Answer To: MA 515 Managerial Accounting XXXXXXXXXXPage 4 of 5 Assessment Details and Submission Guidelines...
Sarabjeet answered on Aug 26 2021
Running Head: Management Accountants
Management Accountants
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Contents
Introduction 2
Given an analysis of the traditional and contemporary roles of the Managerial Accounting 2
Explain the roles of management accountants (MA) in an organization 4
Examine the use of contemporary management accounting tools to help business in taking strategic decisions particularly in the changing environment 5
Conclusion 9
References 10
Introduction
In today's era of the business environment, whether in developing or developed countries, there are many competitions in business and enterprise circles. The business owner not only needs to attain the objective nevertheless but also needs to increase a high position in the market in all factors of the company's business. Therefore, the responsibilities of directors in association or company will increase, particularly the tasks of management accounting are very important for controlling productivity, expenses, as well as pricing decisions in the association. Management accounting conventions (MAP) are critical to the success of the organization, and these conventions have been used traditionally in the organization.
Given an analysis of the traditional and contemporary roles of the Managerial Accounting
Accountants can help organizations achieve their goals by organizing, combining, and communicating data about their activities. Therefore, it is essential for the current business environment (Budding & Wassenaar, 2020). In addition to accounting itself, in modern organizations, the function of a single accountant or multiple accountants is equally vital, for the reason that this department or person working in two different accounting disciplines: management accounting and financial accounting. Knowing what these two unique accounting fields can provide will explain or define the character of modern accounting (EMSLEY & CHUNG, 2010).
Since the fourteenth century, management accounting has been proposed under the standard of "bookkeeping and financial accounting". Before new accounting techniques were developed in the nineteenth century, this technique was called "technology" (KADOUS et al., 2005). Using traditional management methods, it has changed the company's past business methods. Because of the way accounting is used, the company starts to make a profit. Nevertheless, the AS they used was not as well-organized as expected. Traditional accounting systems will track business performance by evaluating business practices and systems use. In real meaning, accounting can show the everyday performance of business or enterprise, however in traditional accounting, because of the lack of tools to capture all aspects of the manufacturing industry, they cannot capture the daily performance of the company (Paulsson, 2012). External users will check the financial reports as well as then compare the outcomes with their prospects to form an assessment of the business. As mentioned above, general external users include banks, leasing industries, and suppliers (Stout, 2014). Specifically, the following are the causes of why external and internal stakeholders advantage from the work performed by accounting and accountants:
Providers provide services and gods. They need to check the balance sheet of the company they serve to make sure that they can logically expect timely expenditure for their products. The account provides detailed information about the company's account books (Varma, 2019).
Creditors or banks provide leases, loans moreover other services, or unless they provide reliable company financial accounting information, they will not do so. Again, the accountant provides these financial snapshots. Workers provide energy and time or labor to make the business run. In at least one listed business, workers will need to see some numbers to show that the business is presently viable or may continue to be feasible (Škorecová & Farkašová, 2008). The accountant provides this information. The government provides operating permits, as well as municipal services, regulations, and protections. In some cases, the government will want or require viewing the company's account books. The accountant keeps those...