Why do we need environmental accounting and what are the benefits to be derived by management as it relates to decision making

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Trinidad TremblayLv2

30 Sep 2019

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Managerial accounting focuses on the generation of information for use by management in both making decisions and establishing control. The internal accounting system is generally designed to serve both purposes, but this gives rise to a trade-off in the system. One system that is designed to perform two functions cannot do so as well as a system designed to serve just one function. What tends to happen is that the ability to provide information useful for decision-making is partially sacrificed to provide better control or vice versa.

Write a brief [2-3 page] paper stating whether internal accounting systems should be focused on both decision-making and control, or just one, or on neither - and in that case, indicate what you think should be the focus of internal accounting systems.

ceruleanfly624

You work as a Management Accounting officer in a smalland medium organization operating in either a Manufacturing,Retail, Hospitality or Construction sector with not more than fifty(50) employees and an annual net turnover not exceedingÂ£500,000.
Management accounting plays a key role in organizations today andtherefore decision makers in the organization must understand howto create and use good management accounting information. Intodayâs business environment, business wants to track performanceinformation that goes beyond just the cost-based information ofhistoric general ledger systems provided by traditional financialaccounting information. Good management accounting involves aresponsibility to manage a wide variety of critical managementaccounting information using management accounting system andmanagement accounting techniques such as cost-volume- profitanalysis, marginal costing and absorption costing to producerelevant management report for informed decision making.
This was the summary of the speech delivered by a conferencespeaker about the role of management accounting and managementaccounting system in an organization. The General Manager of yourorganization sees management accounting function as very crucial inproviding management information well informed decision makingwithin the organization. Knowing that you are studying managementaccounting at the HND level, the organization sponsored you toattend this conference. After this conference the Generalmanagement has asked you (Management Accounting Officer) to write areport to him covering management accounting and managementaccounting system together with different costing techniques andreporting to enable the organization implement them.
Explain management accounting and give the essential requirementsof different types of management accounting systems to the chosenscenario giving examples. Explain different methods used formanagement accounting reporting that can also be used for the cscenario. (1000 words). NO PLAGIARISM PLEASE

Discussion Preparation

Find and read Statement on Financial Accounting Standards (SFAS)No. 157.

Initial Discussion

In approximately 300 words, prepare a short summary of the keypoints from Statement No. 157 as it relates to what we have learnedon consolidated financial statements.

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