Role and Practices in Management Accounting Today

|ACC601: Managerial Accounting |
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|Role and Practices in Management Accounting Today |
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Table of Contents
1. Definition 3
1.1 Management Accounting As Practice 3
1.1.1 Strategic Management: 3
1.1.2 Performance Management: 3
1.1.3 Management Accountant and Risk Management: 3
2. Scope/Aim of Management Accounting 4
3. PURPOSE OF MANAGEMENT ACCOUNTING—THE STRATEGIC TRIANGLE 5
4. Traditional vs. Innovative Management Accounting Practices 5
4.1 Traditional and Innovative’ Management Accounting Practices. 6
5. Management Accounting and Decision Making 7
5.1 Decision Making and Risk 7
5.2 Management Accountant Role in Decision Making Processes 7
5.3 Qualitative and Quantitative Analysis 8
5.4 Role of Management Accountant 8
6. Role of Management Accountants within the Corporation 9
6.1 Activities of management accountant 9
6.2 Tasks where accountability may be more meaningful to the business 9
7. Current and Future Trends of Management Accounting 10
8. New ways of management accounting 12
8.1 Total quality management (TQM), 12
8.2 Just-in-time (JIT) production and purchasing methods. 12
8.3 Activity-based costing. 12
9. CONCLUSION 14
10. List of References 15

Definition

According to Chartered Institute of Management Accountants (CIMA – UK) Management Accounting is

"The process of identification, measurement, accumulation, analysis,

References: IFAC, 1998: Revised International management accounting practice Malaysian Institute of Accountants