The Process of Analyzing a Business Cost and Operations Discussion

Description

Write a critical evaluation of your learning outcome for the managerial accounting course:

1. 150 words: Based on the course content, discuss the new skills you acquired from this class? How relevant are the new skills in your profession as an IT Analyst?

2.150 words: How would you apply your new knowledge?

Course description and Objectives:

Managerial Accounting: A study of accounting systems as effective tools for coordinating and organizing management activities including activity based accounting, life cycle accounting, just in time accounting and inventory systems, variance analysis, and capital investment decisions.

Upon completion of the course, students should be able to:

1. Understand the role of cost accounting in information for managerial decision making

2. Understand fundamental concepts and techniques of cost/managerial accounting.

3. Understand the general concepts of cost estimation.

4. Understand costing and control of materials, labor, and factory overhead.

5. Learn objectives of cost accumulation system and be able to distinguish between “periodic versus perpetual” and “actual and versus standard.”

6. Understand job order, process, and activity-based cost systems.

7. Learn accounting for joint product and by-product costing.

8. Understand and interpret variances.

9. Become familiar the budgeting process.

10. Understand the different types of budgets: operating, flexible, and capital budgets.

11. Learn the standard cost system.

12. Learn the general analysis of cost and profit

13. Use computer applications in solving cost accounting problems

14. Apply concepts to produce management reports using problem solving skill, writing and oral presentation, managerial decision making, and computer application.

Reply:

Student post 1:

Before taking managerial accounting classes, I have aware of the management of accounting, but after taking these classes, I got to know that my knowledge about management of accounting is very little. After taking these classes, I learned in-depth knowledge about managing profits and losses in a business. These classes have given me enough confidence to make better decisions regarding business performance, and even I got to know the internal operations that are governed by managerial accounting. Managerial accounting plays a major role in maximizing profits in an organization. It plays a significant part in minimizing losses, which is very important in maintaining stable financial policies. Knowledge of managerial accounting is very important for anyone who is maintaining a business; it is a basic foundation in many internal aspects of a business in its internal structure.

Managerial accounting course has helped to acquire knowledge about effective decision making. Many significant decisions that can improve profits in a healthy way can be predicted by using the management of accounting. Profits prediction is possible using the management accounting process since it provides necessary information related to business development using calculative data that contains bar graphs, charts, tables (Kristin, Dec 2014). Cumulative information gathered by the professional management can be used to analyze the current market trends; based on these marketing trends, management professionals will predict detailed views about upcoming markets. While gathering information related to business development, management professionals will focus on the practical market situations that can bring more profits to organizations. As the information is segregated from practical sources, most of the management decisions are practical; this is the reason behind the business prediction process of managerial accounting. Managerial accounting process predictions will be very useful in boosting an organization’s profits in various ways.

I can use this managerial accounting knowledge to make better decisions regarding long-term decisions as well as short-term decisions so that organization’s operational efficiency can be improved to the maximum possible extent. The knowledge acquired while taking these classes is very useful to me in my future efforts; I can confidently say that it can be used in any business that I choose as my professional career (Lisa, Jan 2020). Previously I have some doubts regarding making profits in business due to this, I had to stick myself to very limited goals, but now I can clearly say that I can handle better business than I previously thought of, as these classes have helped me in knowing more about significant frameworks about internal operations in an organization.

Student post 2:

Previously, my knowledge and abilities were limited to financial accounting, which is done in business and shares financial information with other parties such as owners and creditors. People with direct/indirect business relationships, lenders, and other financial institutions, such as tax authorities and owners, receive financial accounting reports as part of the overall financial reporting process. Financial accounting in a company makes it easy to compare the company’s past and current performance. The accounting of the organization is maintained in the enterprise. Odar, M., Kavcic, S. (2015).

This course allowed me to learn many new abilities. It is the importance of managers in the core business of the company. It was clear to me what the idea of business ethics was, and the implications and benefits of corporate social responsibility from various perspectives. There are various factors, including various factors related to production, such as direct labor costs and raw materials. I am familiar with various costing methods such as ABC, process costing, cash flow, and cost. We now know the relationship between cost, volume, and profit. I also learned how to calculate segment reports and variable costs. Profit planning is also understood, which is very important for understanding both the future and the future. I have also come to understand its implications in the concept and context of budgets. From an accounting perspective, there are many factors related to the operation of a company that must be considered. Saremi, H. (2013).

Having these skills and experience will be very beneficial in my future career as a corporate manager. Company managers can make a variety of decisions within the company. To do this, you need to be aware of the various decisions. There are several key elements and talents managers must possess, such as strategic management, measurement, enterprise risk management, leadership skills. These abilities are what I have acquired as a result of considering various ideas. These considerations help you make informed decisions and manage different variables and situations appropriately. This helps maintain a positive relationship within the company.

Student post 3:

Managerial accounting skills prior to taking this class

Managerial accounting is the best practice of determining, evaluating and interpreting financial information pieces to managers for accomplishing the organization’s goals (Meric & Gersil, 2018). Before taking the class, I had less information about managerial accounting where I had no prominent ideas and knowledge pieces about the skills related to managerial accounting. Accordingly, I had no interpretation of the concept of cost estimation, which is fundamental to the managerial accounting domain. Besides, before taking the class, I knew the basic skills related to managerial accounting techniques and had fundamental knowledge about the budgeting procedure.

New skills acquired from the class

The class depicts the various in-depth skills and concepts related to managerial accounting from where I have incurred the in-depth knowledge pieces that proliferate my existing knowledge. The class depicts the various skills associated with costing, labor, control of materials, factory overhead, etc., enhancing my skill. Accordingly, job orders, procedures, and activity-dependent cost systems are also acquired from this class (Brewer et al., 2015). The new accounting skills for by-product and joint product costing and the in-depth budgeting procedure has been acquired from the class. I also have gained the standard analysis technique of cost and profit and the usage of computer applications in resolving the cost accounting constraints.

Relevance of the new skills to my profession

The incurred skills from the class support me to better application in my professional domain because each of these skills are the fundamental area that applies in the organization. The budgeting procedure is also becoming the most relevant to my profession.

Application of the latest acquired knowledge

The knowledge pieces that I have gained from the course would significantly apply to my future profession. I would apply the various budgeting form depending on the organization’s factors to better understanding the organization’s income and relevant expenses. Accordingly, I would also utilize activity-based cost systems to demonstrate a more accurate product or service costing consequences, which would lead to better pricing decisions. Besides, the cost and profit analysis would also support me to provide a better determination of the organization’s profitability depending on the expenses.