Accounting is a changing profession. Up until now in this course we have been focused on financial accounting, in chapter 19, we beginning to look at management accounting. This branch of accounting focuses on the internal workings of a company and through the years this form of accounting has undergone many changes. The article attached discusses the history of management accounting and what its future might look like. In the article many concepts are mentioned some are discussed and some are in your textbook. Pick one of the concepts (they are listed below), research the concept on your own.

1. Define the concept for the class and how it is used in management accounting. Give an example of its use.

2. Then discuss whether you think it will continue to be used or whether it is already obsolete or will be obsolete in the profession in the coming years. Please explain your reasoning.

List of concepts

Standard costing

Budgeting

Lean accounting

Total quality management

The Theory of Constraints

Just-In-Time

Activity-based costing (ABC)

The balance scorecard

Data Analytics

Artificial Intelligence

Machine learning

blockchain

Robotic Process Automation

Sustainability

Strategic Risk Management

Governance

Management Control System

Data Visualization