Book Yoda. Business & Investing.

What is the difference b/w Management accounting and performance management?

In sharp contrast to financial accounting, managerial accounting information is intended to serve the specific needs of management. Business managers are charged with business planning, controlling,
and decision making. As such, they may desire specialized reports, budgets, product costing data, and other details that are generally not reported on an external basis. Further, management may dictate
the parameters under which such information is to be accumulated and presented. For instance, GAAP may require that certain research costs be deducted immediately in computing a business’s externally reported income; on the other hand, management may see these costs as a long-term investment and stipulate that internal decision making be based upon income numbers that exclude such costs. This is their prerogative.

Performance management is the tools to measure the performance of management, normally via a budget variance analysis, an objectives setting, review & control technique etc..

Cheers...

2009-01-04 10:04:03 by haheeeeeee

Ken Boyd, owner of St. Louis Test Preparation (www.stltest.net) presents part one of his course on Understanding Management Accounting. Boyd ...

I am a graduate of Management Accounting course (4years of study). I am planning to continue it in an Accountancy. Is that possible?

Management accounting is an extension of financial accounting. If your studies covered basic accounting course then you need further studies in intermediate and advanced accounting. I would suggest a professional course such as CPA, CMA, ACCA, CIMA

2009-04-02 06:35:28 by Mhel

A friend has an interview next week and wants me to help her prepare...what are the most common questions in an interview for a management accounting position? Any pointers would be greatly appreciated.

tell me about yourself.... this is the first question they ask

why are you interested in the position?

what makes you a great candidate?

what are you strenghts/weaknesses....always ask this one as well

what can you bring to the company?

what does sucess mean to you?

why did you choose your profession and why do you like it?

Tell your friend to get this book called 101 Great Answers to the Toughest Interview Questions by Ron Fry. You can get this book at Kinkos for sure and Barnes and Noble. Also get the book called 101 Smart Questions to Ask on Your Interview by Ron Fry. They are 12 bucks each. If you don't want to buy it just write down the best q/a from the book. This should really help your friend out. I know it helped me get the job I just got.

2006-09-28 22:57:35 by santaluciaclair

Love to know what are the problems hindering 'management accounting' from achieving its promise of efficiency in an organisation.

There are two basic issues with this.

1. Accounting systems are designed primarily to facilitate tax reporting. Tracking efficiency has historically been a secondary requirement.

2. Accounting systems were set up in the manufacturing sector to accommodate high-volume and large batch size operations. Today, with the advent of management philosophies like the Toyota Production System and Theory of Constraints. And, efficiency measures in traditional accounting systems conflict those use in TPS and TOC systems.

2008-01-01 06:41:43 by Raymond S

I'm taking an accounting class and I found a definition of management consulting: an area of public accounting ranging from development of accounting and computer systems to support services for marketing projects and merger and acquisition activities.

My question is what's the overlap between public accounting and management consulting?

Thank you!

I would not call it an overlap rather it is a supportive activity . I remember a saying by Robert Townsend in Up the Organization that a " A management consultant is a person who tells you the time by your watch and bills you for it."

In each of the areas mentioned in your question you must notice that each of them has a specific objective and to achieve that aspect a consultant is needed.

Public accountants are usually appointed by the shareholders for audit of accounts whereas the consultants are appointed by the companies for a specified task other than annual audit.

2009-03-31 19:28:02 by bradyyoon@rocketmail.com