Management accountants are actively involved in the process of managing the entity. This process includes making strategic, tactical, and operating decisions while helping to coor¬

dinate the efforts of the entire organization. To fulfill these objectives, the management ac¬

countant accepts certain responsibilities that can be identified as (1) planning, (2) control¬

ling, (3) evaluating performance, (4) ensuring accountability of resources, and (5) external reporting.

Required:

Describe each of these responsibilities of the management accountant and identify examples of practices and techniques. (CMA adapted)