Profession in Finance and
Accounting
COST
AND MANAGEMENT ACCOUNTANT
According
to the Chartered Institute of Management Accountants (CIMA),
Management Accounting is "the process of identification,
measurement, accumulation, analysis, preparation, interpretation
and communication of information used by management to plan,
evaluate and control within an entity and to assure appropriate
use of and accountability for its resources. Management
accounting also comprises the preparation of financial reports
for non management groups such as shareholders, creditors,
regulatory agencies and tax authorities"
Wikepedia
defines "Cost accounting is the process of tracking,
recording and analyzing costs associated with the products or
activities of an organization. Cost accounting does not follow
GAAP. Costs are measured in units of currency by convention.
Cost accounting could also be defined as a kind of management
accounting that translates the Supply Chain (the series of
events in the production process that, in concert, result in a
product) into financial values. Managers use cost accounting to
support decision making to reduce a company's costs and improve
its profitability.
CMA,
CIMA and CWA are some of the professional certification to
become a qualified cost and management accountant. Those with
professional qualification such as CA, ACCA and CPA can also
find job in this field.
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