Write an essay about the emerging roles of management accountants in today's and tomorrow's corporate environments, based on the digital economy and beyond. The essay should describe, explain, and evaluate the business environment to which management accountants must adapt, as well as how they (management accountants) will position themselves in the future. Please keep in mind that your essay should be between 500 and 750 words long
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- The American Institute of Certified Public Accountants (AICPA) has stated that accountants will need to have an even better understanding of computer systems in the future. Why do you think computer skills will be more important?In his first address as Chairman of the Board of the American Institute of Certified Public Accountants (AICPA), Robert K. Elliott said: Knowledge leveraging will shape a wide range of CPA services. CPAs will be able to identify relevant information and its sources, perform modeling, devise and apply performance measures of all kinds, design systems to obtain needed information, advise on controls and security, and otherwise ensure relevance and reliability. CPAs will identify and deploy knowledge needed for strategic planning and investments, for marketing decisions, for monitoring internal and external conditions, for conducting daily operations, for maximizing the productivity of employee behavior, and for measuring the effectiveness of operations, personnel and processes. All this and more.17 Write a paper (your professor will tell you how long the paper should be) to discuss ways in which this chapter agrees with this quote. Discuss any disagreements. Do you think that the CPA should be performing these services? Why or why not?Write an essay of the new roles of management accountants in accommodating to the current and future business environment premised on digital economy and beyond. The essay should outline, explain, and analyse the business environment within which management accountants would be adapting, and how they (i.e. management accountants) would be positioning themselves in the future. In writing your essay, please observe that you need to write between 500 to 750 words
- Accountants are no longer confined to looking at the books – they must be cross-functional, global in outlook, nimble, and tech savvy. Automation is not a future phenomenon but something very much in the present, across different parts of the accounting profession. Prepare a reflection paper on the above insights and the challenges you think you would be facing to address these ever changing role of management accountants.PLEASE CAN YOU HELP ME, THANK YOU!Assume that you work for a Fortune 500 level company at corporate headquarters. Due to your excellent performance and the fact that the CEO of your firm noticed that you had listed on your resume' that you had taken a graduate-level Management Accounting course from a reputable institution, the CEO has sent you an email containing a request that you respond to two very important questions. The CEO needs your answers within a relatively short time frame of making the request. The questions are: #1. What criteria should the operating units (i.e. producing segments of the firm) use when deciding whether to use job-order costing or process costing approaches for costing the products they produce? #2. For costs that cannot be traced, what tests should a cost allocation basis (not the cost allocation method) meet before that cost allocation basis (direct labor hours, machine hours, direct labor cost, etc.) can be used to allocate costs in the organization?Accenture (which spun off of former accounting firm Author Anderson) wrote an article entitled "Meet the Finance 2020 Workforce" which suggests that accountants will need to embrace new financial roles to analyze new business opportunities and the ways firms can profit from them. Consider the internal and external business processes and give ideas of how they might allow the accountant to analyze business opportunities and how the firm might profit from them. You can use examples from the text or other companies in the news.
- The International Federation of Accountants had identified the four stages in which management accounting has evolved. Provide a discussion on how the evolution would impact the way you work as a management accountant in today’s business environment.Now, consider emerging trends in business today. How should the discipline of managerial accounting evolve to meet the changing needs of organizations? Be specific. Suggest specific accounting information needs that you feel managers have in the current business environment.Assume that you have finished your MBA program and have applied for a position in the Financial Accounting Department of a large multinational company. The company is struggling with its accounting reporting matters and several accounting reports are under regulatory scrutiny. In the interview board, the recruitment committee members have asked you the following questions. What have you learnt in the BUS 505 course relating to financial accounting? How you can contribute the Financial Accounting Department of this company if you are recruited?
- Please kindly answer the three questions below; You are the CEO of your own IT Company. Based on the cost concepts that we have discussed, identify at least three (3) costs being used and provide possible solutions how to control these costs. Being in an IT Field, you know the importance of optimizing your processes to see growth through efficiency. How can financial statement analysis contribute? Accounting is the language of business. Using this context, discuss the importance of financial statement to businesses.Assume that you have finished your MBA program and have applied for a position in the Financial Accounting Department of a large multinational company. The company is struggling with its accounting reporting matters and several accounting reports are under regulatory scrutiny. In theinterview board, the recruitment committee members have asked you the following questions. i. How can you contribute the Financial Accounting Department of this company if you are recruited?Assume that you have finished your MBA program and have applied for a position in the FinancialAccounting Department of a large multinational company. The company is struggling with itsaccounting reporting matters and several accounting reports are under regulatory scrutiny. In theinterview board, the recruitment committee members have asked you the following questions. How can you contribute the Financial Accounting Department of this company if youare recruited?
