Managerial Accounting Managerial accountants are charged with all financial matters that do not pertain to the financial accounting statements. Within their company, they ensure that the company has good financial security, they perform analysis on costs and revenues, they perform budgeting, handle taxes, and their work is frequently used in strategic planning, whereby they provide the financial analysis to management to help make better decisions (No author, 2012). Some of the

However, they have also changed the face of the accounting profession in a way that will affect the education and conduct of accountants in the future. In the future, the accountant will have to do more than to balance the books. In order to understand the potential educational requirements for accountants in the future, we will examine how they have changed historically and then apply the changes that have

Accounting Information System: Role of Relevance and Reliability in the Conceptual Framework The development any system, whether manual or automated, requires a conceptual framework that serves as the foundation for the establishment of requirements, policies, standards and procedures. From the conceptual framework, the various applications can be developed and when these proved to be effective and efficient, best practices are established and become the model for other systems to follow. Developing an

Managerial Accounting E-Company Income Statement Contribution Margin For Period Ended Dec 31, 20XX Revenue less V Mfg Cost less V Op/Selling Cost Gross Profit (Contribution Margin) Fixed Mfg Overhead Fixed S&A Exp Total Fixed Costs Net Income $4,765,000 E-Company Income Statement Absorption Method For Period ended Dec 31, 20XX Revenue Less Mfg Cost Less Op/Selling Cost Less S&A Exp Net Income $5,485,500 The gross profit margin is 75.6%. This is calculated as the (revenue -- cogs) / revenue (Investopedia, 2011). The contribution margin is similar, but does not include costs associated with goods

Yet, financial statements and managerial accounting reports can be highly effective nonetheless. Sometimes they will merely confirm what the proprietor already knows, but there are inevitably going to be times when they will reveal that the proprietor's assumptions about the nature of the business are false. Moreover, accounting can act as essentially a second opinion. The proprietor may feel one thing is true, but the numbers can reveal something

2. Research the answers to management tax or auditing questions- once an accountant understands their job, they must be prepared to answer very specific questions concerning the accounting information that is provided (Johnstone & Biggs, 1998). While most CEO's and people in various departments have some understanding of accounting, there are some very intricate financial details that only accountants fully understand (Johnstone & Biggs, 1998). With this understood, successful accountants