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MANAGEMENT ACCOUNTING

The provision of financial data and advice to a company for use in the organization and development of
its business.

MAJOR FUNCTION
Tailoring the application of the process to the organization so that the organization’s objectives, short-
term and long-term, are achieved effectively.

THREE TYPES OF ORGANIZATIONAL AUTHORITY


Line Authority = authority to command action or give orders to subordinates
Staff Authority = authority to advise but not command others, gives support, advice and service to line
departments
Functional Authority= is the right to command action with regard to a specific function or specialty

The Chief Financial Officer (A.k.a Vice President-Finance)


The role of finance is assigned the the CFO. The CFO is responsible for overseeing the financial
operations of an organization. The CFO has two key subordinates, the TREASURER and the
CONTROLLER.

CONTROLLERSHIP
The Practice of the established science of control which is the process by which management assures
itself that the resources are procured and utilized according to plans in order to achieve the company’s
objectives.

REPORTING RELATIONSHIPS

• The top managerial accounting position is held by the Controller.

• The Controller is also an integral part of the top management team.

• Practices Staff Authority, however it has line authority in its own department.
TREASURERSHIP

It is concerned with the acquisition, financing and management of assets of a business concern to
maximize the wealth of the firm for its owners.

TREASURER

 Has custody of cash and funds invested in various marketable securities

 Responsible for maintaining relationships with investors, banks, and other creditors

ETHICAL STANDARDS FOR MANAGEMENT ACCOUNTANTS

INSTITUTE OF MANAGEMENT ACCOUNTANTS (IMA) – USA

 Has instituted a program to provide certifications for management accountants and financial
managers.

 One of the Contributions of IMA is the development of standards of ethical conduct and
maintenance of an ethics hotline.

 Developed a very useful ethical code called the Standards of Ethical Conduct for Practitioners
of Management Accounting and Financial Management.

Philippine Association of Management Accountants (PAMA)

Established in 1972 as the National Association of Accountants (NAA) Philippine Chapter, Inc.

 PIMA (Philippine Institute of Management Accountants) - Continuing education arm of PAMA

 Basic Objectives:

1. To establish management accounting as a recognized profession

2. To foster higher educational Standards

3. To assist educators, employees, and students


CODES OF CONDUCT in the International Level
1990: INTERNATIONAL FEDERATION OF ACCOUNTANTS (IFAC)
“Guidelines on Ethics for Professional Accountants” - Ethical Requirements and Ethical Responsibilities

INTERNATIONAL CERTIFICATES
GROUPINGS

As a group, will you aim for a high score? Or will you be the source of other’s failure? Are you
generous and kind to lend a helping hand? Or Will you be the group who sacrifices for the sake of
others?

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