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    Events on Wall Street and Decision Makers

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    Given events on Wall Street and indeed in other markets in the last few years, has financial/managerial accounting lost its value to decision makers? Why, why not?

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    Managerial accounting has indeed made progress over past 20 years. Accounting emerged from the need of corporations that had made huge investments in factories, natural resources, and equipment. By this time managerial accounting was considered the same as cost accounting. However, with the development of service industry and rapid growth of financial institutions, managerial accounting meant much more than just cost accounting. The present of managerial accounting shows little progress it has made in achieving its intended goals. The purpose of accounting is ...

    Solution Summary

    This solution discusses whether financial and managerial accounting has lost its value to decision makers.