...The Journey of Accounting The employment for accountants and auditors is expected to grow by twenty percent between 2008 and 2018, which is much faster than the average for all occupations (“U.S. Bureau of Labor Statistics” 5). This shows that accounting is a profession that is very dependable to get a job in. Accounting has been around for ages as it can be traced back to Italy in the Renaissance Era. Accountant’s nature of work is to make sure that business firms run efficiently, public records are kept accurately, and taxes are paid properly and on time (1). Accounting refers to a set of business practices designed to keep careful track of accounts, funds, and transactions between a company and its various stakeholders. The system we use today to track money in business was invented in Italy during the Renaissance. An Italian merchant invented it so that he could easily summarize his results at the end of the day. The system had a simple system of checks and balances to make sure that everything he had recorded was done correctly. The Italian merchant called his system the double-entry accounting system, and it was very simple to understand (Hart 4-5). His name was Luca Pacioli, born in Sansepulcro, Tuscany. Pacioli is known as “The Father of Accounting”. Later on, as trade increased between Europe and the Middle East, business grew beyond what a single owner could even handle. This caused the need for written records so that the business owners could keep up...
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...National, Management, Financial, Tax, and. Fiduciary Accounting. Public accounting is the most varied type and includes bookkeeping, account management and financial analysis for individuals, private businesses, public firms, government or NGOs, which are either based nationally are internationally. A public accounting business can have one or more accountants and both certified and non-certified accountants can provide public accounting services to their clients. Government Accounting specific to government agencies and ensures all revenues and expenditure are in accordance to law. The conventional accounting methods of double entry system in ledgers and journals are used here. Government accounting is differentiated from other types of accounting in respect of providing service that is not profit based but service based. Government accountants are employed by the federal government, either as a part of the IRS or any other budget or asset management division. National Income Accounting is mainly for the government and is responsible for providing the general public the data with reference to the gross national product about all market-related information, such as the value of the country's goods and services provided and its purchasing power. National income accounting gives an idea about the state of economy of a country and how and where money is being generated and spent. Management accounting is also known as private, industrial or corporate accountants. Management accountants...
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...Skills, Responsibilities and Roles of the Management Accountant Today's Management Accountant Skills, Responsibilities and Roles in Today's Global Economy Jennifer Dosch, CMA Metropolitan State University Chapter Goal: To demonstrate the skills necessary for management accountants in today's business environment. To identify and explain the responsibilities and roles for today's management accountant. Learning Objectives Demonstrate the differences between management and financial accounting. Describe important skills needed for today's management accountant. Examine responsibilities of the management accountant. Examine the roles required of today's management accountant. Summarize IMA's Code of Ethics for management accountants. Jennifer.Dosch@metrostate.edu Page 1 Skills, Responsibilities and Roles of the Management Accountant I. Overview of Accounting The two primary accounting roles in an organization are “financial” and “management” accounting. The recording of transactions and preparing financial reports is the financial accounting role. Financial accounting deals with historical results, the recording and reporting of transactions that have occurred. For example, paying cash for salaries expenses incurred or recording the purchase of raw materials. The recording of transactions and preparation of financial statements are currently guided by Generally Accepted Accounting Principles (GAAP). GAAP consists of standards and...
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...CHAPTER 1: COST MANAGEMENT AND STRATEGY EXERCISES 1-24 Strategy; Real Estate Services (15 min) This exercise can be used to provide a good perspective for the students to see the role of cost management in solving business issues, and in placing the management accountant in more of a leadership role in the firm. It also provides an early motivation for the cost behavior issues to be discussed later in chapter 3 and chapter 8. The management accountant has a hunch that the company is about to take on a potentially damaging strategic initiative. This is a great opportunity to begin to play more of a strategic role in the company. The first step should be to obtain the relevant information about projected revenues and costs and do a careful analysis of the likely profitability of developing the new, smaller customers. Here’s how the case might be used in a class discussion. First, ask the class to identify the types of costs likely to be incurred by this company in providing its service. The answers are likely to include labor costs and materials for cleaning and maintenance, in addition to costs for maintaining the firm’s office. As these examples are given, put them on the chalkboard and collect 6 or 8 of them. Then, ask how each of these costs might differ between large and small customers. For example, the cost of cleaning labor and materials will likely be somewhat proportional to the square feet of space each customer occupies, so that cost projections...
