Analysis Of The Accountant Industry Essay
Student number: u3164737
Unit: Foundations of Professional Planning
Assignment: 1 Industry Analysis
Word Count: 1080 words (approx.)
Management accounting, as an industry, provide decision-making information on financial and non-financial to managers (Burns, Quinn, Warren & Oliveira, 2013). Companies often use a mix of management and financial accounting in their business. Management accounting has responsibility to watch for internal business costs than distributing these costs in goods or services made by the company. Management accounting may also have responsibility to predicting future sales and creating budgets to manage spending. Financial accounting is the process of creating financial statements found on the company’s financial information. These financial statements may be used by internal or external business stakeholders for making business or investment decisions. (Vitez. O. Principles and Importance of Accounting for a Business).
The accounting profession in Australia is developing. The number of accountants employed at the professional level has increased greatly over the past decade, from around 100,000 in 1996-97 to just over 140,000 in 2005-06 (The Accounting Profession in Australia). These ap-pointments can happen at different levels throughout the industry. For example, audit & risk accounting, bookkeeping, business services accounting, cost accounting, financial accounting, management accounting, taxation…