Question

What concepts have you learned in this managerial accounting course? Specifically, how can you use these concepts in future courses and in your career?

Answer 1

Concepts in managerial accounting are as follows :-

1. Projections and budget making

2. Decision making

3. Performance measurement

These concepts which I have learnt in managerial accounting will be helpful in my carrier and also for future career

If I'm appointed in any organisation in the manager level there i have to deal with many of the people and have to get the work done from my various people and i have to make optimum usage of the funds of the organisation and get maximum benefits from the use of those funds.

At that situation I have to make budgets and has to get funds from the higher authorities and has to take decision regarding in which type of project i have to invest the amount and i need to measure the performance of the employees and organisation for making the enterprise more profitable.

If i ignore the employment and i started a own enterprise then i need to have more and more managerial skills to operate my own bussiness. I need to plan the sources of finance and make budgets by estimating the cost of the organisation. I need to take risk and make decisions not investing in projects and i need to regularly evaluate my own performance and also my employees.

In this way i use the concepts of managerial accounting in my future and for my further career.