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Finance & Accounting
Pages 7 (1757 words)
This paper intends to discuss about a particular area of fairness related to the management accounting concept.It further aims to elaborate about how this area delivers significant benefits to the managers and the organizations as a whole…
Moreover, the paper will also entail the affiliation between job costing and fairness. Q1. Management accounting along with various human resources (HR) related functions assists in creating performance evaluation report of the managers on the basis of fairness and most vitally mitigating uncertain situations. Fairness frames a vital part in developing the management accounting strategies of the organizations. Considering fairness as an integral part of management accounting, it is basically divided into two forms that include formal and informal fairness. In this regard, formal fairness takes into concern the design of management accounting system. Furthermore, it basically frames an effective structure for the managers who require setting up their predetermined goals along with budgets. It can be affirmed that the notion of formal fairness monitors the performances of the managers and delivers rewards accordingly (Matlala1-82). Conversely, informal fairness mainly entails the process through which the managers apply to execute the management accounting system. Fairness, as a valuable area of management frames various contributing factors that assist in ascertaining effectiveness of diverse organizations. According to various observations, it can be analyzed that fairness is basically taken into concern as the perception related to organizational justice. ...
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