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Deliverable Length: 1-2 page memo
Details: 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 1-2 page 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.
# Objective: Appraise the functions of, and explain the nature and scope of managerial accounting
# Assess the role of performance measures in an organization
# Apply the budgeting process to the role of responsibility centers in business organization

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Solution Summary

Explain the objectives and characteristics of an internal accounting system.

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Explain the objectives and characteristics of an internal accounting system. Include an explanation of the importance of this information to the company.

Internal accounting or management account is an extremely important exercise to assist managers in taking timely and informed financial management and other strategic decisions in the organization. Management accounting allows organizational managers to assess the real health and performance of organization and assist them in spotting trends in an early timeframe to take timely strategic decisions.

In today's extremely dynamic and competitive business environment, managers need to know exactly where their organization is heading and evaluate the performance of the organization on a regular ...

Solution provided by:
Sandeep Bardia, MBA
Education
  • BCom, SGTB Khalsa College, University of Delhi
  • MBA, Rochester Institute of Technology
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