Essay about The Role Of Managerial Accounting On Contemporary Business

1228 Words Oct 11th, 2016 5 Pages
The perspective of contemporary business is usually filled with the notion of growth and change. The business sector continues to adapt to changing environments and, in order to maintain that strength, it must apply the principles of managerial accounting accordingly. This aspect of business must be explored, especially considering what elements in managerial accounting contribute to the growth of the company. The three specific points of discussion that would delineate the role of managerial accounting in contemporary business are taking note of specific points of importance, examining how managerial accounting helps managers improve operational and financial performance, and the elements of managerial accounting when it comes to federal tax, economy management, and financial market outlook with respect to short-term business decisions. These points of discussion are important because they would delineate the roe of managerial accounting in contemporary business. What is critical is to note the kind of change that is happening and the importance of these changes with respect to the contemporary business model.
The Importance of Managerial Accounting Primarily, managerial accounting deals with the process of attaining the organization’s goals through the use of treating data by identifying areas, measuring the pieces of information, analyzing is described, and interpreting and communication this information (Warren, Reeve, & Duchac, 2013). It also focuses on utilizing the…

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