NATURE OF MGT ACCOUNTING

NATURE OF MGT ACCOUNTING - Financial Accounting Focuses on...

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Financial Accounting Focuses on preparation of FS required by GAAP. Prepared for use by external users. Provides an overall picture of an entity’s financial condition and results of activities.
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Management accounting Process that provides info used by managers for: Planning, implementing, and controlling. Applies to all organizations. Management needs more detailed info. Accounting systems provide operating info needed for operating decisions. Managers are interested in summaries. In general, management accounting is summary information.
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Certified Management Accountants (CMA) Professional designation for management accountants. Four part exam, continuing education, code of ethics. Administered by Institute of Certified Management Accountants, affiliated with Institute of Management Accountants (IMA).
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Accounting Jobs Management accountant: Members of an organization who design and operate management accounting system. Controller Highest level accountant; has financial and management accounting responsibility reports to Chief Financial Officer (CFO). Treasurer Responsible for cash management, that is, raising cash when needed by borrowing, issuing stock or issuing bonds and investing excess cash.
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Management vs. financial accounting (page 1 of 6) Necessity Financial Accounting (FA): SEC (or banks or suppliers) requires publicly traded companies to publish financial statements according to GAAP. Management accounting (MA) is optional.
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This note was uploaded on 04/20/2010 for the course MBA 101 taught by Professor Dka during the Spring '10 term at Jaypee University IT.

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NATURE OF MGT ACCOUNTING - Financial Accounting Focuses on...

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