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Session 1

Managerial accounting provides internal accounting information to assist management in planning, controlling, and decision making. It has three objectives: to provide information for planning actions, controlling actions, and making effective decisions. Managerial accountants play an important role in supporting decision makers within an organization by providing specialized financial analysis and decision support. They can contribute to business success through activities like advising on projects, explaining the impact of decisions, formulating strategies, and conducting audits. Several certifications are available for management accountants such as the Certified Management Accountant credential.

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29 views13 pages

Session 1

Managerial accounting provides internal accounting information to assist management in planning, controlling, and decision making. It has three objectives: to provide information for planning actions, controlling actions, and making effective decisions. Managerial accountants play an important role in supporting decision makers within an organization by providing specialized financial analysis and decision support. They can contribute to business success through activities like advising on projects, explaining the impact of decisions, formulating strategies, and conducting audits. Several certifications are available for management accountants such as the Certified Management Accountant credential.

Uploaded by

kimkimberly
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

Introduction

Session 1
➢ Introduction
➢ Comparisan of Financial and
Managerial Accounting
➢ The Role of the Managerial
Agenda Accountant
➢ Managerial Accounting Jobs
➢ Careers in Management
Accounting
➢ Certification

2
Introduction
Managerial accounting is providing
accounting information for a company’s
internal users.

Managerial accounting has three broad


objectives:
✓ To provide information for planning
the organization’s actions
✓ To provide information for
controlling the organization’s actions
✓ To provide information for making
effective decisions

3
Introduction

Planning Controlling Decision Making


The detailed formulation The managerial activity of The process of choosing
of action to achieve a monitoring a plan’s among competing
particular end is the implementation and alternatives is called
management activity taking corrective action as decision making.
called planning. needed is controlling.

Example: Compare actual • Competing Alternative#1


Setting objectives performance vs expected • Competing Alternative #2
• Identifying methods to performance.
achieve those objectives
Improve Quality
• Supplier Evaluation
Program

4
Comparisan of
Financial and
Managerial Accounting

5
The Role of the
Managerial Accountant
Managerial accountants play a critically
important decision-making support role
in an organization.

They assist those who are responsible


for carrying out an organization’s basic
objectives by providing them with
various types of performance
measurement information.

Staff position → Controller, treasurer

6
Managerial Accounting
Jobs
A management accountant typically
starts in an entry-level position as an
internal auditor, cost accountant, or
financial analyst.
After a few years of experience, a
management accountant may manage a
team of internal auditors or analysts, or
they may work as a financial controller.
After many years of experience, a
management accountant may become a
treasurer or CFO. A master’s degree is
not always required for advanced
managerial accounting positions, but
they are often preferred.
7
Careers in Management
Accounting
While other areas of accounting are focused
on reporting financial results to external
entities such as banks and shareholders,
management accounting is focused on
providing information to decision-makers
within an organization. As such,
management accounting serves a central
strategic role for businesses.
According to Institute of Management
Accountants (IMA), management
accountants have the expertise to provide
high-quality information because they have
specialized skills in financial planning,
analysis, control, decision support, and
professional ethics.

8
Careers in Management
Accounting
The array of skills allows Management
Accountants to contribute to the success of a
business in a number of ways, including:

• Advising managers about the financial


implications of projects.
• Explaining the financial consequences of
business decisions.
• Formulating business strategies.
• Monitoring spending and financial
controls.
• Conducting internal business audits.
• Explaining the impact of the competitive
landscape.

9
Certification
• The American Institute of Certified
Professional Accountants and The
Chartered Institute of Management
Accountants.

Associate Chartered
Management Accountant,
Chartered Global
Management Accountant
(ACMA CGMA)

10
Certification
• Institute of Management Accountant –
US Certified Management Accountant

• The Institute of Certified Management


Accountants - Certified Management
Accountant Australia

11
Reference
• Hansen, D.R., Mowen, M. M.,
& Dan L. Heitger, 2017. The
Cornerstone of Business Decision
Making. 7th Edition. Cengage.
• https://www.efficientlearning.com
/cma/resources/career-in-
management-
accounting/#cmaCareers

12
Thank you
13

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