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In this perspective, the future might not be a replication of the transactions that took place previously.Modifications are regularly taking place in the fiscal conditions thus the modifications call for planning which is based to a large extent on estimates of the transactions that will take place as opposed to the summaries of the transactions that have already taken place (Needles, Powers & Crosson, 2010).
Such, controls include not only internal accounting controls but also controls that focus on results.
Down to departmental level, management control includes all activities designed to ensure that a department accomplishes its objectives; complies with company policies & uses employees’ time & resources appropriately.
When cost reports are made prior to the beginning of a project, they give an efficient estimate of the likely cost of a project thus allowing the manager to plan and estimate the profit margin. At present management accounting has a dual reporting relation in the corporation.
Whenever the cost reports are made after the project has been finalized one can get a better insight of the maximum costs and the profit expected from the project. The management accountants are the strategic partner responsible in providing decision related to the operational and financial information.
For example, if a company has not paid its employees for a long period of time, then it is likely that those salaries would go under liabilities on the balance sheet. But lately I have realized the importance of management and decision making in comparison to analyzing the outcomes of decision already made.
In order to remedy this situation, a company would likely use short-term loans to pay employees what they are owed. Moreover, my educational qualification and work experience has given me a strong foundation in public accounting, but now I find the necessity to broaden my horizon so that when required, I would be able to view a situation from various angles rather than having just an auditor's view.
Such objectives are used to make comparison with alternatives in decision making & are also the critical elements in evaluating the success or failure of the action plans.
One of the most widely used management control systems is the budgetary control & the term “Budget” itself is one of the objectives that is expressed quantitatively in financial value .
Managerial Accounting What Joe needs to understand is that employee salaries can be taken out of company expenses. FINANCIAL AND MANAGERIAL ACCOUNTING Table of Contents Table of Contents 2 Introduction 3 Allocation for infrastructure development 4 Setting specialeconomic zones 5 Providing subsidized loans and other services 7 Setting up of health care facilities 9 Allocating federal funds for public school facilities 10 Development of recreational facilities 12 Capital budgeting 13 Conclusion 13 Reference 15 Bibliography 17 Introduction A project, be it a development project for a city or a corporate project relating to new installations and acquisitions, requires huge sum of money.
The reason for this is becausepaying employees their wages is something that is important to the functioning of a business. Therefore, it is important that a proper assessment of the various possibilities is done to ensure its success......through this experience I did gain good amount of knowledge in the fields of financial accounting, auditing and taxation.