History and Development of Accounting and Management for Knowing It Better
The process of recording, identifying, classifying, verifying, measuring, summarising, interpreting of financial information in a systematic way can be referred to as accounting. It gives profit and loss record along with a firm’s assets and liabilities. To learn about this one must also know about its history. Our History and Development of Accounting and Management assignment help properly takes a student through its foundation and also provides information which might help them.
Management Accounting is also known as managerial accounting. Here the manager’s use accounting information so that they can be better informed before taking decisions within the company or organisation. This helps their performance and management of control functions. In short,it is a provision of non-financial or financial information for managers to make decisions.
Scope, Application and Practice of Management Accounting
The AICPA (American Institute of Certified Public Accountants) mentions that management accounting practices extend to following areas:
- Performance management– In this, decision making in business and managing performance of an organisation is developed
- Strategic Management– In this, role of management accountant as strategic partner in an organisation or business is advanced on
- Risk management– It contributes to practices and frameworks for measuring, managing, identifying and then reporting the risks to achieve the company or organisation’s objectives and goals
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Management accountants are seen as creators of value amongst all accountants. Their main concern is looking forward and takes decisions which affect a business or organisation’s future. It is different than historical recording aspect of this profession. The experience and knowledge of management account can be achieved from various files within the organisation. History and Development of Accounting and Management assignment help can be used to understand it properly.
Methods Used in this Accounting
- ABC or Activity Based Accounting first was defined by Robert S. Kaplan in 1987. They mainly focus on manufacturing industry
- Lean Accounting is used for lean enterprises. During the mid to late 1990s, this term was coined. It has methods best suited for mass production
- Resource consumption accounting supplies managers with information for optimisation of enterprise.
There are many more methods which are used to know about those you can take our History and Development of Accounting and Management homework help.
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