Abstract
This article deals with management accounting, its role and objectives during financial planning process. Research of on American, German and Russian scientists are also considered. Author formulates his own definitions of aims of management accounting, highlighters that object of financial accounting have to include economic costs, economic revenue and economic added value, economic interest. More over Author defines methods of managment accounting.
Highlights
Financial management can be defined as the flexible system of managing the money flows by the subject of economy on the basis of making effective decisions on forming and using the financial resources, assets and liabilities, incomes and expenses in the conditions of uncertainty and risks of the market environment
The functions of the financial management are the following: Ÿ Financial analyses and making decisions on its basis, Nowadays the interest to controlling and the management accounts has considerably increased in the economic literature
By the title authors identify the parts of controlling and define eight basic steps to effective system of controlling, such as: Ÿ Accounting system and company planning testing, Ÿ requirements profile to controlling system definition, Ÿ management accounts system formation, Despite some coincidence in functions of management accounts, controlling and financial management, it is possible to draw a conclusion, that management accounting, being an informational system for controlling, is at the same time its object
Summary
Financial management can be defined as the flexible system of managing the money flows by the subject of economy on the basis of making effective decisions on forming and using the financial resources, assets and liabilities, incomes and expenses in the conditions of uncertainty and risks of the market environment. D.Slinkov considers that the management accounting is an authentic plan, supported with eloquent figures, that it concerns three areas of management: strategic management, performance management and risk management, and the purposes of this accounting are: Strategy formulation, planning and the organization of business activity, the help in decision making, resource utilization managing, financial statements support, assets preserving [1, с.15].
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