How Managerial Accounting Practices support Strategy and Strategic Management ?

50.1K

Verified Solution

Question

Accounting

How Managerial Accounting Practices support Strategy andStrategic Management ?

Answer & Explanation Solved by verified expert

3.6 Ratings (413 Votes)

MANAGEMENT ACCOUNTING VS STRATEGIC MANAGEMENT MANAGEMENT ACCOUNTING Management Accounting as distinct from Financial Accounting generates the following type of information Allocation of costs between the costs of goods sold and inventories for internal and external profit reporting Generating and presenting information to the Management for effective decision making Generating information for planning controlling and performance measurement Strategic Management Accounting has been gaining importance in the recent past The role of Management Accountants has been enlarged and his job is not just restricted to performing control function However there is lack of consensus on what constitutes strategic management accounting According to some experts Innes Cooper Kaplan management accounting is vehicle to provide information for supporting the strategic decision making in the organization Strategic decisions have a long term implications and hence they have internal and external element Accordingly Strategic Management Accounting consists of techniques like target costing life cycle costing See Answer

Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:

Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!

Become a Member