Chapter 1, Problem 1.37ACT

Requirement-1:

To determine

Management accountants:

Management accountants are the professionals who are engaged in decision making process for business operations and assists in the preparation of financial reports in order to execute effective planning and controlling function within the organisation.

To-identify: person you picture, when you think of an accountant.

Requirement-2:

To determine

Management accountants:

Management accountants are the professionals who are engaged in decision making process for business operations and assists in the preparation of financial reports in order to execute effective planning and controlling function within the organisation.

To-identify: from where did the mental picture of accountant’s work come.

Requirement-3:

To determine

Management accounting:

Management accounting or cost accounting is the process of analysing business costs and operations to prepare internal financial report, records, and accounts to aid managers’ decision making process in achieving organisation’s goals.

To-identify: Skills that employers value highly.

Requirement-4:

To determine

Public Accounting:

Public accounting is the form of accounting performed by public accountants which produces the attest report that is confined to the professional standards. For example consultancy services, preparation of tax returns.

To-identify: whether accountants stay in public accounting.

Requirement-5:

To determine

Average salaries of Accountants:

Average salaries of accountants depend upon the skill level of accountants and it will differ according to the experience of his or her job, Location of the Company, size of the organisation and responsibilities assigned.

To-identify: comparison of accounting major’s salaries with non-accounting majors.