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Drawing from key readings (e.g., Chandler, 1990 Hoskin et al, 2006 Drury, 2012) and your answer in part a) and part b), critical - Essay Example

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Drawing from key readings (e.g., Chandler, 1990 Hoskin et al, 2006 Drury, 2012) and your answer in part a) and part b), critical

The presentation of this information is normally done by a company representative. This mandate normally falls on the manager and he is faced with the task of deciding what ought to be presented and what to withhold. The reporting structure of every company is often standardized and well defined. The methods that are sued in the preparation and the reports that are to be presented are governed by standard rules that are set by the organizations in question. Additionally, the external parties are only presented with the aggregated and summarized data (Chandler, 1990 pg 7). This is in great contrast with organizational managers that need a more detailed report and information. In most cases, the information required can be adopted from familiar formats. The subsequent chapters of the report are dedicated to revealing typical examples of budgets and segment income reports among others. A manager needs to have a fundamental awareness of the processes involved in financial accounting (Hoskin, Macve & Stone, 2006 pg 9). It is also important for them to be aware of the resulting financial statements that are important requirements to understanding the framework used in these distinctive managerial accounting reports. Besides this, managers are also in a position to request for reports that are tailored to only specific tasks that are vital in decision making. These reports are pertinent to assuming a more free-formed format. It is, therefore, important for managerial accountants to be in a position in which they can easily adapt their generalized accounting knowledge in the development of personalized data and reports that are rational and which uphold sound management processes. The information in managerial accounting tends to be focused on activities, products and departments. This information also cuts across a broad range of key functional areas that are inclusive of finance and marketing among others. In most organizations, internal auditing units are referred to as strategic finance to the wide scope of duties that they perform (Hoskin, Macve & Stone, 2006 pg 9). Managerial accounting information is based on internal specifications that are given for data presentation and accumulation. In this case, the internal specifications ought to be clear, concise and consistent. This means that great care should be taken to ensure that any submitted reports are sufficiently rational to enable the managers to make good decisions. It is also important to replace specific reporting periods with real-time data that will facilitate quick response. On the same note, forecasted outcomes from these real-time data would be vital for planning within the organization. Besides these, cost information should be done in such a way that would mandate managers to focus and be held accountable for their business segments and components. The crucial function of any given manager is to manage and take control over organizational problems (Horngren, Bhimani et al, 2008 pg 44). This is to mean that every organization has its own share of problems and it is the work of the manager to deal with them. However, this does not necessarily mean that the role of the manager is to deal with organizational problems. Their functions go beyond that. Managing requires one to be adept and have numerous skills set. A manager requires visionary and leadership skills besides having the ability to mobilize both ...Show more

Summary

(Name) (Instructors’ name) (Course) (Date) c) The use of accounting information by managers may not necessarily lead them toward the best decision The main concern of financial accounting is reporting to the relevant external parties. This includes the owners, creditors and analysts…
Author : arielleauer
Drawing from key readings (e.g., Chandler, 1990 Hoskin et al, 2006 Drury, 2012) and your answer in part a) and part b), critical essay example
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