Log in
Accounting
1
answer
0
watching
133
views

I need a discussion response to the following peers discussion post

When it comes to Managerial Accounting, a more in depth tone is taken when information is passed down to different leaders in the company. Having only financial statements is not the end-all-be-all of how a company is ran. The three tasks that managerial accounting helps with are: 1. Cost of an organization’s products and services 2. Potential activities 3. Comparing of actual results to the planned ones (PowerPoint, Ch. 1 p. 4). How I see ethical issues arising is if certain decision makers are not honest. Making decisions and running an organization with both aspects is a must in order to achieve the success needed. Dishonesty would eventually show in the financial aspect of the business, so specific reporting requirements for managerial accounting would not be needed.

Watch
1
answer
0
watching
133
views

For unlimited access to Homework Help, a Homework+ subscription is required.

Lelia Lubowitz
Lelia LubowitzLv2
28 Sep 2019

Unlock all answers

Get 1 free homework help answer.
Already have an account? Log in
Share

Related questions

How do you reply to this students discussionboard?

Managerial accounting is changing rapidly as a result oftechnology and new types of enterprises. Below is an article thatstates the opposite (Talha et al, 2010).

I see lots of references in this article provided that showsthat managerial accounting is changing (Talha et al, 2010) TomKennedy and Richard Bull stated “They mentioned that it was thisperceived “lost relevance” that has triggered the development ofActivity Base Costing (ABC) in the mid 1980s” Another point made isby Gary Siegel “Over the past 10 years, management accountants havebeen transformed from “bean counters” and “corporate cops” on theperiphery of business decision making to “business partners” andvalued team members at a very clear center of strategic activity.Escalating change in the profession in the past five yearscontinues to enhance the role of management accountants.” “RagnarGotestam (1994) mentioned that government commissioned the NationalBoard of Health and Welfare to observe the development of newmanagement accounting systems in social services.”

From all the reading and my experience in IT I believe thatManagerial accounting is changing with the growth of IT. Asdatabases grow and different abilities are realized with new codingforms so does managerial accounting. (en.wikipedia.org) I waslooking for how many different managerial accounting softwarepackages where on the market and I was only able to get a notion ofthe amount from Wikipedia which is not best to use as a reference,but it does give insight into the possible amount, I stoppedcounting when I hit 50 different types of software packages.Managerial accounting is changing, with newer IT technology you caneven create your own style of accounting to make numbers suitablefor your organization, old theories are good for a foundation buttechnology is always going to push the levels higher

Lack of management accountant expertise with ITknowledge has made the development of management accounting to beslow. With new technologies arising and business practiceschanging with the invention of new IT and technology systems,systems have become automated and having IT specialistsknowledgable of financial management is increasingly needed. I can speak to this from a personal aspect as I alreadyhave my BS and Masters in IT management, working in my new job Irealized that I needed to broaden my horizon some so I am currentlytaking courses to complete my MBA. The hope is that I will also beversed in the business environment and then will able to apply myIT background as well to help further my career and jobperformance. I have normally seen that it is the business andfinancial managers that are learning more about IT to make thedecisions. Implementing a managerial training plan that ensuresmanagers of all job functions are well versed in all aspects ofbusiness would also fix the problem.

Reference:

Stiglianese, Michael, Maisel, Lawrence S. (Jul 2014), BusinessFinance Best Practices for Finance Executives, IT FinancialManagement: What vs. How, retrieved February 24, 2016 from:http://businessfinancemag.com/technology/it-financial-management-what-vs-how

Talha, et al. (2010). A New Look at Management Accounting. TheJournal of Applied Business Research. Volume 26, Number 4,July/August 2012.

Wikipedia.org, Comparison of accounting software, retrievedFebruary 24, 2016 from:https://en.wikipedia.org/wiki/Comparison_of_accounting_software

Weekly leaderboard

Home
Homework Help 3,900,000
Accounting 580,000
Start filling in the gaps now
Log in