Purchase Solution

Explain how a cost accountant helps internal control

Not what you're looking for?

Ask Custom Question

You are the manager of an accounting department and would like to hire another managerial accountant to focus on internal accounting. The CEO is not convinced that a managing accountant position is needed. Prepare a memo for the CEO on the following:
Explain the objectives and characteristics of an internal accounting system.
Include an explanation of the importance of this information to the company.
Include an explanation of ethics in business and the managerial accountant's role in upholding the code of ethics.

488 words

Purchase this Solution
Solution Summary

This discussion is in everyday language suitable for novice or intermediate student.

Solution Preview

Dear CEO,

We believe that a new management accountant position would improve our business and the careers of our people. This may seem like a tall order. Let me explain in three parts. First, what would this person do? Second, how will it help the company? And last, what is a management accountant's a role in fostering ethical business practices?

A manager over internal controls would identify many potential adverse events before they occur. While all risks are not foreseeable, many are and this position would help identify and monitor these risks. These risks fall into several categories. First, we want to be sure that all assets are safeguarded, used in a safe manner, are properly insured against loss, and operate in accordance with company ...

Solution provided by:
Carol Sargent, PhD
Education
  • BSc, University of Virginia
  • MSc, University of Virginia
  • PhD, Georgia State University
Recent Feedback
  • "hey just wanted to know if you used 0% for the risk free rate and if you didn't if you could adjust it please and thank you "
  • "Thank, this is more clear to me now."
  • "Awesome job! "
  • "ty"
  • "Great Analysis, thank you so much"
Purchase this Solution
Free BrainMass Quizzes
Marketing Management Philosophies Quiz

A test on how well a student understands the basic assumptions of marketers on buyers that will form a basis of their marketing strategies.

Lean your Process

This quiz will help you understand the basic concepts of Lean.

Understanding the Accounting Equation

These 10 questions help a new student of accounting to understand the basic premise of accounting and how it is applied to the business world.

IPOs

This Quiz is compiled of questions that pertain to IPOs (Initial Public Offerings)

Cost Concepts: Analyzing Costs in Managerial Accounting

This quiz gives students the opportunity to assess their knowledge of cost concepts used in managerial accounting such as opportunity costs, marginal costs, relevant costs and the benefits and relationships that derive from them.

View More Free Quizzes
Related BrainMass Solutions

  • internal accounting system

    The CEO is not convinced that a managing accountant position is needed. Prepare a memo for the CEO on the following: Explain the objectives and characteristics of an internal accounting system.

  • LBJ Company Internal Control

    Be sure to reference the applicable internal-control principles. Explain the impact on internal controls if a company decides to "go public."

  • Types of Accounting Services

    The information that is typically gathered is used for assessing and directing financial performances such as budgeting, cost control and forecasting.

  • Topics: absorption, contribution, CMA, break-even analysis

    Reviewing actual vs. budget is a control to make sure expenditures are authorized and have business purpose.

  • Explaining Internal weaknesses over cash receipts

    The company accountant makes the bank deposit and then records the days receipts. Instructions: For each procedure, explain the weaknesses in internal control and identify the control principle that is violated.

  • principles of internal control

    The management of Borke Company asks you, as the company accountant, to explain (a) the concept of reasonable assurance in internal control and (b) the importance of the human factor in internal control. 14.

  • Responsibilities of Managerial Accounting

    Explain to your friend why accounting is a much broader role and the type of positions available to accountants. Use the Library and the internet as necessary to explain to her the positions and responsibilities of managerial accountants.

  • Internal Control Systems

    118344 Internal Control Systems Fairfax Recreation Center (Internal Control Recommendations to Improve System) The Fairfax Recreation Center is a neighborhood fitness center equipped with an indoor swimming pool, exercise equipment, and a running

  • Preparing a Multistep Income statement with Sales Discounts

    Instructions a) For each procedure, explain the weakness in internal control and identify the internal control principle that is violated. b) For each weakness, suggest a change in the procedure that will result in good internal control. a) 1.

  • Limitations of Internal Control System

    Provide at least 3 examples of internal control procedures, and explain how these procedures can be implemented.

View More Related Solutions