Write a report on the role of management accounting, either as a function, or in the context of the person – the management accountant.

“Management accounting refers to a function of tracking internal cost for any business process that helps an organization, firm or an individual in making decisions related to production, operation and investment in market…..The role of the management accountant includes collecting, recording and reporting financial data from several units of an organization, observing and analyzing their budget and suggesting their funding and allocation. This includes estimation of the cost of raw material, labour, manufacturing, sales, advertising and the company’s internal operation costs..…management accounting’s main role is budgeting…” (CMA, 2015).
You are required to write a report on the role of management accounting, either as a function, or in the context of the person – the management accountant. Your report must address the following:
• Discuss the role of management accounting in an organization (make comparisons to financial accounting).
• Discuss the classification of costs by function (production, non-production); by type (direct, indirect) and by behaviour (fixed, variable, stepped fixed). Provide examples and diagrams where necessary.
• Provide an analysis of the ‘Just in Time’ inventory control system, making references to practical applications (where applicable).
• Discuss the objectives of budgeting.