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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?

Required:

1.     Post your original discussion . 

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.

Read and respond to three (3) your classmates: 200 words Each

Reply to post 1:

1. I would like to share my experience in the managerial accounting course. Before taking this course I was only aware of the different terms of accounting but I do not have the knowledge of analyzing the various accounting statement which can be further used for making the critical decisions for the business betterment. After taking this course I would become able to analyze the various statements of accounting in depth manner. Earlier I was only aware of the debit and credit. In managerial accounting, the balance sheet analysis is an important part of accounting which reveals about the true financial picture of the business among the shareholders. On the basis of this balance sheet, the manager will take the critical decisions for the business betterment. Managerial accounting is a vast course that is used by business organizations for the management of their operational activities. With this managerial accounting course, an individual can get the knowledge and information on the variance analysis which helps the accountant in the design the budget which is used in the budgetary planning done by the business organization. So before taking this course I was not aware of the analysis of various statements that are important for the managerial accountant. 

2. The course is related to managerial accounting which plays an important role in understanding the different terms of accounting. This course includes various topics such as cost accounting, managerial accounting, cost volume relationship, variable costing, various tools of managerial accounting, and financial statement analysis. After taking this course I got information on these topics. With the costing accounting which is used for the analysis of the cost related to the project taken by the business organization. It includes the various cost such as direct cost, indirect cost, and the other overhead cost. So it would be used for the overall analysis of the entire cost which is associated with the project. With this, I can easily calculate the cost which is incurred on the project in an accounting year. The job order cost is also done in this subject where the accountant can get the information on the various material which could be first use for the first time in the business organization. In job costing there is a various method such as first in first out and last in first out. So all these topics add value to the professional career in the long run when it will be used in managerial accounting (Dyhdalewicz, 2015).  

3. After this course I will use these managerial accounting skills in the business organization for taking the critical decisions for business betterment. It will not only help in a professional career but it is helpful for the business organization as well in long run. These skills could be used at various points in the business organization while handling the project which is taken by the business organization. In the business organization, the manager has to take various critical decisions on a daily basis for the operational activities of the business. The manager also needs to analyze the various financial statements in an accounting year which could be possible with this course. After analyzing all the statements the manager will become able to explain the top management about the cost incurred on the various items for the successful running of the project. At the end of the financial year, the manager will analyze the balance sheet which helps in explaining the financial condition of the business at the end of the year. So all these skills are important for the managerial accountant in meeting the daily operational activities requirements (Garrison, Noreen, & Brewer, 2012).

Reply to Post 2:

Skills before this course

 Managers are an important part of the organization that manages the work and also look after various activities involved. Before the course, I had the information about managerial accounting but on a very narrow basis. As per which, it is an important aspect that helps the manager in setting their goal and also effectively achieving those goals in an effective manner with the help of proper management as well as the accounting aspect. I used to know that the concept of accounting is used by the managers in handling a lot of functions. However, I didn't have a brief knowledge about it. The various accounting methods that I learned here were unaware of those before the course. Along with this, a lot of other topics and new technologies as well as strategies I got to know that a manager can use so that the working of the organization can be managed in an effective as well as proper manner. 

New knowledge learned

            There are a lot of aspects that I have learned from this course and will be used by me in the future (Garrison et al., 2003). This learning involves aspects related to the concept of managerial accounting but in a brief manner. Among all, I have also got to know about the cash flow statement that is a very essential part of the organization since it deals with cash and is an important part. Investors have a keen eye for the cash flow statement since it reflects the position along with the strength of the company so that they can handle the cash flow statement in the right manner. It also helps managers in making various decisions and also plans with the help of understanding the position of cash on the organization with the help of cash flow statements. It shows three activities separately that are operating, investment as well as financial. It shows the inflow and outflow of cash in all the three important activities and it helps in understanding the position in the more appropriate manner so that decisions can be taken by managers for the betterment of that activity. Cash flow statements are made for the current period and hence it helps in making the management process more appropriate. 

Applicability of skills

            There are various concepts and skills that I learned from the course and all of those will come in hand to me in the future organization. I will use all of those skills for better management; along with this, I will also use those skills so that I will be able to reach the objective and goal of the organization effectively. The concept of the cash flow will also be used by me in the future so that I will be able to handle the cash flow of the company for a specific purpose and along with that I will be able to make other decisions as well on that ground. Overall, I can say that all of the concepts that I have learned from this course will be helpful for me and will bring me various opportunities in my future company.

Reply to post 3: 

Managerial accounting is one of the most exciting courses to have handled in a while. The course has introduced me to new skills and knowledge of accounting. I knew some of the issues of accounting before starting this course. For instance, I knew about the profit and loss concept. In financial statements, I could note when companies were making a profit when the end page was positive and made a loss when the final results were negative. I also knew about inputs and outputs and how they balance to make profits in a company. 

I have however attained new skills in this course. I have come to realize that activity-based accounting, capital budgeting, master budgeting, financial analysis, and financial accounting, to mention but just a few. The concepts mentioned above are important in managing the finance of a company. One is example is when companies use capital budgets to understand projects that are viable and valuable for the organization. Activity-based costing is also important in understanding how resources are used in every activity and the return of each action. These skills will be important in my accounting skills throughout my career. 

The new skills and knowledge I have attained have not only helped attain goods grades but will also be applied in my career path. I intended to start an online company after completing my studies. Managerial skills are important in making financial decisions that will propel a company in making profits (Siekelova et al., 2017). Therefore, I will use the skills learned this semester to run my company appropriately. I will know when the company is performing well and when things are going wrong financially. Using skills like the master budgeting, I will understand the viable and valuable projects to undertake.