Accounting

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?

Required:

1.     Post your original discussion. Read and respond to three (3) your classmates. See the class syllabus for posting requirements.

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.

Course Description:

This course introduce students to a variety of topics related to financial and economics concepts and theories including general micro- and macroeconomics concepts, investments in different types of financial assets (stocks, bonds, options, etc.). CAPM, financing of projects, financial structure, agency theory and agency costs, corporate governance, diversification, mergers and acquisition, and asset collateralization.

Course Objectives & Learning Outcomes

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. Syllabus Course # Page 2 of 14

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 – 1 (SIVA KRISHNA KOMMI)

 

Managerial Accounting course helped me in understanding the cost accounting systems and how managers use this cost accounting system in their decision making process. Prior to taking this class I have no knowledge on how the managers take decisions and how they allocate the budgets and use the excel analysis and company tools for the financial reporting. After attending all the modules, I came to know about all the interconnections and various things that managers consider in the budgets and how do they allocate to the departments based on their evaluations. This course also helped me in understanding the cost management and techniques, concepts of all these accounting principles and how they use these techniques to come up with the cost estimates. Various interesting concepts and techniques like the materials, labor and the factory overhead. This helps in understanding the job order costing and activity based costing. Understanding the variances and budgeting process in departments are clearly communicated and explained with the help of numerical problems. Gained knowledge on various types of costs associated in the business and key differences between this costs and analysis of profit loss, favorable, unfavorable conditions in the accounting systems.

Computer application process that the mangers uses, excel building formulas for generating the reports, comparisons between the current and previous systems helps in the key analysis of concepts. Use the computer applications and tools for the financial reporting systems and the flexibility in their operations and coming up with the budget numbers for the cost accounting systems. Understanding the process of statement of cash flows, various types of organizations and how to manage them effectively with various skills learned from the concepts covered in the course. This course clearly explained how managers use the computer applications in their decision making process and their presentation of the financial systems and generating the management reports. By gaining all this knowledge this helps me understand all the key connections between the managerial decision making process and use this in the daily workplace in the idea sharing in teams and use the cost effective measures and how to optimize the costs and plan the budget wisely, allocate the resources and constraints based on the needs of the projects. This helps in self assessing the budget spent and allocated to the departments for various process. This also helps in the general analysis and gain some professional knowledge on the managerial concepts and how do the organizations operate their costs and budgets. This helps in interactively participating in the resource and budget allocation meetings with the project level leads during the planning sessions and make sure that the work is completed in the time specified so that the reputation is well maintained at the client place.

References

·       Birnberg, J. G. (Jake), & Shields, M. D. (Mike). (2020). Journal of Management Accounting Research at 30 Years: Reflections on Its Context, Creation, Challenges, and Contributions. Journal of Management Accounting Research, 32(1), 1–10. https://doi.org/10.2308/jmar-19-038

·       CIUHUREANU, A. (2018). Management Accounting — Managerial Obligation or Need. Revista Academiei Fortelor Terestre, 23(4), 282–287.

·       Pashaeva, I. V., Aliyeva, M. S., Atakishiyeva, N. N., Babashirinova, E. M., & Musayeva, N. M. (2020). Digital Models of Income and Expenditure Management and Accounting. TEM Journal, 9(2), 590–600. https://doi.org/10.18421/tem92-22

REPLY – 2 (SAMUEL JOE)

 

I must admit that since I joined the managerial accounting class, it has been a learning curve. Initially, I have the notion that accounting is widely based on merit and accounting. Nevertheless, I have come to attaining more knowledge over the period.  The course goes beyond the parameter of accounting. Ideally, financial accounting involves the defined process of recording, summarizing, and reporting the myriad of transactions done in a business operation over a given period.  Importantly, it’s diverse approaches that have been applied in various organizations and businesses as a tool of transparency and adequate traction. It’s widely used in compliance and auditing events.  I have realized the modern diversity and rich share of managerial accounting after enrollment (Will Kenton, 2018).

I have acquired very critical skills in this course.  One of the essential skills is the accuracy and eye detail required in file examination and financial accounting. This course was well structured, as an IT professional I could easily understand some of the core concepts that were included in the syllabus. I have gained the team’s massive ability and the analytical ability to have the numeric right.  On the same note, I have acquired communication skills that are typical and critical in a given working environment.  In summary, interpersonal skills and industry elements had increased my proficiency skill in a significant way. This skill and knowledge have built a strong argument ability that is critical in an official setup. For instance, the use of a spreadsheet is a skill that is profound in accounting concepts. It helps in capturing business data as acquiring the accurate figures (Ahmed, 2008).

In summary, the course has helped me attain accurate skills required in a typical working environment: margin analyses and constraints in the building capacity that bring about identifying principals.  The most effective endpoint that I have acquired is the inventory valuation and product costing that will help attain a competitive and sustainable advantage. I must agree that the implication has changed managing in a significant way (Reid, 2013)

I truly appreciate Mr.Sunny Onyiri’s efforts in developing such a professional course structure which helps many non-business administrative students/professionals to easily understand Managerial accounting.

References

Ahmed, N. (2008). Financial accounting: A simplified approach. Atlantic Publishers & Dist.

Reid, J. (2013). Seven fundamentals for effective financial management. Juta and Company.

Will Kenton. (, 2018). Financial accounting. Retrieved from https://www.investopedia.com/terms/f/financialaccounting.asp

REPLY – 3 (HARIKA GANTA)

 

Learning Outcomes

Managerial accounting has added a lot of knowledge, especially in the area of accounting. I have acquired considerable organizational skills from this particular course, such as cost estimation and techniques used in the production process (Chaplin, 2016).  As a manager, such skills will enable in making an informed decision on how to minimize the cost of production and maximize the business’s profit—skills of budgeting for the organization’s resources. Every manager should have this very crucial skill. It is useful when it comes to setting targets for the company. It helps the business leader to avoid unnecessary losses and enable them to recover what has been lost.

Let’s talk of managerial accounting coursebook has placed all the concepts so that, as a manager, either current or a potential one can learn how to incorporate others to enable significant production and general running of the business(Schultz, 2018). To involve other stakeholders, especially those with accounting knowledge, should be applied when making a crucial decision concerning the production process. It has also come to attention that the manager of the business does not know everything, and as a result, he or she has to consult from experts considering that accounting is comprehensive, and it is not simple to exhaust it. It is good to note that there is nothing to worry about when one wants to know the cost of individual units or items to be produced. This course has exposed us to process and job cost techniques, enabling the production to account for every company made.

For instance, where I am working right now, this knowledge from managerial accounting would help me give my boss ideas on how to minimize the cost of production. Besides, most of us are looking forward to starting and running the business, so all the skills learned here will be of significant importance.

References

Chaplin, S. (2016). Accounting Education and the Prerequisite Skills of Accounting Graduates: Are Accounting Firms’ Moving the Boundaries? Australian Accounting Review27(1), 61-70. Doe: 10.1111/auar.12146

Schultz, W. (2018). Sweet Celebrations: A Managerial Accounting Case Study. Accounting Perspectives17(4), 623-632. Doe: 10.1111/1911-3838.12184