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Write a 8 page essay on Decision Making with Managerial Accounting.In other words, managerial accounting is referred to as the internal business-developing role of finance and accounting professionals
Write a 8 page essay on Decision Making with Managerial Accounting.
In other words, managerial accounting is referred to as the internal business-developing role of finance and accounting professionals who plan, implement and manage the internal systems, which encourage effective decisions, thereby supporting and controlling the value creating activities of an organization (Ioana-Diana, 2014).
Managerial accounting is aimed at providing financial and non-financial information to managers, so as to help them make the best decisions. It facilitates effective internal decision making that is primarily focused on planning and controlling purposes. The type of decisions taken by managers depends heavily on the accounting information available to them. Given the fact that financial accounting data does not provide sufficient detail for internal decisions, it must be broken down to further details, regarding individual services and products offered by the company. Not only do managers need to be aware of the cost of a service or product, but they also need the cost information to be broken into intricate details of smaller components, that will enable them to conduct ‘what if’ analysis and thus, predict the future. The types of decisions that managers more often than not are supposed to make are regarding pricing a particular or a group of products, dropping a product or product line, purchase of new resources by replacing the old ones, assessing the performance of managers and divisions of an organization and sometimes, making instead of purchasing a product. Therefore, this suggests that the two fundamental utilities of managerial accounting are planning and controlling. Both the factors mentioned in the statement above help managers to accomplish fluent decision making (UNF, n.d. ).
The principal role of managerial accountant is to record financial information within the financial statements of a company, which is utilized by the management team of the organization to
