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What is ASU IMA?
The Institute of Management Accountants is a national organization whose purpose is to help accounting professionals gain knowledge and advance their careers through educational activities, certification programs, trade magazines, and networking with others involved in accounting. The IMA not only has a local branch, but also a chapter at August State University. The purpose of our chapter is aligned with the goals of the national institute. We hope to promote accounting interest and knowledge among students via chapter gatherings, attendance at Augusta chapter meetings, advisor support, and special activities. Through ASU IMA involvment, students are introduced to accounting professionals in the community, exposed to the various employment opportunities in management accounting, and encouraged to continue their IMA membership at the local level upon graduation. What does IMA membership offer me? The IMA is a nurturing, supportive group of people who enjoy their accounting jobs enough to meet with other accountants and talk shop. As a member you are welcome to monthly luncheons with guest speakers, are eligbile to apply for IMA scholarships, receive a monthly trade magazine, and are invited to attend training seminars. How is management accounting different from financial accounting? Back up--what's accounting in the first place? And why should I care? Accounting is the language of business. Accounting is how a company's management relays its firm's financial health to investors and creditors. Accounting is used by a company's employees to keep track of revenues generated and expenses incurred (and ultimately the profit earned). Accounting is used to set material-, labor-, and time-related budgets. In short, you should care about accounting because a firm grasp of basic accounting principles is vital to anyone who wishes to work in business or invest in a business. However, a thorough knowledge of accounting takes you even further: while learning more complex accounting issues (as an accounting professional must), you simultaneously develop an strong understanding of other useful business topics such as legal issues, economics, finance, management, etc. Back to the first question: How is management accounting different from financial accounting? First, financial accounting. Financial accounting is used to report information about a firm to outside parties. For example, financial accounting standards are used to prepare financial statements of publicly traded companies. These data are prepared in compliance with SEC regulations for publicly traded companies. Government agencies and lenders also rely on the information provided in these documents. Financial accounting standards are collectively known as GAAP--Generally Accepted Accounting Principles. Management accounting, on the other hand, is used internally by a company's management for planning, controlling, and decision making purposes. It incorporates financial and non-financial data. A firm's management might examine an anticipated project to see if it will allow the firm to hire more employees while verifying that it falls within acceptable guidelines for return on assets. Although many management accounting techniques are standard among business types and sizes, there are no GAAP for management accounting--there are no strict rules to which management must adhere since the information is used only for internal purposes. This means that management accounting can be more subjective than financial accounting. This is good and bad: good because it allows for creativity (creative accountants, whada ya know?), but bad because it can be hard to apply the right principles to a given situation. Okay. This sounds interesting. So where do I sign up, when are the meetings, and what do I have to do? You can sign up on line here or you can visit Dr. Pam Jackson (our advisor) in the College of Business. She will have the necessary forms for you to fill out. If you do sign up online, please also send an email to Dr. Jackson with your contact information so that we can keep track of membership. Meeting time and place have yet to be decided. Stay tuned. What do you have to do? You can be as active or passive a member as you like. We have board positions open (Secretary and Special Events Coordinator) or you can just come to meetings and chat. It's totally up to you. |
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