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... OBJECTIVES, AMBITIONS AND ASPIRATIONS ❖ To pass all the exams in November 2011 and May 2012 leading to qualification as a Chartered Management Accountant by December 2012 with the Chartered Institute of Management Accountants (CIMA). ❖ To be a Leader and drive positive change, enhance efficiency, effectiveness and productive use of organisational resources in the quest to increase profitability and return on investment to owners of organisations. ❖ To uphold ethics in execution of my professional duties and in my social affairs. EDUCATIONAL HISTORY Qualifications in progress, to complete in November & December 2011 examinations ❖ Advanced Diploma In Management Accounting - CIMA (to complete May 2012) ❖ Diploma in Management Accounting – CIMA (also to complete in May 2012) Completed Qualifications ❖ Certified Accounting Technician (NQF 5) - ACCA ❖ Certificate in Business Accounting (NQF 5) - CIMA EMPLOYMENT HISTORY Urban Genesis Management January 2012 to Current Revenue and Debtors Controller- CID Management Finance ❖ Supervise and Manage Revenue collection department(staff complement of 3 people) ❖ Run, analyse and interpret monthly debtors and revenue collection reports( Debtors and Management Accounts) ❖ Assist CID Managers with presentation of Management Accounts at the Quarterly Board Meetings ❖ Supervise the CID procument and payment processes, makes follow ups and verify that expenses are legitimate...
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...Governance and management Quality can be enhanced by better management practices, transparency in the use of resources, and accountability mechanisms to communities and other stakeholders. Mechanisms for promoting ownership and accountability through participatory planning deserve increased attention. Issues of governance go beyond ensuring better management of the public sector. They include a concern for increasing ownership by different stakeholders at different levels. One strand of the research focuses on centralization/decentralization to answer questions about what responsibilities within education systems (such as recruitment of teachers, control of budgets, design of curricula) are most appropriately located at national, provincial, district and/or school levels in countries of different sizes and cultures. The research also takes into consideration the distribution of responsibilities within particular levels, e.g. at the national level between national ministries of basic education, higher education, finance, planning, etc. A second strand focuses on management of skills development and training. Expansion of opportunities for young people who have completed basic education does not imply exclusive attention to traditional models of formal education. Attention is given to alternative models and to non-formal modes which can serve out-of-school youths. Learners in modes of post-basic education pay attention to the demands of the labour market. This requires...
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...activities. Financial Accounting is an important foundation work of modern enterprises, through a series of accounting procedures, provided useful information for decision-making, and actively participate in management decisions, improve the economic efficiency of enterprises, service in the healthy and orderly development of the market economy. Management accounting, also known as "internal report accounting", it means: to present and future campaign funds, to enhance economic efficiency for the purpose of internal managers provide the scientific basis for management decision-making as the goal of economic management activities. Popular financial accounting is the total company accounting processes, cost accounting is the part of management accounting is a financial accounting calculation based on future projections of the company. In economic management, accounting work is an important part of one is closely linked to the effective operation of economic and accounting work. Comparison of management accounting and financial accounting for the study of accounting work in-depth research and analysis. Overview of management accounting and financial accounting Management Accounting Management Accounting refers to the conditions of market economy, to strengthen management within the organization, organize the best value for money as the ultimate goal, to organize business activities and value of performance as an object through the financial aspects information on deep-processing...
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...University Professor 10 May 2013 CMA Certification CMA stands for Certified Management Accountant and it is the “advanced professional certification specifically designed to measure the accounting and financial management skills that drive business performance” (How To Become a CMA, n.d.). The Institute of Management Accountants governs the CMA exam and there are quite a few requirements one must meet in order to even be eligible to sit for the exam. First of all, you must be a member of the Institute of Management Accountants to be eligible for the CMA program. The other eligibility criteria includes paying the entrance fee, satisfying the education qualification, satisfying the experience qualification, receiving passing scores for all required examination parts, and compliance with the IMA Statement of Ethical Professional Practice. The entrance fee for Professional members is $225 and the entrance fee for students and academic members (members U.S., Canada, or Mexico) is $75. The education qualification includes having a bachelor’s degree, in any area, from an accredited college or university. Applicants may also have degrees that are not from accredited institutions but they must be evaluated by an independent agency. To be eligible for the experience qualification, applicants must have at least 2 years of continuous professional experience in management accounting and/or financial management. This experience is expected to be gained in full-time employment but continuous...
