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Managerial and Cost Accounting - Assignment Example

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Managerial and Cost Accounting

This is because managerial accounting provides information and reports that may be used by organizations to identify areas within the organization that need additional investigation and examination. Managers use information provided by managerial accounting such as budgets to make decisions and plans. The information provided by managerial accounting can be used by managers to solve problems. Therefore, managers can use such information to develop alternatives to issues arising from budgets and production changes. Managerial accounting information is used by managers to make estimations of product and service costs and profitability. In addition, managers understand customer orientation through managerial accounting. Managers are able to evaluate the business from cross functional perspective by use of managerial accounting information. Managerial accounting also provides information that is useful in improving total quality by an organization (Rich and Jones 667). Through managerial accounting, managers can formulate and implement an organization’s strategy activities. It also enables managers to do their work efficiently and effectively, adding value to the organization. This is because managerial accounting creates organizational alignment throughout the organization and facilitates continuous learning and improvement (Davis and Davis 4). This paper investigates then application of management accounting practices in one of the Saudi organizations, SABIC. In the analysis, the use of both financial and managerial information in decision making are evaluated. This analysis is done in comparison with the application of MAPS by UK companies that produce foods and drinks. The study also analyses the financial and non financial benefits of using MAPs to an organization. This study fills the gap that exists between literature and practice. The information of this study can also be used in the educational sector. Literature Review In 1993, Alnamri and Majbour carried out a research on management accounting in Saudi Arabia. This study was a comparative analysis of Saudi and Western approaches, which investigated the differences and similarities in management accounting practices between companies owned and managed by Saudis and joint venture companies in Saudi (Alnamri and Majbour). In the investigation, the managerial use of accounting, sophistication of management accounting systems and the role of accountants in decision making and control were investigated. Similarities and differences between the researched companies in terms of accounting system sophistication and managerial use of accounting and the accountants’ role of in decision making and control were also studied (Alnamri and Majbour). The study was only descriptive. It was established from the study that Western joint venture companies based in Saudi Arabia have sophisticated accounting systems, compared to Saudi owned and managed companies (Alnamri and Majbour). Also, accountants of Western joint venture companies based in Saudi Arabia play a greater role in decision making and control, compared to Saudi owned and managed companies. In addition to the aforementioned findings, it was found out, in the study, that managers of Western joint venture companies based in Saudi Arabia fully depend on accounting information in decision making and control (Alnamri and Majbour). This case was not exhibited by Saudi owned and m ...Show more

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Author: Instructor: Date: Managerial and Cost Accounting Introduction Managerial accounting is the identification, collection, classification and reporting of financial and non-financial information, which is useful to internal users in planning, controlling and decision making (Rich and Jones 667)…
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