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Clo of Managerial Accounting Week 1.

Essay by   •  March 18, 2019  •  Coursework  •  899 Words (4 Pages)  •  69 Views

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This week has been really productive and constructive to improve mine knowledge and skills of managerial accounting by strengthening the problem solving and decision-making capacities. This week managerial accounting course was focused on basic managerial accounting concepts and principles. Managerial accounting can be defined as “the process of identifying, measuring, analyzing, interpreting, and communicating information to managers for the pursuit of an organization's goals.” (Wild & Shaw, 2016). Financial accounting can be defined as “a branch of accounting that keeps track of a company's financial transactions, which uses standardized guidelines, the transactions are recorded, summarized, and presented in a financial report or financial statements such as an income statement or a balance sheet.” (Shaub, 2010). So there is some difference between the managerial and financial accounting. Managerial accounting information focused on helping managers within the organization make decisions and financial accounting focuses on providing information to parties outside the organization. Furthermore, we have also learned about the job order costing. In accounting terms, job order costing refers to the systems to assign costs to products or services that the company provides. Job order costing is used in situations where the company delivers a unique or custom job for its customers. For example, law firms or CA firms mostly use job order costing. As their very customer or clients are different and unique in job nature. Furthermore, we have also discussed the just in time costs, which refers to aligning raw-material orders from suppliers directly with production schedules of the company to increase efficiency and decrease waste by receiving goods only as they need them for the production process, which reduces inventory costs. Moreover, we have also discussed the concept of money management. Money management refers to the process of budgeting, saving, investing, spending or otherwise overseeing the capital usage, which most people tend to forget about it.

Major learning outcomes and relevance to the future profession

As I aspire to be an agro entrepreneur in near future, the concept of managerial accounting also known as cost accounting is very crucial for me in future as the ensure smooth operation of all the money related decision and process of my organization. As I aspire to be an agro entrepreneur, I would be opening up my own agro machinery venture soon enough, which includes trade, manufacturing, and sales. As all business is done with the motive to generate income or profit I need to effectively manage and make an effective and efficient decision regarding the accounting and financials of the company. While managing my company activities, I need to look into the areas where the expenses are excessive, which process and operation are not worth their investment and time, as time is money. As from the learnings of this week class, I feel like I would be able to identify, measure, analyze, interpret, and communicate information to all the personnel who are working with me in my firm to ultimately gain the organization's goals. I got to learn about the recent events that have occurred in the Nepal carpet industry. As their mistakes in assigning the cost of the product, what the things that they have ignored or forget about it had led the whole company to shut down. As for before they use to use job order costing method in their company. They would only manufacture

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