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...STANDARD OF ETHICAL CONDUCT FOR MANAGEMENT ACCOUNTANTS. What is the Standard of Ethical Conduct for Management Accountants? It is telling about ethics. In other word it is a code of behavior developed by the Institute of Managerial Accountants to govern the actions of managerial accountants and insure that ethics are a priority for all accountants. The code is designed to guide accountant for not practicing in wrong way. Practitioners of management accounting have an obligation to the public, their profession, the organization they serve, and themselves, to maintain the highest standards of ethical conduct. Back to the scenario, as a management accountant, I should not consider the request. The reason is all of information confidential. Practitioners have a responsibility to refrain from disclosing confidential information acquired in the course of their work except when authorized, unless legally obligated to do so. Sharing the important infomation with third party (supplier) to gain personal matters are unethical. Besides, it will face an internal conflict. The other factor which should consider is integrity. Practitioners have to avoid actual or apparent conflicts of interest and advise all appropriate parties of any potential conflict. I have to refuse any gift, favor, or hospitality that would influence or would appear to influence my duties. By avoiding all those unethical attitude, it will carry out my profession ethically. Acting my duties with competence most...
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...TO: Dr. Kimberly Church, Professor FROM: Amber Rechtien, Benjamin Lotito, Bridget Angles, and Thomas Flanagan DATE: Monday October 27, 2014 SUBJECT: “Big Data” Introduction The purpose of this report is to present the technology issue of big data. In this memo we shall discuss what exactly big data is, how it applys to the accounting field, why it’s an issue for concern, and our recommendations as to how best to respond to the issue. What is Big Data? A truly succinct definition of big data, encompassing the entirety of the issue and everyone can agree on is something that right now doesn’t exist. Many people have many slightly different ways of describing just what big data is, so in order to get an accurate idea of the entire scope of what this term means you’d need look to multiple sources to get the whole picture. According to information gathered from the SAS Institute and Forbes magazine, the following definition is formed: * Big Data is a collection of both unstructured and structured data gathered from traditional, non-traditional, digital, numerical, and many other such sources inside and outside the company. All of this data forthcoming from the sources listed represent a source for ongoing discovery and analysis. (Arthur, L. 2013 and SAS Institute, Inc. n.d.) Big data comes in many different forms including video, audio, or simple text. In fact, even social media content like someone’s tweets on Twitter are included under the banner of big data...
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...Management Accounting as tools of daily job routine The hospitality industry consists of broad category of fields within the service industry that includes lodging, restaurants, event planning, theme parks, transportation, cruise line and additional fields within the tourism industry. The hospitality industry is a several billion dollar industry that mostly depends on the availability of leisure time and disposable income. A hospitality unit such as a restaurant, hotel, or even an amusement park consists of multiple groups such as facility maintenance, direct operations (servers, housekeepers, porters, kitchen workers, bartenders, etc.), management, marketing, human resources, property maintenance and finance. The hospitality industry covers a wide range of organizations offering food service and accommodation. The hospitality industry is divided into sectors according to the skill-sets required for the work involved. Sectors include accommodation, food and beverage, meeting and events, gaming, entertainment and recreation, tourism services, and visitor information. Usage rate is an important variable for the hospitality industry. Just as a factory owner would wish to have his or her productive asset in use as much as possible (as opposed to having to pay fixed costs while the factory isn't producing), so do restaurants, hotels, and theme parks seek to maximize the number of customers they "process". Very important is also the characteristics of the personnel working in...
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...Chapter 1 Managerial Accounting and the Business Environment Lecture Notes Chapter theme: This chapter serves four main purposes. First, it explains the differences and similarities between financial and managerial accounting. Second, it describes the role of management accountants in an organization. Third, it explains the basic concepts underlying Lean Production, the Theory of Constraints (TOC), and Six Sigma. Fourth, it discusses the importance of upholding ethical standards. I. Globalization A. Import/Export Data i. Imports into the United States (in billions) 1. The data reveal an enormous increase in import activity from 1990 to 2004. In particular, imports from Canada, Mexico, and China skyrocketed. ii. Exports from the United States (in billions) 1. The data reveal an increase in exports to Canada and Mexico. Interestingly, the increase in exports to China pales in comparison to the growth rate in imports from China. iii. Internet Usage 1. The internet fuels globalization by providing companies with greater access to geographically dispersed customers, employees, and suppliers. 2. The number of internet users more than doubled during the first four years of the new millennium. 3. As of 2004, more than 87% of the world’s population was still not connected to the Internet...
