DUTIES OF MANAGEMENT ACCOUNTANT

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The primary duty of a Management Accountant is to help management in taking correct policy decisions and improving the efficiency of operations. He performs a staff function and also has line authority over the accountants. If a management accountant feels that a decision likely to be taken by the management based on the information tendered by him shall be detrimental to the interest of the concern, he should point out this fact to the concerned management, of course, with tact, patience, firmness, and politeness. On the other hand, if the decision taken happens to be wrong one of accountants of inaccuracy, biased and fabricated data furnished by the management accountant, shall be held responsible for the wrong decision taken by the management. The followings are the duties of a Management Accountant:

• The installation and interpretation of all accounting records of the corporative.
⚫ The preparation and interpretation of the financial statements and reports of the corporation.
• Continuous audit of all accounts and records of the corporation wherever located.
• The compilation of costs of distribution.
• The compilation of production costs.
• The taking and costing of all physical inventories.
• The preparation and filing of tax returns and the supervision of all matters relating to taxes.
⚫ The preparation and interpretation of all statistical records and reports of the corporation.


• The ascertainment currently that the properties of the corporation are properly and adequately insured.


• The initiation, preparation, and issuance of standard practices relating to all accounting, matters, and procedures and the coordination of systems throughout the corporation including clerical and office methods, records, reports, and procedures. • The maintenance of adequate records of authorized appropriations and the determination that all sums expended pursuant there into are properly accounted for. • The ascertainment currently that financial transactions covered by minutes of the Board of Directors and/or the Executive committee are properly executed and recorded.


• The maintenance of adequate records of all contracts and leases.
The approval for payment (and/or countersigning) of all cheques, promissory notes, and other negotiable instruments of the corporation which have been signed by the treasurer or such other officers as shall have been authorized by the by-laws of the corporation or from time to time designated by the Board of Directors.


• The examination of all warrants for the withdrawal of securities from the vaults of the corporation and the determination that such withdrawals are made in conformity with the by-laws and/or regulations established from time by the Board of Directors.

 • The preparation or approval of the regulations or standard practices, required to assure compliance with orders of regulations issued by duly constituted governmental agencies.



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