Individual Assignment - SOX Paper

Page 1

Managerial Accounting: An Overview Managerial Accounting: It's More Than Just Crunching Numbers

“Creating value through values” is the credo of today's management accountant. It means that management accountants should maintain an unwavering commitment to ethical values while using their knowledge and skills to influence decisions that create value for organizational stakeholders. These skills include managing risks and implementing strategy through planning, budgeting and forecasting, and decision support. Management accountants are strategic business partners who understand the financial and operational sides of the business. They not only report and analyze financial measures, but also nonfinancial measures of process performance and corporate social performance. Think of these responsibilities as profits (financial statements), process (customer focus and satisfaction), people (employee learning and satisfaction), and planet (environmental stewardship). Source: Conversation with Jeff Thomson, president and CEO of the Institute of Management Accountants.

PRINTED BY: [email protected]. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without publisher's prior permission. Violators will be prosecuted.

Page 1 of 2

8/13/2016https://jigsaw.vitalsource.com/api/v0/books/1259883442/print?from=1&to=27

Page 2

This chapter explains why managerial accounting is important to the future careers of all business students. It begins by answering two questions: (1) What is managerial accounting? and (2) Why does managerial accounting matter to your career? It concludes by discussing six topics—ethics, strategic management, enterprise risk management, corporate social responsibility, process management, and leadership—that define the business context for applying the quantitative aspects of managerial accounting.

PRINTED BY: [email protected]. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without publisher's prior permission. Violators will be prosecuted.

Page 2 of 2

8/13/2016https://jigsaw.vitalsource.com/api/v0/books/1259883442/print?from=1&to=27