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7 Roles of Management Accountant The following points will highlight the seven roles of management accountant in decision-making process of the organisation. The seven roles are: 1. Stewardship Accounting 2. Long-term and Short-term Planning 3. Developing Management Information System (MIS) 4. Maintaining Optimum Capital Structure 5. Participating in Management Process 6. Control and 7. Decision-making.  1. Stewardship Accounting: Management accountant designs the frame-work of cost and financial accounts and prepares reports for routine financial and operational decision-making.  2. Long-term and Short-Term Planning: Management accountant plays an important role in forecasting future business and economic events for making future plans i.e., long-term plans, strategic management accounting, formulating corporate strategy, market study etc. 3. Developing Management Information System (MIS): The routine reports as well as reports for long-term decision-ma

Know the Differences & Comparisons Difference Between Profit Maximisation and Wealth Maximisation Financial Management is concerned with the proper utilization of funds in such a manner that it will increase the value plus earnings of the firm. Wherever funds are involved, financial management is there. There are two paramount objectives of the Financial Management: Profit Maximization and Wealth Maximization.  Profit Maximisation  as its name signifies refers that the profit of the firm should be increased while  Wealth Maximisation , aims at accelerating the worth of the entity. Profit maximis ation is the primary objective of the concern because of profit act as the measure of efficiency. On the other hand, wealth maximisation aim at increasing the value of the stakeholders. There is always a conflict regarding which one is more important between the two.   Profit Maximisation Vs Wealth Maximisation Comparison Chart Definition Key Differ