Managerial Accounting Planning & Decision Essay - 2475 Words



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Managerial Accounting: Planning & Decision

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Table of Contents

I. IntroductionPg. 2
II. Accounting OverviewPg. 3
III. Financial (Cost) & Management AccountingPg. 4
IV. Management Accounting role in the OrganizationPg. 6
V. Communication and presentationPg. 7
VI. Management ProcessPg. 8
VII. ConclusionPg. 10
VIII. End NotesPg. 11
IX. Bibliography/Further ReadingsPg. 12

As a business owner, manager, and director of various business entities that I manage, I can very much relate to many authors, business people, or individuals who appreciate the information derived from Management accounting. To describe management accounting in my own words, I would say; it is the accounting that describes the “what, where, when, why, and how” about the business. It is a domain that can lead a business to success, if the translations of it are utilized to their full potential. The intent of this paper is to share lessons and thoughts of many teachers, writers, and authors of management accounting. There is no need to “re-invent the wheel” per say as the basics of requesting and obtaining management accounting information is more or less the same for everyone. However, what cannot be described or written with certainty is what the organization, business, or individual chooses to do with the information. Such decisions and actions remain to be seen as outcomes afterwards. Managers or people inside the organization who direct and control its operations rely on managerial accounting information and other financial insights in order to plan and achieve business success. Wikipedia defines management accounting or managerial accounting as concerned with the provisions and use of accounting information to managers within organizations, to provide them with a basis to make informed business decisions that will allow them to be better equipped in their management and control functions. Management accounting information is primarily forward-looking, instead of historic. It is a model based with a degree of abstraction to support decision making generically, instead of case based. It is for manager use within the organization, instead of being intended for use by shareholders, creditors, and public regulators. It is usually confidential, instead of publicly reported. It is computed by reference to the needs of managers, often using management information systems, instead of by reference to general financial accounting standards.1 The American Accounting Association refers to accounting as “the process of identifying, measuring and communicating economic information to permit informed judgments and decisions by users of the information. The accounting information can be both financial and non-financial in order for the decision makers, information users, and management to make the best possible decision.”2

Accounting Overview

Accounting is a language that through the translation can communicates economic information to the organization’s managers, shareholders, potential investors, employees, creditors and the government. “Shareholders ask for information on the value of their investments and profits. Employees need information in order to be sure that the company is capable of meeting and avoiding redundancies. Creditors and banks request information on the company's ability to sustain its financial obligations and liabilities. Government agencies collect accounting information necessary to establish macroeconomic development policy.”3 “Managers of specific business oftentimes need or desire far more detailed information. This information must be tailored to specific decision-making tasks of managers, and its structure becomes more “free formed." Such managerial accounting information tends to focus on products, departments, and activities. In this context, the management process is intended to be a broad reference to encompass marketing, finance, and other... Show More

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