The Changing Roles of Management Accoutants Essays

Managerial accounting provides essential data about the functions within the business. The reports that are provided by the managerial accountants focus on the performance of the business and the business environment. Managerial accounting is manager oriented and managerial accounting focus on the accounting duties of a manager. Managerial accounting is used on a day to day operation providing an analysis of cost and the cost benefits. Managerial accounting function as a source for the business developments and the capital budgeting. The primary concern with managerial accounting is to provide positive outcomes in the business production and the profit.

Financial Management Accounting has been developing since the evolution of International Financial Reporting Standards. The significance of highly qualified management accountants is crucial for public and private enterprises, developing countries, startups, and others. Personally, I have chosen Oulu University and Financial Management Accounting due to several reasons that are based on my experience and motivation. I am a competent candidate for applying to study in Financial Management Accounting Master's Degree program at Oulu University.

Management accounting is a political technology, constantly evolving to meet demands of stakeholders of a company and to facilitate competitive advantage. A management accountant acts as a tool to devise and implement strategies. Pre-1920, decision-making processes were executed using strictly financial instruments such as cost profit analysis. “The growth of modern corporation, between 1880 and 1925 provided stimulus for development in innovative management accounting practices” (Kaplan, 1984). Due to the prominence of the world trade organisation and international monetary fund, trade barriers have

Managerial accounting underlines on future choices and it is not an obligatory practice. It gives data to the association's insiders in connection with performance assessment, inspiration, course and control. The opportuneness of report is a noteworthy prerequisite and accentuation are set on the significance of things in choice making (Needles, Powers and Crosson, 2010). Administrative bookkeeping gives a report on clients, items, workers and divisions. Also, it is not an absolute necessity for administrative bookkeeping to take the proper accounting rules.

As, management accounting plays a crucial role in every organization, there is a qualified recruit to carry out management accounting. This recruit or employee is known as management accountant. The role of the management accountant is to handle all financial matters and ensure the organizations financial security. Management accountants help to drive the business’s overall management and strategy and also plays an important role in determining the status and success of the organization. Management accountant’s advice managers on the financial implications of big decision. The sustainable success of the organization and the solutions to the issues are derived from the information provided by the management accountants. These information’s assist in formulating business strategies and monitoring

Management accounting: It deals with analysis and construal of financial verification so that organization can take assured decisions on venture plans, revisit to investors and dividend policy.

This article is useful to my study because the article addresses similar problems in some aspects which I am studying in accounting theory subject. That is the management accounting innovation. The article helps me understand the reasons which will change the accounting practice could be from the inside organization where the role of accountants increase. At this point, I improve my understanding about what is the distinction between accounting history and current accounting and explaining why accounting theory needs to be changed in relation to a change in other subjects.

The chief accountant of an organization has the tremendous responsibility of establishing and administering accurate, transparent, fraud-free accounting reports. To successfully fulfill the duty, the chief accountant must be ethical and knowledgeable. The chief accountant must be knowledgeable of the managerial account as well as the financial account. Since the accounting reports of an organization are of interests to so many entities, the media with its reporters will want to make sure that there are accuracy and integrity with the details. A good understanding of the managerial account is of crucial importance for the chief accountant. According to Hitzig (2004), and Edmonds et al. (2011), the integrity of the staff will be challenged to bring effective, efficient and useful data if the chief accountant is not savvy in financial and managerial accounting.

Bhimani, A., Horngren, C., Datar, S., Rajan, M. et al. (2012) Management and Cost Accounting. 5th ed. Edinburgh: Prentice Hall, p.369 - 378.

Goldratt, E. M. and J. Cox. 1986. The Goal: A Process of Ongoing Improvement. New York: North River Press.Summary by Chris Hourigan

Bromwich draws on economic theories. He stated that we need to release “management accounting from the factory floor” to assist it to meet the global challenges in product markets, and to allow management accountants to focus on the firm’s value-added relative to competitors. There are two key themes captured in this paper.

The first impression of the course managerial accounting for managers was that it would involve learning how to manage operations of a firm, especially in relation to its financial records and activities to ensure efficient and successful operation of a firm. I expected to learn how to deal with the final financial records and using them to perform an analysis of the records which will help to make informed decisions. It would also involve learning how to deal with the accounting records to make effective budget plans in considerations of resources available. My expectations of the course

Accounting is the language of business. It is a profession that is being guided by principles, concepts, conventions, laws, etc. All these fundamental building blocks serve as common and general compasses to all practitioners of the profession. In some cases, they are nation-wide tailored, while in other cases, they are universally tailored. Accounting as a living, practical, dynamic and realistic profession covers so many areas of social, economic (business), and governmental activities. Surely, any endeavour that involves monetary and material activities create a room for the services of Accounting. Many of the human endeavours for which the accounting profession plays significant (some times inevitable) roles include; Banking, Insurance, Manufacturing, Farming Contracting, Oil and Gas, Mining, Transportation (Air, Land and Sea), Educational Institutions, Churches, Ministries, ICT, Hire Purchase, Local Government Authorities, Estate Businesses, Export and Import Businesses, Bill of Exchange Transactions, Royalties Transactions, Consignment Transactions, Stock Market Transactions, Sports, Entertainment, Hospitals and Hospitality Industry, etc.

In today’s ever changing economy, society’s idea of management is becoming increasingly more difficult to sustain with the continuous demands of the position. A successful manager must have a certain level of expertise and problem solving techniques to carry out the daily tasks required. Over the years, there have been various ideas on what management is, such as planning, organizing, leading and controlling.

Accounting is considered as the treasure of an organization, it also helps the investors and other financial institutes in making decisions relating to their investment. In today’s competitive world managing account becomes crucial for any business to run successfully. Thus it becomes very important to frame efficient strategies and develop understanding for it to have a competitive edge in market. Post graduate in Accounting will provide thorough knowledge of Accounting and its management in all the