Please Answer 1,2,3 for the main post(300-350 words). and respond to three articles with 150 words each. Please add the references for Responses also
References- Main post 3, Responses 1 each (total 3)
Write a critical evaluation of your learning outcome. In your response, consider:
- Your managerial accounting skills/knowledge prior to taking this class
- Base on the course content, discuss the new skills you acquired from this class? How relevant are the new skills in your profession?
- How would you apply your new knowledge?
Points to be focused:
- Able to learn the Characteristics of Managerial Accounting
- Able to Describe the planning and control functions performed by managers.
- Understood how Managers continually plan and control operations within organizations. Planning involves establishing goals and communicating these goals to employees of the organization.
- Able to Describe the functions of key finance and accounting personnel.
- Able to know the importance to understand the key accounting and finance positions within a typical company and how each position fits into the organizational structure.
- Understand how accounting systems can help organizations.
- Learnt about different methods of recording, sorting, analyzing, and reporting financial information for internal users
- Differentiating Job Costing from Process Costing
- Understood how direct materials and direct labor costs are assigned to jobs.
- Understood Organization Use Activity-Based Costing to Allocate Overhead Costs
- Understood the concept of activity-based management.
- Able to learn Variations of Activity-Based Costing (ABC)
- Understood Comparison of Job Costing with Process Costing
- Understood the concept of an equivalent unit.
- Able to Prepare a production cost report for a processing department.
- Prepare a list of materials, labor, and other resources needed to make the product.
- Using the list prepared in requirement b, identify whether the costs associated with each item are variable, fixed, or mixed.
- Understood Cost-Volume-Profit Analysis Used for Decision Making
- Understood how cost structure affects cost-volume-profit sensitivity analysis.
- Used an alternative form of contribution margin when faced with a resource constraint.
- Able to Describe the format used for differential analysis.
- Understood how to use cost-plus pricing and target costing to establish prices.
- Able to Apply the concept of the time value of money to capital budgeting decisions.
1) Respond to 1st article with 150 words
Critical Evaluation of Learning Out Come
The examination of understudy understanding in light of the objectives of an improvement or a course. This is a wide definition and to guarantee there are different sorts of examinations and every one of them blend understudy work. That work can be explored or ungraded. It can see a couple of minutes other than with the one moment paper or it can see a long time about indistinctly respectably generally additionally similarly with the get-together foundation. It can request that understudies show thankfulness or aptitudes beating structure the formation of a thing or assistant or the clarification behind restriction within each common sense achieves some undertaking. It can request that understudies show their understanding as people or as individuals from a party. (Gokhale, 2012)
Understudy learning results articulate what an understudy should know or can do consequent to completing a course or program. The assessment of understudy learning results gives information that puts understudy learning at the forefront of insightful organizing shapes. the Provosts Commission on Learning Outcomes The assessment gives the affiliation and certifiable system for our commitment in such an examination. Despite their structure examinations ought to reflect and be obliged by the learning central purposes of a movement or a course. On the off chance that your objective is for understudies to grasp an idea do you recommend that they ought to have the decision to look at substances Summarize data Apply data or foresee results Analyze or consider marvels Generate models Evaluate and legitimize clashes. Conceivably you need your understudies to have the decision to show their insight by completing a blend of these things. You ought to ask yourself whether your examinations are identified with the goals of the advancement or the course are the assessments looking over whether understudies have met the learning targets. (Biggs, 2014)
Think about why understudies did or did not master the learning goals and make methods to enable them to be as or continuously incredible later on. (Baldwin, 2016)
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2) Respond to 2nd article with 150 words
Before taking this managerial accounting course, I had a fundamental knowledge about the profession and also some soft skills, like communication and people management skills, needed from a management accountant. A managerial accountant is expected to have basic arithmetic and accounting skills involving data and analysis, along with a good understanding of the business. Being fairly educated with arithmetic skills before attending this course, I knew that to start a business, a strategic budget plan is required, along with an accounting and record-keeping system. However, I had little idea about the details and the depth of how the internal operation of business functions (Managerial Accounting – Table of Contents, 2020).
- A managerial accountant provides detailed financial and non-financial information to stakeholders who need this information for strategic planning, decision making, and other business purposes. Based on this course, I learned how important it is for a managerial accountant to learn about the economy of the company they are working for as well as the computer applications required to solve cost accounting problems. Since the top management makes the strategy and decisions based on data and analysis provided by managerial accountants, they are responsible for managerial decision making. They are offered a seat at the table of board meetings (Managerial Accounting – Table of Contents, 2020). I also learned about tools used such as capital budgeting, cost accumulation systems, ratio analysis, cash flow analysis, and budget analysis that are used in management accounting to prepare a close to an accurate and useful financial statement. Since I aspire to become an entrepreneur, this course and having enough knowledge about decision-making procedures, budgetary control, as well as evaluate the miscellaneous finances, would help me a lot while building my business. Since I would most probably startup with a limited workforce team, it would be useful if I could take on added responsibilities for my business and hence save employee pay (Managerial Accounting – Table of Contents, 2020).
- Since most startups have a dynamic and fast-changing environment, I would use my knowledge of managerial accounting to achieve my entrepreneurship goal and keep track of the business proceedings (Iosrjournals.org, 2020). Accounting based management can influence a company’s decision-making process and improve the relationship between strategy and management control (Michelon, P., Lunkes, R., and Bornia, A, 2020. I could use the concepts on cost accounting and tools like cost accumulation systems, ratio analysis, cash flow analysis, and budgeting analysis to set or adjust the forecasted master budget and financial statements. I would also set Key Performance Indicators for each department of my business as well as the project to evaluate our operations and results. However, as my business grows, I would refer to the previously set master budget and forecast a flexible budget to welcome other business ventures and investors’ opinions (Managerial Accounting – Table of Contents, 2020).
3) Respond to 3rd article with 150 words
Managerial Accounting course helped me in the process of planning, organizing, and overseeing the application of accounting theories in different international markets. Managerial accounting is widely used by an organization to track, record and report the vast amount of financial information for future review and for business operations. Business owners often use these records to take decisions during business operations to improve operations and overall profitability of an organization. The two most important things that play a vital role in the increase of the profits are organization managerial roles and decision-making process based on the managerial accounting information. Managerial accounting information is used to take decisions in small as well as the large businesses impacting the organization. Managerial accounting information is used to make several decisions such as whether the company can afford to hire a new employee, whether the organization is running with a continual net loss due to less number of employees, to check the organization income chart based on which the action can be taken on company resources, etc. Hence it is evident that managerial accounting is a major tool for decision-making process of the organization which examines the socio-economic parameters (Liang & Zhang 2019).
Administration, or administrative, bookkeeping is utilized to run organizations and enable chiefs to settle on vital money related choices. Bookkeepers set up these records and send them straightforwardly to work force inside an organization, for example, supervisors and administrators. These reports separate numbers and projections identified with divisions, items, representatives and clients and how they influence the organization. Money related bookkeeping reports are set up by bookkeepers and sent specifically to elements outside of the organization, for example, investors, charge experts and loan specialists. These reports demonstrate solid numbers, and in addition past slip-ups and accomplishments. These archives are objective, truthful and keep away from projections (Ekholm & Wallin, 2011).
Learning these courses helped me in enhancing personal productivity, productivity of the work groups and my department, and increased my opportunities for success during my project. By studying Managerial Accounting course, I understood and grasped how Managerial accounting plays an important phenomenon during the decision-making process of any organization (Ekholm & Wallin, 2011).