ACCT 4200 Advanced Managerial LC Project: Business Function Analysis This projec

Question

ACCT 4200 Advanced Managerial LC Project: Business Function Analysis This project helps students determine how managerial accountants (managerial accounting) relate to the other functional areas of the company. Directives: You are on the managerial accounting team at "The Function, LLC" a production company. Your team will do learning (CEO) Department do its job. Write a paper of this functional analysis. In your written paper, you will discuss the various analyses and or repo (CEO) Department needs your to help with or to prepare for them? Give an examples! research and or refer to what we are in class and your text and determine how you will help the Executive rts the Executive The report must be well written, including: paragraph headings, proper grammar, cited, double spaced, page numbers. No more than 4 pages including the cover page. You will also present your findings orally in class but all written reports are due in D2L assignment box on December 1, 2017 ONLY ONE DOCUMENT IS REQUIRED FOR YOUR TEAM Note: Each student will complete the mandatory Financial Analysis (FA) feedback survey [see D2L] and upload to his/her assignment box (this is a part of the project, in order to earn full points). Hand in the Pre-FA in class project you did on the first day. -Only Sucom it one paper every ru complete survey

Explanation / Answer

Relation of Management Accountant (Management Accounting) with other functional areas of the company

(or)

Performance of various functions related to different segments of the company by Management Accountant

Management accounting is the study of managerial facet of accounting. The prominence of management accounting is to reshape accounting in such a way that it is helpful to the management in arrangement of policy, control of execution and appreciation of efficacy. It is that system of accounting which helps management in carrying out its functions more powerfully.

Relationship of management accounting with financial accounting:

Financial accounting is concerned with the recording of day-to-day transactions of the business. These transactions are classified as per their nature. These transactions enable the concern to find out profit and loss for a particular period and financial position of the concern is also judged on a particular date through profit and loss account and balance sheet respectively. Management accounting uses financial accounts and taps other sources of information too. These accounts information is used in such a way that they are helpful to the management in planning and forecasting various policies.  

Relationship of management accounting with cost accounting:

The purpose of cost accounting is not merely ascertainment of cost, it is also performance evaluation and management decision-making. Management uses cost data to minimise the costs and evaluate the performance as a basis for decision making. It is for this reason most of the cost accounting concepts are also used in management accounting. The function of management accounting is much more than simply the accumulation of cost data.  

Functions of Management Accountant:

The functions of management accountant depend upon his status in the organisation, needs of the enterprise and personal capabilities of the persons.  

• Management accountant establishes co-ordinates and maintains an integrated plan for the control of operations.

• Management accountant measures performance against given plans and standards. The results of operations are interpreted to all levels of management.  

• He should evaluate various policies and programmes.  

• Management accountant is expected to report to Government agencies as required under different laws and to supervise all matters relating to taxes.

• He is to measure the effect of various economic and fiscal policies of the government and also to evaluate the impact of other external factors on the accomplishment of organisation objects.

Management accountant for the Millennium:

With exponential growth in Information Technology (IT) and the ongoing process of liberalisation, a prospective Management Accountant for the Millennium has to be equipped with latest IT tools and he has to be a person with global prospective who could respond immediately for generating various alternatives for decision making. To be successful in the new millennium, a management accountant should have the exposure in various fields such as:

Quantitative Techniques

Mathematics

Technology including information technology

International markets

Human Resource Management

Management information systems

International Laws and Customs of Trade

Mergers and Acquisitions

International Financial Management-Global Depository Receipts (GDRs), Euro Issues etc.

The controller:

The term ‘controller’ or ‘comptroller’ is used in the United States of America for top management accountant executive in a firm. He is considered to be the figure partner in the management team since he has the responsibility for collection of figures both from within and outside the company. He has also safeguard the accuracy of such figures and also develop devices needed for their meaningful presentation adn interpretation.  

The general functions of the controller have been laid down by the Controllers Institute of America, as follows:

Functions of Controllership:

• To establish, co-ordinate, and maintain, through authorised management, an integrated plan for the control of operations. Such a plan would provide to the extent required in the business cost standards, expense budgets, sales forecasts, profit planning, and programme for capital investment and financing, together with the necessary procedures to effectuate the plan.

• To measure performance against approved operating plans and standards, and to report and interpret the results of operations to all levels of management. This function includes the design, installation and maintenance of accounting and cost systems and records, the determination of accounting policy, and the compilation of statistical records as required.  

• To measure and report on the validity of the objectives of the business and on the effectiveness of its policies, organisation structure, and procedure in attaining those. This includes consulting with segments of management responsible for policy or action concerning any phase of the operation of the business as it relates to the performance of this function.

• To report to government agencies as required and to supervise all matters relating to taxes.  

• To interpret and report on the effect of external influences on the attainment of the objectives of the business. This function includes the continuous appraisal of economic and social forces and of government influence as they affect the operations of the business.

• To provide protection for the assets of the business. This function includes establishing and maintaining adequate internal control and auditing, and assuring proper insurance coverage.

Related Questions

Navigate

• Browse (All)
• Browse A
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.