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CIMA C01 Fundamentals of Management Accounting The context of management accounting

CIMA C01 Fundamentals of Management Accounting The context of management accounting

CIMA C01 Fundamentals of Management Accounting The context of management accounting: The process of preparing management reports and accounts that provide accurate and timely financial and statistical information required by managers to make day-to-day and short-term decisions.
Unlike financial accounting, which produces annual reports mainly for external stakeholders, management accounting generates monthly or weekly reports for an organization’s internal audiences such as department managers and the chief executive officer. These reports typically show the amount of available cash, sales revenue generated, amount of orders in hand, state of accounts payable and accounts receivable, outstanding debts, raw material and inventory, and may also include trend charts, variance analysis, and other statistics

CIMA C01 Fundamentals of Management Accounting The context of management accounting: “management accounting is a profession that involves partnering in management decision making, devising planning and performance management systems,and providing expertise in financial reporting and control to assist management in the formulation and implementation of an organization’s strategy”.

CIMA C01 Fundamentals of Management Accounting The context of management accounting

The American Institute of Certified Public Accountants (AICPA) states that management accounting as practice extends to the following three areas:

  • Strategic Management—Advancing the role of the management accountant as a strategic partner in the organization.
  • Performance Management—Developing the practice of business decision-making and managing the performance of the organization.
  • Risk Management—Contributing to frameworks and practices for identifying, measuring, managing and reporting risks to the achievement of the objectives of the organization.

The Institute of Certified Management Accountants (ICMA), states “A management accountant applies his or her professional knowledge and skill in the preparation and presentation of financial and other decision oriented information in such a way as to assist management in the formulation of policies and in the planning and control of the operation of the undertaking”. Management Accountants therefore are seen as the “value-creators” amongst the accountants. They are much more interested in forward looking and taking decisions that will affect the future of the organization, than in the historical recording and compliance (score keeping) aspects of the profession. Management accounting knowledge and experience can therefore be obtained from varied fields and functions within an organization, such as information management, treasury, efficiency auditing, marketing, valuation, pricing, logistics, etc.

CIMA C01 Fundamentals of Management Accounting The context of management accounting : 

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CIMA C01 Fundamentals of Management Accounting The context of management accounting : 

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CIMA C01 Fundamentals of Management Accounting The context of management accounting :

CIMA Operational Level F1 question papers and suggested answer

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CIMA C01 Fundamentals of Management Accounting The context of management accounting

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