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- 1. 2nd MEETING MANAGEMENT ACCOUNTING MANAGEMENTACCOUNTING CONCEPTS HAPRILA PUTRI GIANTAMA, M.Si PROGRAM STUDI AKUNTANSI UNIVERSITAS SAMUDRA 2024
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- 3. Learning Outcomes CPMK (2) 1.Able to demonstrate a responsible attitude towards work in their fields expertise independently Sub-CPMK (2) 1. Explain The Role, History and Direction Of Management Accounting
- 4. Modern society isinseparable from what is called accounting. However, accounting applied today, both for-profit and non- profit companies, has actually undergone an evolution. Since the beginning of 1980s, business have been challenged by some problems, such as the keener competition and world-wide competition. The major cause of those problems is the changing business paradigm from producer-driven to customer- driven. Advanced technology that has replaced the traditional and manual technology has accelerated the companies to change their business style. Epstein and Le assert that the first management accounting revolution, later known as the "modern" management accounting period, began in the late 1950s and ended in the early 1980s. This period was marked by new research. Therefore, academic accountants provide managers with a new decision- making tool. Management accounting is still in its infancy. Historically, it has been a secondary function of financial accounting, and in many organizations, it remains only a by-product of the financial reporting process. THE HISTORY OF MANAGEMENT ACCOUNTING
- 5. Management Accounting Concepts Explore thefundamental principles and practices that guide management accounting, including cost classification, budgeting, and variance analysis, which help organizations make informed decisions and achieve their financial objectives.
- 6. Introduction to FinancialAccounting Purpose Financial accounting focuses on recording, summarizing, and reporting a company's financial transactions to external stakeholders, such as investors and regulators. Reporting The main financial statements produced are the balance sheet, income statement, and cash flow statement, which provide a comprehensive view of a company's financial position and performance. Regulations Financial accounting is governed by generally accepted accounting principles (GAAP) or International Financial Reporting Standards (IFRS) to ensure consistency and comparability.
- 7. Introduction to Management Accounting 1Internal Focus Management accounting provides information to help managers make decisions, plan, and control the operations of the organization. 2 Flexible Reporting Management accounting reports can be tailored to the specific needs of the organization and its managers, unlike the standardized financial reports. 3 Forward-Looking Management accounting is focused on the future, using data and analysis to help managers make informed decisions.
- 8. Key Differences BetweenFinancial and Management Accounting Audience Financial accounting is for external stakeholders, while management accounting is for internal decision- makers. Timeframe Financial accounting is historical, while management accounting is forward- looking and focused on future performance. Reporting Financial accounting follows standardized reporting rules, while management accounting is more flexible and tailored.
- 9. Users of Financial Accounting Information Investors Analyzea company's financial health and performance to make investment decisions. Lenders Evaluate a company's creditworthiness and ability to repay loans. Regulators Ensure compliance with accounting standards and tax regulations. Suppliers Assess a company's financial stability and ability to fulfill contractual obligations.
- 10. Users of ManagementAccounting Information Managers Use management accounting data to make decisions, plan strategies, and control operations. Executives Rely on management accounting information to set budgets, evaluate performance, and allocate resources. Internal Stakeholders Employees, departments, and divisions use management accounting data to improve processes and make informed decisions.
- 11. Role of Management Accountants DataAnalysis Management accountants collect, analyze, and interpret financial and operational data to support decision- making. Strategic Planning They help managers develop budgets, forecasts, and long-term plans to achieve the organization's objectives. Performance Measurement Management accountants monitor and evaluate the organization's performance, identifying areas for improvement. Decision Support They provide financial and non- financial information to help managers make informed decisions.
- 12. Cost Classification in ManagementAccounting 1 Fixed Costs Costs that remain constant regardless of the level of activity, such as rent or insurance premiums. 2 Variable Costs Costs that change directly with the level of production or activity, such as raw materials or labor. 3 Mixed Costs Costs that have both fixed and variable components, such as utilities or maintenance expenses.
- 13. Budgeting and Variance Analysis Budgeting Managementaccountants help create detailed budgets that outline planned revenues, expenses, and financial targets for the organization. Variance Analysis They analyze the differences between actual and budgeted performance, identifying the causes of variances and providing insights to improve future planning. Performance Improvement This information helps managers make data-driven decisions to optimize the organization's financial and operational efficiency.
- 14. Conclusion and Key Takeaways 1Complementary Roles Financial and management accounting play complementary roles in supporting the overall financial management and decision-making of an organization. 2 Informed Decisions Management accounting provides the critical financial and non-financial information needed to help managers make informed, data-driven decisions. 3 Continuous Improvement Budgeting and variance analysis enable organizations to monitor and enhance their financial and operational performance over time.
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- 16. LOOK FOR ANARTICLES ABOUT ONE OF THE COMPANIES THAT CAN SURVIVE OR RISE FROM BANKRUPTCY BY IMPLEMENTING THE MANAGER'S DECISION MAKING OR POLICY! AND ANALYZE THE ARTICLE IN MINIMUM OF 200 WORDS. SEND TO MY EMAIL : putrihaprila@gmail.com YOUR TASK !