meaning they have a responsibility to ensure that the accounting functions are performed to the highest possible standards and the information which an organisation provides for its stakeholders is true and accurate. To reach the goal of improving the performance of accountants, there might be several steps to undertake. There should be on-going education to keep abreast with the existing and emerging

Accounting is a profession that seems to be growing by the day. We were told during the first class period that employment of accountants is growing 22% from 2008 to 2018. Goes to show that Accounting is something that everyone needs, and is the backbone of business. Throughout this semester we have been fortunate enough to have speakers from multiple accounting professions come talk to us about their profession and what it entails. Tony Batman stood out to me because he shed a different light on the accounting profession and business in general. Common perception is that people get into business just to make money. Mr. Batman said something that will stick with me throughout my entire career that is contrary to the notion of businesses being around solely for profit. He said that the “primary purpose of business is to make people’s lives better”. I had never thought of business that way, I had always perceived it as providing a service for customers but you are actually making their lives better while providing that service. In this essay I will discuss how things I learned in this class helped guide my future career choice.

Accountants are trusted and respected all around the world. After all, this profession has been around for many years; there is proof that accounting methods were used by ancient Egyptians for inventory purposes. The accounting profession has many certifications; one of them is Certified Public Accountant, also known by its acronym, CPA. By far, the one with the most advantages is CPA because it is required by almost any accounting firm, provides mobility across the industry, and provides better economic remuneration. Acquiring the certification is not easy; the CPA examination is known to be difficult and challenging, having four parts and a passing rate of only 50 percent. It also requires continuing education since there are constant changes in laws. Once the certification is acquired, the rewards are greater than the sacrifice. CPAs are currently in high demand, and that is only increasing every year; this is great for job opportunities and for remuneration. Accountants have always had good salaries, but being in high demand increases the chances of having even better salaries. Before, CPAs were thought of as bookkeepers and tax makers, but now they are much more than that. Companies don’t make business decisions before consulting with their accountants, after all, no one knows the economic situation of a company better than the accountant.

For the foreseeable future, individuals and businesses still need CPAs and accountants to prepare and file tax. Companies still require audits. The consulting and advisory services many accountants specialize in will continue to be in demand.If everyone, seemingly, needs an accountant, then the industry hasn’t suffered . . . has it?

In the world of innovation, accountants & their contribution are one of the least appreciated. A success/failure of an innovation project is credited to the project manager or product manager or the development manager, but rarely the name of

Accounting professionals are in very high demand. The nature of work in accounting is so vast an individual would have so many different areas of accounting to choose from. Accounting requires people who can work with complex business structures, computer systems, and financial analysis packages. Accounting work further requires an aptitude for mathematics and the ability to compare and analyze accounting data quickly. Accountants also need to have strong communication skills as they must effectively communicate accounting data to their employers and/or clients. The accounting profession also demands a high level of integrity and morality because the financial data prepared by accountants is used by business managers to run their

The Accountants started to offer a broader variety of services and expertise to their companies and the customers. Accountancy firms hired external experts and supported active younger partners, throwing off the conventional mantle of the past and presenting themselves as business people offering services to business people. In fact, members of the profession working in the industry came more and more to lead and promote Irish companies.

Accounting has contributed by dealing with the overall interest for accountants with an extent of capacities—concentrated also logically organization, business, and endeavour related aptitudes. Giving applicable master direction and capacities is at the heart of the calling.