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According to the Institute of Management Accountants (IMA), "Management accounting is a profession that involves partnering in management decision making, devising planning and performance management systems, and providing expertise in financial reporting and control to assist management in the formulation and implementation of an organization ...
The two management accounting principles are: Principle of Causality (i.e., the need for cause and effect insights) and, Principle of Analogy (i.e., the application of causal insights by management in their activities). These two principles serve the management accounting community and its customers – the management of businesses.
Managerial finance is the branch of finance that concerns itself with the financial aspects of managerial decisions. [1] Finance addresses the ways in which organizations (and individuals) raise and allocate monetary resources over time, taking into account the risks entailed in their projects; Managerial finance, then, emphasizes the managerial application of these finance techniques and ...
IMA was founded in 1919 in Buffalo, New York as the National Association of Cost Accountants, later changing its name to IMA in 1957. It has its headquarters in Montvale, New Jersey, United States, and regional offices in Americas, Asia/Pacific, Europe, and Middle East/India. In 1969, it formed the management accounting practices committee that ...
Managerialism is the idea that professional managers should run organizations in line with organizational routines which produce controllable and measurable results. [1] [2] It applies the procedures of running a for-profit business to any organization, with an emphasis on control, [3] accountability, [4] measurement, strategic planning and the micromanagement of staff.
The term kaleidics (Greek: καλός kalos: "good", "beautiful"; εἶδος eidos: "form", "shape") denotes the ever-changing shape and status of an economy. Uncertainty is the primary kaleidic factor. [1] It is strongly associated with the work of George Shackle, who had a rather radical interpretation of Keynesian economic theory.
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Austrian economist Roger Garrison writes that Austrian macroeconomic theory can be correctly expressed in terms of diagrammatic models. [62] In 1944, Austrian economist Oskar Morgenstern presented a rigorous schematization of an ordinal utility function (the Von Neumann–Morgenstern utility theorem) in Theory of Games and Economic Behavior. [63]