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Management accounting - Essay Example

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Management Accounting Name: Professor: Institution Affiliation: Course Date Management Accounting Management is a vital function in the company it is responsible for a majority of actions in the company, for example; directing, controlling, planning and coordination…
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Management accounting
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Management accounting

Download file to see previous pages... 78). A firm cannot function efficiently without management since it is a core factor, which determines the profitability of the firm. The article highlights clearly that in the modern society numerous individuals hardly understand how the modern management operates in the firm, and this could be a dangerous situation. The world today is built through the effort of all the human beings who work together to ensure key developments occur in the society. Management is obviously ubiquitous since it is vital in all firms, and individuals should understand that it did not just evolve: it was through an invention in the early 1800 (Hoskin & Macve, 1990, p. 845). It is evident that management has played a role in the development of recent businesses since it is related with the culture of ‘managerialism’. Management is equivalent to disciplinary power: this is the only culture that ensures a business runs efficiently. According to Hoskin and Macve (1990, p. 845), evidently, this form of power was invented in the early 1800’s and was later transferred into the business section in the 1840’s. A majority of businesses had not taken shape in those days, but since the introduction of management most of the businesses took shape. Management is a power which is double sided since it runs the organization, and at the same time runs individuals through implementing efficient disciplinary systems. This system controls both the external and internal operations of a firm. In addition, it is a power that develops constantly and improves the organizational systems through knowledge from the expertise in the field of management. The structure of the organization in the modern businesses is highly sophisticated since there is the presence of the line, staff, divisional and matrix in the structure, although the basics of management are constant. Chandler (1977, p. 234) explains that organizations operate through written instructions, both in paper and online, which form a powerful tool for managing an organization in the world at the moment. He further indicates that modern managerialism is impossible without finances and financial numbers. The key functions necessary in the firm include accounting systems, management and financial costs. The structure of the firm has an overall manager referred to as the Chief executive officer (Chandler, 1977, p. 234). The CEO further has a general manager, or two directors, in addition to other managers from various departments reporting directly to the position. The managers include the finance, accounts, human resource, marketing, and research and development manager. Most of the firms have supervisors who report to managers, also known as line managers. According to review by Hoskin & Macve (1990, p. 839), managerial accounting practices in the modern firm originated from the teachings in the military in the early 1800, which were used during the US civil war. Holman (2003, p. 234) supports the argument and observes that the accounting practices utilized in the civil war are similar to the practices carried out in the modern business. The process of carrying out managerial accounting included the management of all expenses in relation to men and materials. In the US civil war, all the army accounting clerks and the quartermasters were educated on all matters relating to all the principles of accounting. The basics of the study ...Download file to see next pagesRead More
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Management accounting
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