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...Chapter Ch t 1 The Changing Role g of Managerial Accounting in a y Dynamic Business Environment McGraw-Hill/Irwin Copyright © 2009 by The McGraw-Hill Companies, Inc. All rights reserved. Learning Objective 1 McGraw-Hill/Irwin Copyright © 2009 by The McGraw-Hill Companies, Inc. All rights reserved. Define Managerial Accounting g g Managerial accounting is the process of Identifying Measuring Analyzing Interpreting Communicating information 1-3 Learning Objective 2 McGraw-Hill/Irwin Copyright © 2009 by The McGraw-Hill Companies, Inc. All rights reserved. Managing Resources, Activities, and P d People l An organization . . . Directing Acquires Resources Organized set of activities Decision Making Controlling g Planning Hires People 1-5 Learning Objective 3 McGraw-Hill/Irwin Copyright © 2009 by The McGraw-Hill Companies, Inc. All rights reserved. How Managerial Accounting Adds Value to the Organization Add V l t th O i ti • Providing information for decision making and planning. • Assisting managers in directing and controlling g g g g activities. g g p y • Motivating managers and other employees towards organization’s goals. • Measuring performance of activities, managers, and other employees. • Assessing the organization’s competitive position. 1-7 Learning Objective 4 McGraw-Hill/Irwin Copyright © 2009 by The McGraw-Hill Companies, Inc. All rights reserved. Managerial versus Financial Accounting...
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...Attention MBAs, ACMAs (Pak) & ACCAs…!!! Become Chartered Management Accountant from Prestigious CIMA (UK) Through CMGA/CPGA/CGA route by passing only 1 paper CMGA: CIMA Masters Gateway Assessment CPGA: CIMA Professional Gateway Assessment CGA: CIMA Gateway Assessment CIMA is a UK Accredited Professional Education recognized globally; 172,000 Members & students; serving in 165 Counties; at No. 1 & No. 2 Positions, with a Blend of Academic Education. MBAs, ACMAs and ACCAs need to pass only 1 paper i.e. CMGA, CPGA & CGA respectively, and get 11 Exemptions from CIMA Exams for Free, i.e. • Certificate Level • Operational Level • Management Level Once you qualify CMGA / CPGA / CGA you will be awarded Advance Diploma in Management Accounting and you can start your studies for CIMA Strategic Level Exams right away. Thereafter, you only need to pass 3 Strategic Level Papers and T4 (TOPCIMA) case study to become Chartered Management Accountant or ACMA (UK). Syllabus The CMGA / CPGA / CGA Course comprises of the following Management Level Papers: P2 – Performance Management E2 – Enterprise Management F2 – Financial Management Paper Structure Section – A • MCQs from anywhere of Course Outline of P2, E2 and F2. Section – B • Three Compulsory Questions of 25 Marks each. • B Area of Syllabus P2 – Cost Planning and Analysis of Competitive Marks Advantages • B Area of Syllabus E2 – Project Management • A Area of Syllabus F2 – Group Financial Statements Fee Structure CMGA (for MBAs)...
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...Q1. (a) “Managerial accounting is a field of accounting that provides economic information for all interested parties.” Do you agree? Explain. No, I don’t. Managerial accounting provides economic and financial information for managers and other internal users but not for all interested parties. (b) Joe Delong believes that managerial accounting serves only manufacturing firms. Is Joe correct? No, he isn’t. Managerial accounting can be serves to all kind of business for making a decision, so it has not necessary to serve only manufacturing firms. Q2. Distinguish between managerial and financial accounting as to (a) primary users of reports, (b) types and frequency of reports, and (c) purpose of reports. The primary users of managerial accounting are managers and officers. The reports usually come out as frequent as needed. Their purposes are for making specific goals. On the other hand, the users of financial accounting are stockholders, creditors, and regulators. The reports usually come out quarterly and annually. Their purposes are usually generally. Q3. How do the content of reports and the verification of reports differ between managerial and financial accounting. The content of reports of the managerial accounting pertains to subunits of the business, and they are very detailed. The content extends beyond double-entry accounting to any relevant data, and the standard is relevance to decisions. The content usually has no independent audits. On the other hand,...
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