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Development of Management Account, Differences Between Management and Financial Accounting and Management Accounting Ethical Standards. Essay

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Below is an essay on "Development of Management Account, Differences Between Management and Financial Accounting and Management Accounting Ethical Standards." from Anti Essays, your source for research papers, essays, and term paper examples.

Question 1: Defining management accounting over the past decades
Generally, management accounting provides information that help users to make informed decisions. Since management accounting is manager oriented its study has to be carried on by some understanding of a manager’s position in a firm and the basic business data which they need in making informative decisions. It takes into consideration the services performed by all the departments in an organisation including the accounting department since information from all departments is helpful to the top management in making policies, execution and acknowledging their effectiveness.
As cited in the Statement of Management Accounting the National Association of Accountants [IMA] (1981) derived a definition of management accounting which states that it is a procedure that is used by managers to implement their roles of identifying, measuring, accumulating, analysing, preparing, interpreting and communicating financial data. After the data has been processed it is used to make strategies, weigh and devise the firm, this is because it will help to guarantee the suitability and liability of its resources IMA (2008). It also consists of the preparation of financial reports for non-management groups, for example shareholders and tax authorities IMA (2008).
As time went by the IMA, (2008) developed a new definition of management accounting which states that it is a line of work that involves management working together so that they make effective decisions, inventing policies and performance systems (Williams, K., 2009).   It also provides proficiency when it comes to publishing financial reports and regulating so that they help management in designing and putting the strategies of a firm in action (Williams, K., 2009).
According to Caplan (2010), management accounting is a function that supports developing trends, subjects and methods associated with the management field so it is the duty of management accountants...

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Development of Management Account, Differences Between Management and Financial Accounting and Management Accounting Ethical Standards.. Anti Essays. Retrieved December 13, 2018, from the World Wide Web: http://parimatchstavki7.com/free-essays/Development-Of-Management-Account-Differences-Between-507633.html