Management Accounting SM 1 W 1

Practice vocabulary flashcards regarding the roles, definitions, and drivers of change in management accounting.

Management Accounting

Provides financial and non-financial information to help managers plan, control, evaluate, and make decisions.

Financial Accounting vs Management Accounting

FA: for external users, reports past performance, periodic reporting

MA: for internal users, supports future decision & planning, info produced whenever needed

Role of Managers

Consists of planning, directing and motivating, controlling, and decision-making.

Traditional Role of Management Accountants

Acting as an information provider and performance evaluator.

Modern Role of Management Accountants

Acting as a strategic business partner, adviser, analyst, and communicator.

Drivers of Change

Factors including globalisation, deregulation, economic/environmental uncertainty, technology and AI, big data and analytics, and increasing customer expectations.

Ethics in Management Accounting

The requirement to provide accurate, relevant, and trustworthy information while supporting responsible and sustainable decision-making.