Corporate Accounting

Corporate Accounting

Managerial accounting is usually most associated with the professional field of CMAs (Certified management Accountants), who work within such systems as flow-n-flow-out, the balanced score card and just-in=time inventory. Just as marketing studies have their goals, so has management, and accounting techniques can help companies keep better track of materials they use or items they produce. However, while most business goals center on making profits, accountants and bookkeepers must work within established rules such as the GAAP (Generally Established Accounting Principles) or other regulations depending on geographical location.

To illustrate, like most professions, management accountants have their own professional organization: the Institute of Management Accountants (CIMA). According to a work published in the journal, the balanced scored card approach may have more benefit s than just those traditionally thought in school.

Like foreshadowed above, corporations often utilize systems such as just-in-time inventory, ERP (enterprise resource planning) and the balanced score card. Thus, according to the CIMA (2010) the balanced score card

The Harvard Business Review (HBR) is notorious for publishing articles outlining theories that later become classics of managerial concepts. For instance, Porter (2008) market forces acting on commercial success or how customers, suppliers and competitors should be taking into consideration when shaping one’s business strategy.

Verizon above all. Photo of Elena

Frigo & Anderson (2011) react to the financial crisis surrounding the events of subprime mortgages and subsequent bank collapses that started taking place somewhere around 2008. The authors do so by looking at risk management. Enterprise risk management (ERM) is a significant area for business to look at in attempting to achieve commercial success. The issue has gradually gained international recognition, with the International Organization for Standardization (ISO) issuing a set directives on how the process(es) should be carried out. In addition, credit rating agencies such as Standard & Poor’s and Moody’s have demonstrated interest in a firm’s ERM system. As one knows from introductory economics courses risk loving individuals significantly differ in their investing strategies from risk avoidant, or even risk-neutral individuals.

Just like parcours (a popular topic, consisting of a potentially dangerous sport of running across buildings, depicted in cartoons such as American Dad episode Stanny Boy and Frantastic and mystery and thriller television series) in music lyrics and cinematography, management and business studies is a popular subject in movies. For example, in the controversial movies Friends With Benefits, featuring Justin Timberlake (singer) and Mila Cunis (That 70s Show with Ashton Kutcher) he is a successful Website manager, while she’s a savvy headhunter. Management studies can be quite elaborate and specialized. For example, managing resources in ecology (e.g. Bestelmeyer, 2011).

The biggest accounting firms include PriceWaterhouseCoopers LLP or PwC, Ernst & Young, KPMG, and Deloitte & LaTouche. Further, managers’ primary goals are to maximize profits for the company and protect shareholder value. Management related establishments are numerous, such as the professional order of COSO (Committee of Sponsoring Organizations of the Treadway Commission). Additionally, managerial accounting is usually most associated with the professional designation CMA (Certified Management Accountant), who work within such systems as flow-in-flow-out (FIFO), the Balanced Scorecard (BSC) and just-in-time inventory. Just as marketing studies and professionals have their goals, so has management, and accounting techniques can help companies keep better track of materials they use or items they produce. However, while most business goals center on making profits, accountants and bookkeepers must work within established rules such as the GAAP (Generally Established Accounting Principles) or other regulations depending on geographical location.

To illustrate, like most professions, management accountants have their own professional organization: the Chartered Institute of Management Accountants (CIMA). Most states and provinces likewise have their own accounting orders, bestowing certifications allowing practice of the profession, in general and depending on specialization. Also, according to a work published by the CIMA (2010), the BSC approach may have more benefits than just those traditionally taught in school. Like foreshadowed above, corporations often utilize systems such as just-in-time inventory, ERP (enterprise resource planning) and the BSC.

Moreover, the Harvard Business Review (HBR) is notorious for publishing articles outlining theories that later become classics of managerial concepts. For instance, Porter (2008) outlines market forces acting on commercial success or how customers, suppliers and competitors should be taken into consideration when shaping one’s business strategy.

The biggest accounting firms include PriceWaterhouseCoopers LLP or PwC, Ernst & Young, KPMG, and Deloitte & LaTouche. Further, managers’ primary goals are to maximize profits for the company and protect shareholder value. Management related establishments are numerous, such as the professional order of COSO (Committee of Sponsoring Organizations of the Treadway Commission). Additionally, managerial accounting is usually most associated with the professional designation CMA (Certified Management Accountant), who work within such systems as flow-in-flow-out (FIFO), the Balanced Scorecard (BSC) and just-in-time inventory. Just as marketing studies and professionals have their goals, so has management, and accounting techniques can help companies keep better track of materials they use or items they produce. However, while most business goals center on making profits, accountants and bookkeepers must work within established rules such as the GAAP (Generally Established Accounting Principles) or other regulations depending on geographical location.

To illustrate, like most professions, management accountants have their own professional organization: the Chartered Institute of Management Accountants (CIMA). Most states and provinces likewise have their own accounting orders, bestowing certifications allowing practice of the profession, in general and depending on specialization. Also, according to a work published by the CIMA (2010), the BSC approach may have more benefits than just those traditionally taught in school. Like foreshadowed above, corporations often utilize systems such as just-in-time inventory, ERP (enterprise resource planning) and the BSC.

Moreover, the Harvard Business Review (HBR) is notorious for publishing articles outlining theories that later become classics of managerial concepts. For instance, Porter (2008) outlines market forces acting on commercial success or how customers, suppliers and competitors should be taken into consideration when shaping one’s business strategy.

Balloons. Photo by Elena.

References:

    Bestelmeyer, B. T., Goolsby, D. P. & Archer, S. R. (2011). Spatial perspectives in state-and-transition models: a missing link to land management? Journal of Applied Ecology, 48: 746-57.

    Frigo, et Anderson (2011). Strategic risk management: A foundation for improving enterprise risk management and governance. Wiley Periodicals Inc.

    Porter, M. E. (2008). The five competitive forces that shape strategy. Harvard Business Review, January, 1-19.

    Qu, S. Q., Cooper, D. J., Ezzamel, M. (2010). Creating and popularizing a global management accounting idea: The case of the balanced Scorecard. Chartered Institute of management Accountants, 6 (3): 1-8.