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Accounting and Marketing: Step Sisters or Noisy Neighbors - Term Paper Example

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The focus of "Accounting and Marketing: Step Sisters or Noisy Neighbors" paper is on management accounting instead of financial accounting as the former guides the management in deciding the course of action marketing should adopt with the objective of increasing the bottom-line of business entity…
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Accounting and Marketing: Step Sisters or Noisy Neighbors
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Download file to see previous pages Accounting, however, has two major branches – financial accounting and management accounting. The basic difference between these two streams lies in the user groups of data generated from these functions. While financial accounting primarily caters to the requirements of external stakeholders of a business, i.e., shareholders, lenders, suppliers, customers, competitors, and relevant government agencies; management accounting provides data that is exclusively used by the management of a business entity to make informed decisions about future course of action that may include among others, whether to develop a new product or drop an existing one, whether to enter a new territory or not, whether to produce a product in-house or outsource and similar other critical decisions.

It must also be mentioned in this connection that while financial accounting is governed by statutory considerations, management accounting is entirely an in-house concept that is implemented by the management to enable it to make rational decisions about how the company is to be run. Therefore, management accounting has no statutorily predetermined reporting interval or format and is entirely determined by the management. Further, as the data involved in management accounting is sensitive in nature, the level of confidentiality is very high as any unauthorized leakage, especially to competitors might severely harm the company’s future marketing prospects and potential (Broadbent and Cullen 2003).

As cost is the primary area of concern of any management it would be worthwhile to understand the basic nature of cost and how management accounting classifies total cost into fixed and variable, direct and indirect and how these elements affect managerial decision making. The cost of production can be primarily categorized into prime cost and manufacturing overheads. Prime cost consists of direct material cost and direct labor cost. ...Download file to see next pagesRead More
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