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Essay / Research Paper Abstract
This 3-page paper examines the concept of management accounting and explains its role in organizations. Bibliography lists 2 sources.
Page Count:
3 pages (~225 words per page)
File: D0_MTmgtaccor.rtf
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affiliated with it. To most people, accountants are numbers-crunchers and not much more. The Institute of Management Accountants defines management accounting as
"the internal business building role of accounting and finance professionals who work inside organizations" (IMA, 2009). The professionals, the definition goes on to note, handle everything from budgeting and forecasting
to implementation and monitoring of internal controls, to analyzing information - all dedicate to helping drive a companys economic value (IMA, 2009). As such, staff accountants, budget analysts, internal auditors,
finance managers, treasurers and CFOs are all involved in management accounting. What, then, are the differences between financial accountants and management accountants?
To answer these questions, we need to look at the roles of the systems - management accounting produces information used within an organization, while a financial accounting system handles information
that is disseminated to external sources, such as stakeholders and banks (Malawi College, 2005). Furthermore while management accountants focus on specific areas of organizational activities, financial accounting looks at the
whole picture (Malawi College, 2005). The goal of the management accountant is to assist strategic planning by providing information about pricing, capital expenditures, products and competition (Malawi College, 2005). The
goal of the financial accountant is to present financial information in an approved form, to decision-makers outside the company. Financial accountants, basically, are the numbers-crunchers while their management counterparts use
that information to try to develop goals and strategic planning. The relationship between management accountants, security and financial integrity are many. Management
accountants need to ensure their companies follow the straight and narrow when it comes to strategic planning. They need to ensure the information is correct (and properly prepared) when devising
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