Managerial accounting is concerned with providing information to managers – that is , people inside an organization who direct or control it’s operations. Via managerial accounting managers understood that good business results come from dynamic processes , procedures and practices that are well designed and properly implemented and managed. Certified management accountants are qualified to help their fellow managers achieve good business results because they have earned an advanced certification that addresses all important aspects of accounting inside organization. The role management accounts play within organizations supporting decision making , planning , and control. In short , the emphasis in business and the role of accounting should be more about doing business rather than tabulating and reporting historical financial results. Now a days , management accounting plays a very important role for the success of an organizations. The current and contemporary issues of management accounting in manufacturing and service sector is developing the skills of the manager. Besides , Management accounting information is a useful ‘language’ to enable better collaboration between engineers, designers, marketers and other parties involved in product development, including suppliers.Managing suppliers is an important element of controlling production costs, and there are significant benefits to involving them and sharing data and specifications at an early stage of product development.
Contemporary issues of management accounting plays an impact over manufacturing sector. Current issues help advanced manufacturing techniques (both production technologies such as robotics and management tools such as just-in-time) led to a reducing proportion of costs being accounted for by direct materials and direct labour. Other parts of the value chain therefore become more important than the production line, for example, relationships with suppliers and customers....
Please join StudyMode to read the full document