outline what such managerial accounting encompasses and its role in internal decision making in any business or organizational setting.
Learning Goal: I’m working on a business multi-part question and need an explanation and answer to help me learn.Part 1Your reply must make a recommendation to your classmate of a peer reviewed journal article that provides additional information on their topic. In your response, you should give a summary of the article in your own words and discuss why it is relevant to their forum topic. It must be different than articles they reference in their forum. Respond to the discussion answer below:The role of managerial accounting on internal decision making such as budgeting, costing, and transfer pricing.IntroductionManagerial accounting or management accounting encompasses the processes that end up in the creation of reports, statements, and other documents that are crucial to and help the management in any business to make better and informed decisions that improve the business’s performance. It is a type of cost accounting primarily used for internal purposes. This discussion will outline what such managerial accounting encompasses and its role in internal decision making in any business or organizational setting. It will do so using five scholarly journal articles encompassing recent research into such areas and what the researchers found it. It will then conclude with a section identifying the limitations that the authors of the journal articles highlighted including areas that they pointed out as ripe for future research and recommendations of what such future research should cover.Current state of research in this sub-area and what has been researched that further contributes to this particular research area. Every organization should have a management accounting department to help in the creation of internal analyses that guide the overall business strategy. The management accounting plays an important role in the internal decision-making processes of the business. One of their vital role is in the relevant cost analysis process. This helps the business to establish its existing expenses and find recommendations for future activities, thus paving the way for better evidence-based decisions. AlKhajeh & Khalid (2018) highlight some of the management accounting practises and their impacts while focusing their study on small and medium sized enterprises (SMEs) in Gauteng, South Africa. They elaborate that management accounting practises such as budgeting, performance evaluation, strategic analysis, and information for decision-making positively influenced the performance of SMEs in Gauteng, South Africa. Persaud (2020) also highlights the need for businesses to adopt from cost and management accounting to enhance their strategic decision-making processes. The author looks into the importance of such tools as break even analysis, CVP analysis, relevant cost analysis, and cost behavior. Bui, Le, & Nguyen (2020) elaborate that management accounting is critical to all business whether big or small. The study showed how various businesses used management accounting including small companies implementing conventional management accounting techniques while larger and more established ones used contemporary techniques. While management accounting helps businesses in their internal decision-making processes, it also helps the external image of the whole organization. However, Hertati, Safkaur, & Simanjuntak (2020) state that such management accounting efforts are only helpful when there is management commitment to their successful implementation. Management accounting is also important for such roles as making and buying evaluations, audience targeting, and planning depending on financial patterns and predicted future developments. Maelah, Al Lami, & Ghassan (2020) highlight that SMEs can also benefit from management accounting information to attain effective and efficient business operations while at the same time incorporating cloud computing technologies.New research in this area and questions that need exploring in the futureHertati, Safkaur, & Simanjuntak (2020) state that aligning management commitment is one of the first steps in the right direction towards achieving management accounting information systems. The authors outline that while their research focused on a small area in the functional units of SMEs in Indonesia, further research should be more encompassing and cover a wider view including geographical areas. Persuad (2020) also writes that future research should bring together wisdom from prior experiences and merge them with vision from exploring new methods and approaches of analyzing and evaluating costs in social programs. Maelah, Al Lami, & Ghassan (2020) recommend further research that delves into the place of technological advancements beyond the place of cloud computing. Another area for new research that emerges from the work of AlKhajeh & Khalid (2018) is the need for more research into other areas as they encountered a geographical barrier limiting their work to only Gauteng province in South Africa. Bui, Le, & Nguyen (2020) also recommended the need for further research to look into the factors that affect the usage of management accounting.AlKhajeh, M. H. A., & Khalid, A. A. (2018). Management accounting practices (MAPs) impact on small and medium enterprise business performance within the Gauteng Province of South Africa. Journal of Accounting and Auditing: Research and Practice, 2018, 1-8.Bui, N. T., Le, O. T. T., & Nguyen, P. T. T. (2020). Management accounting practices among Vietnamese small and medium enterprises. Asian Economic and Financial Review, 10(1), 94.Hertati, L., Safkaur, O., & Simanjuntak, A. M. (2020). How to align management commitments to the successful implementation of management accounting information systems in manager decision making. Ilomata International Journal of Tax and Accounting, 1(2), 89-102.Maelah, R., Al Lami, M. F. F., & Ghassan, G. (2020). Management accounting information usefulness and cloud computing qualities among small medium enterprises. International Journal of Management Studies, 26(1), 1-31.Persaud, N. (2020). Adopting tools from cost and management accounting to improve the manner in which costs in social programs are analyzed and evaluated. Journal of MultiDisciplinary Evaluation,16(34), 1–13.Part 2OVERVIEWKeller (2014) states “we must love our neighbor, but Christianity gives us very specific teachings about human nature and what makes human beings flourish. We must make sure that our work is done in line with these understandings. Faithful work, then, is to operate out of a Christian Worldview” (p. 21). The different Christian traditions “give somewhat different answers of how we should go about the task of recapturing vocation. The streams are often confusing to Christians, for they are not perfectly complementary to one another” (Keller, 2014, p.21). We are going to reflect on some of these sentiments that Keller introduces in Every Good Endeavor.INSTRUCTIONSYou should complete the assigned reading from Keller’s book for the week. You will then write a 250 – 500-word reflection on the prompt associated with the week you are completing (see below). In your reflection you should discuss your agreement or disagreement with the quote and utilize one additional peer reviewed source in your writing.For Module 4: Week 4, you will reflect on the following prompt. “The way to serve God at work is to further social justice in the world.”
Requirements: 3 pages