Discussion Mod: Characteristics That Define Managerial Accounting

Accounting Response Discussion
Name
Institutional Affiliation
Accounting Response Discussion
First Response
Kelvin, your discussion centers on the core characteristics that define managerial accounting. Most importantly, you note that every organization has its formula of maintaining its management records. This procedure marks the primary difference with financial accounting, which has strict principles that have to be followed (Ameen, Ahmed, & Hafex, 2018). Financial accounting facilitated the emergence of managerial accounting after WW1 and was developed as a distinct practice that enhanced operational efficiency (Richardson, 2017). Data from managerial accounting is meant to support financial reporting as the management is under pressure to provide more information to the investors and more so, to cater for the future budgeting and operational plans. Although its relevance to the investors may be undermined, managerial accounting is important in distinguishing, investigating, recording, and manifesting data on funds. From this point, the management is capacitated to make appropriate decisions.
Second Response
Morad, you have laid the foundation of the discussion on trends in the accounting process. Among them is the availability of mul...