Management accountants are actively involved in the process of managing the entity. This process includes making strategic, tactical, and operating decisions while helping to coordinate the efforts of the entire organization. To fulfill these objectives, the management accountant accepts certain responsibilities that can be identified as (1) planning, (2) controlling, (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.