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The article "The Changing Role of Managerial Accounting in Decision Making Process Research on Managing Costs" explores the importance of managerial decision-making in the process of an organization's performance. This article defines managerial decision making as "primarily dealing with collecting data from internal and external sources" (Fotache et al, 2011). Decision-making might be difficult if the necessary information is not obtained correctly. The decision making process involves numerous processes, including information analysis, processing, interpretation, and communication.

An organization can ascertain the cost and product knowledge with the aid of this obtained data. An organization can better understand how to run its business and promote the product it sells by using managerial accounting. In exchange, this will assist the company in developing improved goal-setting, forecasting, and revenue-generating methods. It is the duty of each department to contribute to cost generation and ensure that all data required for managerial accounting is accurate. The economy or accounting expenses can be used to calculate the cost of a manufactured good. Therefore, the firm needs to keep a lid on the major expenses reported on its profit and loss statement if it hopes to maintain some level of competitiveness.

By cutting expenses and generating revenues for a company, management accounting gives crucial information for decision making. In this scenario, management accounting organization in economic entities becomes a critical aspect in their success. Because production was an organization's primary concern and the leadership's primary focus was technical in nature, managerial accounting plays a crucial role in assisting managers in inspiring them to lead and oversee activities. Managers also need to be knowledgeable about their products and know how to acquire them.

Based on my understanding of the document, management accounting encompasses all aspects of a business. Every firm should have goals for their business. Having managerial accounting in place will assist the corporation in achieving these goals. In the text, we define managerial accounting as the process of creating and evaluating pertinent data to assist managers in making strategic decisions. When you lack the necessary information, making decisions might be difficult. A corporation may face difficulties or perhaps fail as a result of a poor decision. In order to keep a business operating more smoothly, management accounts will make financial decisions for businesses easier.

Everyone in a company needs to be aware of the items that are being sold, and managerial accountants may assist in identifying areas where sales or productivity problems arise and if they will have a negative effect on the company's profit and cash flow. Having this data will assist in making any necessary adjustments for cash flow, revenue, profit, and production. Managers can then make adjustments and increase productivity in the sales or production process by using this information.

This data will be used by a managerial accountant to establish the pricing of goods and services. Managerial accountants use financial data to assist businesses in determining where, when, and how much money to spend. Examining proposals, determining whether there is a market for goods or services, and determining the best method of payment are all part of the process. In order to help manage project costs and advantages for the future, it also includes payback periods.

Fotache, G., Fotache, M., Bucsa, C. R., & Ocneanu, L. (2011). The Changing Role of Managerial Accounting in Decision Making Process Research on Managing Costs. Retrieved December 2, 2023,.

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