ABSTRACT
The managerial accountant makes a variety of recommendations, decisions and judgments applying a range of methods and processes specific to managerial accounting using financial and non-financial information in planning and control. The role and responsibilities of the managerial accountant are concerned with revenue and expenses, and this has seven implications for decision making, and each of them is considered. First, the impact of decisions is financial. Second, the process often requires preliminary problem solving and using creativity to perceive the world differently, make connections between seemingly unrelated phenomena, discover hidden patterns and generate practical solutions. Third, the decision making should be situated in an extended stepwise process. Fourth, the decision process is affected by cognitive bias and the consequences of using heuristics. Fifth the process is affected by constraints and risks. Sixth a decision requires approval and managing of its implementation. Finally, the many ways of making judgments about success are considered.
