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First Module: Definition and Scope of Management Accounting 1. What Is Management Accounting? Management Accounting Or Manageria

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First Module: Definition and Scope of Management Accounting 1. What Is Management Accounting? Management Accounting Or Manageria First Module: Definition and scope of Management accounting 1. What is Management Accounting? Management accounting or managerial accounting is concerned with the provisions and use of accounting information to managers within organizations, to provide them with the basis to make informed business decisions that will allow them to be better equipped in their management and control functions. “Management accounting is the process of identifying, measuring, analyzing, interpreting, and communicating information in pursuit of an organization’s goals” –Ronald W. Hilton According to the Chartered Institute of Management Accountants (CIMA), “Management Accounting is "the process of identification, measurement, accumulation, analysis, preparation, interpretation and communication of information used by management to plan, evaluate and control within an entity and to assure appropriate use of and accountability for its resources. Management accounting also comprises the preparation of financial reports for non-management groups such as shareholders, creditors, regulatory agencies and tax authorities"(CIMA Official Terminology)”. The Institute of Management Accountants (IMA) recently updated its definition as follows: "management accounting is a profession that involves partnering in management decision making, devising planning and performance management systems, and providing expertise in financial reporting and control to assist management in the formulation and implementation of an organization's strategy". 2. Management accounting is helpful in decision making- discuss the statement. Or Management accounting is helpful in decision making –do you support this? Give arguments and mention the tools of decision making. Management accounting is the process of identifying, measuring, analyzing, interpreting, and communicating information in pursuit of an organization’s goals. So, Management accounting helps in decision making in the following ways:- i. Defining the problems: First steps of decision making are to determine the problems. In business organization, to taking decision first to identify the problem. If problem is determine then to identify the solution of the problem. Management accounting provides the information about the organization and base on these information problems is determined. ii. Helping the problem analysis: The second steps to take decision are to analysis the problem. Management accounting provides the various information to analysis the problem and how to solve the problem. iii. Helping the searching or developing alternatives: To solve the problems of an organization, first to setup the how many alternatives ways have? Base on the management accounting information determine the several alternatives. iv. Selecting the best alternatives: Then selecting the best alternative to solve the problem base on the managerial accounting information v. Putting decision into action: Then taking different steps to implement the action. vi. Helping the following up decisions: Finally, managerial accounting provide the information to follow up the decision action plan and if deviation, take necessary step to solve the problem. 03. Discuss the goal or objectives of Managerial Accounting. Managerial accounting is an integral part of the management process and managerial accountants are important strategic partners in an organization’s management team. In pursuing goals, an organization acquires resources, hires people, and then engages in an organized set of activities. It is up to the management team to make the best use of the organization’s resources, activities, and people in achieving the organization’s goals. Managerial accounting activity adds value to an organization by pursuing five major objectives: Providing information for decision making and planning, and proactively participating as part of the management team in the decision making and planning processes. Assisting managers in directing and controlling operational activities. Motivating managers and other employees toward the organization’s goal. Measuring the performance of activity, subunits, managers and other employees within the organization. Assessing the organization’s competitive position, and working with other managers to ensure the organization’s long term competiveness in its industry. 04. Narrate the functions of Managerial Accounting. Managerial accounting is an integral part of the management process and managerial accountants are important strategic partners in an organization’s management team. In pursuing goals, an organization acquires resources, hires people, and then engages in an organized set of activities. It is up to the management team to make the best use of the organization’s resources, activities, and people in achieving the organization’s goals. The day-to-day work of the management team comprises basic four activities: i. Decision making ii. Planning iii. Directing operational activities and iv. Controlling. Others Activities are- Modification of date. Analysis and interpretation of data. Facilitating management control. Use of qualitative information. Identifying the problems. 05. Discuss the planning, controlling and directing & motivating the management accounting. Planning: Planning involves establishing a basic strategy, selecting a course of action, and specifying how the action will be implemented. An important part of planning is to identify alternatives and then to select from among the alternatives the one that best fits the organization’s strategy and objectives. All important alternatives considered by management in the planning process impact revenues or costs, and management accounting data are essential in estimating those impacts. Controlling Controlling involves ensuring that the plan is actually carried out and is appropriately modified as circumstances change. Management accounting information plays a vital role in these basic management activities—but most particularly in the planning and control functions. In carrying out the control function, managers seek to ensure that the plan is being followed. Feedback, which signals whether operations are on track, is the key to effective control. This feedback is provided by various detailed reports. One of these reports, which compares budgeted to actual results, is called a performance report. Controlling are- (1) Budgetary control, (2) Standard Costing and (3) CVP Analysis. Directing and Motivating Directing and motivating involves mobilizing people to carry out plans and run routine operations. In addition to planning for the future, managers oversee day-to-day activities and try to keep the organization functioning smoothly. This requires motivating and directing people. Managers assign tasks to employees, arbitrate disputes, answer questions, solve on-the-spot problems, and make many small decisions that affect customers and employees. In effect, directing is that part of a manager’s job that deals with the routine and the here and now. Managerial accounting data, such as daily sales reports, are often used in this type of day-to-day activity. 06. Discuss the role of managerial accounting in efficient and effective management or management accounting is useful in banking operation- comment 1) Forecasting 2) Planning 3) Organizing 4) Motivation 5) Co-ordination 6) Controlling 7) Communication 8) Decision making. 07. Distinguish between Management accounting and financial accounting. Management accounting is the process of identifying, measuring, analyzing, interpreting, and communicating information in pursuit of an organization’s goals and financial accounting is the use of accounting information for reporting to parties outside the organization. Management accounting differs in several ways from Financial accounting process. There are also some important differences are - SL Dimension Management Accounting Financial accounting No 1 Structure Verities according to the use of information Uniform structure 2 Source of Whatever is useful to the management GAAP is a statutory obligations principle 3 Need Optional Statutory 4 Time Historical and estimates to the future Historical orientation 5 Report entity Responsibility centers Overall organization 6 Purpose A means to the end of assisting Management External reporting / statement for the outside users 7 Users Relatively small group: Known identity Relatively large group: mostly unknown identity 8 Information Monetary and non-monetary Primary Monetary centers 9 Information Many approximately Few approximately perception 10 Report Varies with the purpose: Mostly monthly and Quarterly and annually frequency weekly 11 Report Report issued promptly after the end of period Delay of weeks and even month timeliness covered 12 Liability Virtually none Few lawsuits and tread is always present potential 13 Report to Reports to those inside the organization for: Reports to those outside the organization: Planners Owners Directors and motivators Lenders Controllers Tax authorities Performance evaluators Regulators 14 Emphasizes Emphasizes decisions affecting the future. Emphasizes financial consequences of past Emphasizes relevance. activities. Emphasizes timeliness. Emphasizes objectivity and verifiability. Emphasizes detailed segment reports about departments, Emphasizes precision. products, customers, and employees. Emphasizes summary data concerning the entire organization. 15 GAAP Need not follow GAAP. Must follow GAAP. 16 External report Not mandatory. Mandatory for external reports 08. Comparison between
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