Task 1: Scenario You work for a company of your choice and you have been asked to prepare an article for the company magazine to help employees understand the importance of the management accounting f

Task 1: Scenario

You work for a company of your choice and you have been asked to prepare an article for the company magazine to help employees understand the importance of the management accounting function and how businesses use Management Accounting Systems to respond to various financial challenges.

GUIDELINES

• Define management accounting, and explore the origin, role and principles of management accounting. • Provide clear distinction between management and financial accounting• Outline the various types of management accounting systems and their importance within your chosen organization.• Discuss the benefits of each different system• Explain the various methods of reporting used in Management Accounting.• Examine why management accounting information needs to be understandable, relevant, reliable, useful and timely• Identify how benchmarks, key performance indicators (financial and non-financial) and budgetary targets are used to identify variances and problems.• Examine the role of financial governance to pre-empt or prevent financial problems.• Identify the key management accounting skill sets• Explain the characteristics and skills of an effective management accountant