Unit 5 Vocabulary: Management Accounting

"His promotion will mean additional work, but also additional pay."

"Having correct and timely financial information assists in making operational decisions."

"The recently released benchmark figures show that CPAs are earning more."

"A lot of companies fell short of the budgeting expectations because of the unexpected impact of the financial crisis."

"The lawyer drafted the contract and sent it to his client for approval."

"A limited company is a separate legal entity from its members."

"By studying the previous year's accounts and considering any changes in the market, you can forecast the financial state of the company 12 months in advance."

"Management accountants need an in-depth knowledge of finance and management as well as accountancy to be successful."

"The financial report indicates that the company has exceeded its expectations."

"The management accounting team finished their analysis of production costs and presented their findings to the board of managers."

"In an attempt to try and reduce overheads the company switched water suppliers and cancelled the 'free lunch' programme for staff."

"The accounting period for tax reporting is 12 months from the 1st of January."

"It is important to minimize the risk to a company by having all the relevant information before making a decision."

"AOL's takeover of Time Warner was one of the largest acquisitions in business history."

"The company expected costs to be 100,000 but the actual costs were 120,000 so the director asked about the reason for the variance."