Introduction to Managerial Accounting
For this case assignment I am to explain the responsibilities of the management accountant for security and financial integrity in an organization. I will also explain the relationship between management accountants and financial accounts and if I foresee an expanding role for management accounting in organizations.
Management accountants work within a specific company. They perform many different tasks to ensure their company’s financial security by handling essentially all financial matters and therefore helping to drive the business’s overall management and strategy. A management accountant’s responsibilities can range widely. Level of experience, time of year, and type of industry, can find you doing anything from budgeting, handling taxes and managing assets to help determine compensation and benefits packages and aid in strategic planning.
Management accountants, who are also called cost, managerial, industrial, corporate, or private accountants, record and analyze the financial information of the companies for which they work. Some of the management accountants’ responsibilities are budgeting, performance evaluation, cost management, and asset management. Management accountants can be a part of executive teams involved in strategic planning or the development of new products. Management accountants analyze and interpret the financial information that corporate executives need in order to make important business decisions. They also prepare financial reports for other groups, including stockholders, creditors, regulatory agencies, and tax authorities. Within accounting departments, management accountants can work in various areas, which can include financial analysis, planning and budgeting, and cost accounting.
The relationship between management accountants and financial accountants is that their underlying objective is the same-to satisfy the information needs of the user, whether it’s for a specific...
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