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To Count or Not to Count

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Management Accounting
To Count or Not to Count
Principles of Accounting II
ACC 206

Management accounting and those whole wear the title of Management Accountant play an extremely significant role in the success of any business, large or small. The growth, progression and future worth of a business relies solely on its financial status and the decisions made in direct correlation to that status. These decisions vary throughout the professional world however, they are vital in every arena. Though managerial accounting and financial accounting differ one from another, one cannot exist without the information of the other. Are management accountants simply “bean counters” whose sole purpose or job description is to decide which bean will actually sprout, take root, regenerate and result in a profitable return? How is the decision of what information should be considered made? How important is management accounting? How vital is the information provided by management accountants? To count or not to count, that is the real question.
Management is defined as directors and managers who have the power and responsibility to make decisions to manage an enterprise. It is comprised of the interlocking functions of formulating policies set by corporations and the organization, planning, controlling, and directing the firm’s resources to achieve the objectives of the policy. The size of a firm’s management can vary from one person to hundreds or thousands of managers. This number is dependent upon the size, locale, and whether or not the company is multinational or not. In larger companies, the board of directors acts as upper management and formulates the policy which is to be implemented by the chief executive officer. Business analysts and financiers agree that the highest importance is the quality and experience of the managers, their integrity...

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