According to Webster's Dictionary, accounting is “the system of recording and summarizing business and financial transactions and analyzing, verifying, and reporting the results ". (Merriam-Webster, nd) Accounting impacts society in many ways, including the use of free markets to set resource priorities, the provision of information, the use of non-market resources, the career provision and communication of business results (Edmonds, McNair, Olds, & Tsay, 2012). Society needs the accounting profession to be able to evaluate success, or lack thereof, in transactions in the business world. For society to function, it needs raw materials, people or entities with the resources to transform those resources into products and people. who buy the finished products. As consumers, we purchase products created by companies for our use and in exchange for these products, we offer monetary rewards. The companies that make the products use these monetary rewards to maintain their business, and the accountants who work for these companies help them determine how much money they need to make not only to keep their business in business, but also to make a profit. Every business that exists has stakeholders, which are the different people who have an interest in accounting information. Externally, this may include financial analysts, government regulators, lawyers, etc. Internally, this can include employees, managers and investors. Stakeholders use accounting information and interpret it to determine the profit and success potential of the business, so the business depends on these stakeholders (Edmonds, McNair, Olds, & Tsay, 2012). Some businesses exist to help humanity and not to help humanity. to make a profit. Although these...... middle of paper ...... p. 374).Managerial accounting, like most things in business, is constantly evolving. For a business to remain competitive, it must keep up with new trends in its industry. These new trends include, but are not limited to, total quality management, activity-based management, and value-added assessment. (Edmonds, McNair, Olds, and Tsay, 2012, p. 376) Total quality management is based not only on a company's profits, but also on how to ensure their longevity, but also on their qualities to value added such as customer service. , efficiency, innovation and quality. Both activity-based management and value-added assessment aim to get the most out of the value chain and get rid of all activities that are part of the chain and do not add value to the processes or products of the company (Edmonds, McNair, Olds and Tsay, 2012).