Diverse Information Needs of Community †Free Samples to Students

Question: Discuss about the Diverse Information Needs of Community. Answer: Introduction: Management Accounting is the technique of taking daily basis and decisions of short span by the management and provision of accurate as well as timely financial and statistical report along with preparation of various other management reports. Management Accounting is in general a system of internal reporting and it is not prepared for the external stakeholders of the company. Reports are generally prepared for the internal management, for example the CEO, and Departmental Managers and are generally short term that is weekly or monthly. Reports are reported for the preparation of Budgets, Standard Costing, Raw Material Requirements, Stock Budgets, Sales Forecast, pending Orders, Cash Availability, condition of Accounts Receivable and Accounts Payable, Debts Outstanding, Variance Analysis, Trend Charts, Just in Time Costing and various other reports and statistics. Management Accounting is also known as Managerial Accounting. It a process of analysis, interpretation and presentation o f information which are collected by the management with the help of cost accounting and financial accounting. It assists the company and its management in making decisions, creating policies and carry out day to day operations of the organization. Management is clearly based on Cost Accounting and Financial Accounting. Cost Accounting is the technique of allocation of cost and controlling of costs. There are various techniques of costing which are the following: Uniform Costing Standard Costing Marginal Costing Absorption Costing Historical Costing. Direct Costing Management Accounting is basically prepared to be used by the internal management of the company. It has a very vital role to play in any organization. It aids the organization in making decisions and in obtaining the results which is expected by making use of the informations and reports which is created with the aid of Management Accounting. The Managerial Accountants or the Cost Accountants prepare the budget forecast, performance of cost and asset management, and important report creation. Management Accounting creates effective and efficient business strategies by providing relevant reports to the management. The major challenge faced by the twenty first century is the problem diversity in every area. The diversity that takes place in an organization can be managed both internally and externally. In order to survive in such a diverse world the organizational managers need to take care of the same. They need to identify various ways to benefit the organization and for this they must first of all simplify what they mean by diversity and later decide upon the course of actions to be followed. The organization gains achievement by framing the diversity in the organization. The organizational managers needs are thus also diverse and this is very critical to analyze and fulfill these needs. The management accounting has a very important role to play in meeting the diverse needs of the organizational managers. Some of them are listed below: Management accounting must determine a goal based on the information which is available to them and then classify each aim to the diversified goal. Management Accounting must be helpful in the preparation of the plan for each diversified objective to be fulfilled. The main aim of the Management Accounting is to provide the best of the services to the consumers in the diversified environment. They must instill a good understanding of diversity in the business environment so that the diversity can be linked to performance and there can be greater productivity. It is the responsibility of management accounting and management accountants to ensure the progress of all the diversified initiatives that are taken by the organization. The management accounting must ensure and include proper training of all the people in the organization about the importance of diversification and about the goals to be accomplished. Management Accounting must aim at providing an effective management control. There must be proper controlling and coordination in the organization. References: "Which Of Your Friends Needs To Learn This Term?".BusinessDictionary.com. N.p., 2017. Web. 21 May 2017. "Tools And Techniques Of Management Accounting".Money Matters | All Management Articles. N.p., 2017. Web. 21 May 2017. "Management Accounting: Process, Advantages Disadvantages - Wisestep".WiseStep. N.p., 2017. Web. 21 May 2017. Lobach DF, et al. "Defining And Supporting The Diverse Information Needs Of Community-Based Care Using The Web And Hand-Held Devices. - Pubmed - NCBI".Ncbi.nlm.nih.gov. N.p., 2017. Web. 21 May 2017. "11 Main Areas Of Marginal Costing | Cost Accounting".Learn Accounting: Notes, Procedures, Problems and Solutions. N.p., 2017. Web. 16 May 2017.