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    Responsibilities of Managerial Accountants

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    Congratulations you have been hired by Claire's Antiques as its new account. Since Claire's Antiques is a small company, you will responsible for all of its accounting functions related to financial and managerial accounting.

    You are explaining your new role to your friend. After explaining what you do, she expressed surprise about your role. She thought accountants did taxes and just did the books' after the real business of the company was over.

    Explain to your friend why accounting is 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.

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    Solution Preview

    Financial accounting is a process of recording, summarizing, analyzing and interpreting the financial transaction of an organization. It mainly involves preparation of the financial statements and starts from journal ends with making of income statement and balance sheet. The main function of Financial Accountant is to:
    ? Provides information primarily to people outside the company
    ? Provides information that would be helpful in attracting:
    ? Useful to those making investment and credit decisions, who have a reasonable understanding of business and economic activities.
    ? Helpful to present and potential investors, creditors, other users in assessing the amount, timing, and uncertainty of future cash flows.
    ? Provides information about economic resources

    Management accounting
    is providing information, which is helpful in monitoring and evaluating management performance.

    Management Accounting is the branch of Accounting that deals primarily with confidential financial reports for the exclusive use of top management within an organization. These reports are prepared utilizing scientific and statistical ...

    Solution Summary

    This solution of 699 words looks at the importance of accounting and the roles and responsibilities of managerial accountants in analyzing and interpreting transactions, preparation of financial statements, and others.