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Essay / Research Paper Abstract
A 5 page paper comparing the goals and uses of financial vs management accounting practices, concluding with a summary of the code of conduct of the Institute of Management Accountants. Management accounting provides decision-making tools, while financial accounting gives investors and regulatory agencies a view of how effective management's decision-making has been during the reporting period. Ethical behavior is crucial in each. Bibliography lists 9 sources.
Page Count:
5 pages (~225 words per page)
File: CC6_KSacctFinMgmt2.rtf
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Unformatted sample text from the term paper:
accounting is to provide information that enables effective business decision-making. There are two broad divisions in accounting: financial and management (Horngren, Sundem and Stratton, 2002). Each has its
place in any organization of any size. The purpose here is to explore each, as well as ethical standards in accounting. Types of Accounting Financial Accounting
It is financial accounting that most people think of upon hearing the word "accounting." This is the business of recording, tracking and planning expenses and
income for the purpose of indicating the financial health of any specific organization. Financial accountings primary purpose is to "prepare financial reports that provide information about a firms performance
to external parties" (Financial Accounting, n.d.). These external parties can include investors, regulatory agencies and creditors. It is (or is supposed to be) "performed according to the Generally
Accepted Accounting Principles (GAAP) guidelines" (Financial Accounting, n.d.). Management Accounting Management accounting provides financial information for internal use so that organizations can make
the most efficient use of the funds available to them. It is used for weighing investment options; to support activity-based costing techniques; identifying optimum internal practices in areas such
as production activities; and for a host of other financially-centered decisions that managers must make on a daily basis. An Example of the Difference
Any type of product can and generally does have several costs associated with it. The first is price, of course, but there are other factors as well.
To this basic price the retailer needs to add delivery costs; storage costs; the costs of labor in moving it, storing it and cleaning it if it fails to sell
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