The Importance Of Management Accounting

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The IMA is an association for financial professional and accountants. The main objective of the organization is to increase the professional abilities of its members in order to improve their career opportunities. “IMA’s mission is to provide a forum for research, practice development, education, knowledge sharing, and the advocacy of the highest ethical and best business practices in management accounting and finance”, IMA, para. 1, 2015. IMA is an institute that provides both financial and management accounting programs with broad and distinct subjects within their courses. The institute provides valuable professional programs that are related to management and financial accounting. The institute provides valuable means and journals to …show more content…

At some point the financial accounting and the management accounting do overlap, but their main focus is diverse in all phases. The website of the Institute of Management Accounting’s (IMA) review is there to find out the different phases of institute management accounting and financial accounting. It does not surprise me what they cover in their subjects. The IMA web site is interesting and does cover a lot of important phases of the financial and management areas of accounting. The organization offers awareness concerning the financial and management accounting …show more content…

The lessons are in the financial accounting involve the learning of historical reports of the company so that they understand how to read historical facts and be able to predict valuable solid financial choices.
Both financial accounting and management accounting lessons give the student diverse reasons as to their differences. The management classes are designed with the statistical and scientific approaches in order for the student to be able to calculate the monetary worth that will be utilized to generate vital financial decisions. Some of the subjects in the course involve sale forecasting data, probability studies, how to consolidate data, along with both the comparative and budget analyses.
As for the financial accounting course it is focused on the financial data creation. The main subjects are preparation of data that relates to cash flow, the credit worthiness, along with both the success and solidity. “The primary objective of financial accounting is the preparation of financial statements - including the balance sheet, income statement and cash flow statement - that encapsulates the company 's operating performance over a particular period, and financial position at a specific point in time”, Investopedia, para 1,

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