Managerial Accounting
Week 8 Discussion Forum
Evaluate Your Learning Outcomes
Write a critical evaluation of your learning outcome. In your response, consider:
1. Your managerial accounting skills/knowledge prior to taking this class
2. Base on the course content, discuss the new skills you acquired from this class? How relevant are the new skills in your profession?
3. How would you apply your new knowledge?
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2. Be sure to support your work with specific citations using APA format
3. Read a selection of your colleagues’ postings using one or more of the following ways:
· Share an insight from having read your colleagues’ postings, synthesizing the information to provide new perspectives.
· Offer and support an alternative perspective using readings from the class materials or from your own research.
· Validate an idea with your own experience and additional research.
· Make a suggestion based on additional evidence drawn from readings or after synthesizing multiple postings.
· Expand on your colleagues’ postings by providing additional insights or contrasting perspectives based on readings and evidence.
· Return to this Discussion several times to read the responses to your initial posting. Note what you have learned and/or any insights you have gained as a result of the comments your colleagues made.
Exampe this is just example one of my class mates don’t use the same .
Skills before this course
Before gaining knowledge from the course, I knew some of the basic concepts of managerial accounting as the name suggests. It involves the concepts of accounting like the data from the financial reporting which then is used in various processes and actions undertaken by the executive for managing the same (Lourenço, 2019). These ideas are then understood and then are used in making organisational planning and also in solving various aspects. It can be said that the knowledge obtained by me in the course is huge and before that, I had a basic knowledge about the concepts.
New knowledge learned
A lot of important concepts have been discussed in the course and among those one of the skills that I have acquired considering its importance is the budgeting process. The fund is important in a company and for the same, every company makes the budget at the beginning of the year or every quarter. Budgeting is done in the company so that proper funding can be done in each of the departments in the company so that no company and its process can be left behind (Garrison, Noreen, Brewer &Mardini, 2003). It is mainly done so that effectiveness in the company can be maintained. Having a budget is very important in the company so that they can have an idea about the fund that they will get to take all the actions of that particular department or even for the projects. It helps them in making planning for the same so that they can manage the fund in the right manner within the department. As a manager, it is the responsibility of the executive to look into this and prepare the budget for the company while having proper interaction with other parties as well that are involved in this. As a vital task to make a proper decision and to ensure the proper functions of each aspect it is important to have in-depth information regarding this concept.
Applicability of skills
I will apply my new knowledge to the company in which I will work at the profile of the manager. I will use this knowledge to make an effective budget for the company. A budget can be made for the functioning of the company or even for big or small projects (Warren & Jack, 2018). It is used for small and also long term projects and hence it can be said that it is very necessary and hence this idea will be effectively used by me in all of these areas in the best possible manner.
References
Garrison, R. H., Noreen, E. W., Brewer, P. C., &Mardini, R. U. (2003). Managerial accounting. New York: McGraw-Hill/Irwin.
Lourenço, S. M. (2019). Field Experiments in Managerial Accounting Research.Foundations and Trends® in Accounting, 14(1), 1-72.
http://dx.doi.org/10.1561/1400000059
Warren, L., & Jack, L. (2018).The capital budgeting process and the energy trilemma-A strategic conduct analysis.The British Accounting Review, 50(5), 481-496.
https://doi.org/10.1016/j.bar.2018.04.005