Question

Describe in detail how I apply Managerial Accounting in Boulevardier Bar and my personal life. Provide an example of each.

Answer 1

Managerial iaccounting iis ithe ipractice iof iidentifying, imeasuring, ianalyzing, iinterpreting, iand icommunicating ifinancial iinformation ito imanagers ifor ithe ipursuit iof ian iorganization's igoals. iIt ivaries ifrom ifinancial iaccounting ibecause ithe iintended ipurpose iof imanagerial iaccounting iis ito iassist iusers iinternal ito ithe icompany iin imaking iwell-informed ibusiness idecisions.

1. Managerial iaccounting iinvolves ithe ipresentation iof ifinancial iinformation ifor iinternal ipurposes ito ibe iused iby imanagement iin imaking ikey ibusiness idecisions.

2. Techniques iused iby imanagerial iaccountants iare inot idictated iby iaccounting istandards, iunlike ifinancial iaccounting.

3. The ipresentation iof imanagerial iaccounting idata ican ibe imodified ito imeet ithe ispecific ineeds iof iits iend-user.

4. Managerial iaccounting iencompasses imany ifacets iof iaccounting, iincluding iproduct icosting, ibudgeting, iforecasting, iand ivarious ifinancial ianalysis.

Accounting iis ithe iprocess iof igathering, irecording, isummarizing iand ianalyzing ifinancial itransactions ior idata.

Accounting iskills ican ibe iused ito iapply ito iyour ieveryday ilife, iand ifor ia ilife-long ilearner ithirsting ifor iknowledge iand iintellectual istimulation ithere iare imany igreat iapplications. iLife ias ian ionline ilearner ican ibe imuch imore imanageable iif iyou iare iarmed iwith iaccounting iskills.

For ieg: iaccounting iskills ican ibe iused ito ianalyze ithe igrades iyou ireceived ifrom iassignments iand iexams. iBy irecording iand isummarizing ithat idata iin ia ispreadsheet, iyou ican ianalyze iit iand ipinpoint ithe isubject iareas ithat iyou ineed ithe imost ihelp iwith; ithen iyou ican ieasily ifocus ion iways ito iimprove iyour igrades. iAlso, iyou ican ifurther ibreak idown ithe irecorded idata iand ianalyze ithe iamount iof itime iyou ispent ion ieach iof ithose iassignments. iOnce iyou iidentify ithe isubject iareas ithat iyou iare iweak iat, iyou ican idevote imore itime ito ithem ior iseek iout itutoring iservices.

Additionally, iaccounting iskills ican icome iin ihandy iwhen iit’s itime ito imanage iyour ispending. iWith icollege ituition, ibooks iand isupplies, iand iliving iexpenses, iyour icash ioutflows ican iget iout iof iyour icontrol. iObviously, iif iyour icash ioutflows iare igreater ithan iyour icash iinflows i(whether iit ibe ifrom ifederal istudent iaid ior iwork), ithen iyou iare inot ibudgeting iwisely. iHowever, iif iyou irecord iand isummarize iyour icash iflow iactivities iin ia ispreadsheet, isuch ias iMicrosoft iExcel, iyou ican ieasily ianalyze ithat ifinancial idata iand iadjust iyour ispending ihabits iaccordingly.

Best iof iall, iaccounting iskills iare iwell isought iafter iby iemployers. iPractically ievery iorganization irequires ian iaccountant iwith iaccounting iskills ito ihelp ikeep itrack iof ithe iday ito iday ifinancial iactivities. iIn ifact, iaccording ito ithe iBureau iof iLabor iStatistics i(2012), ithe iprojected iemployment igrowth irate ifor iaccountants iand iauditors ibetween iyears i2010 iand i2020 iis i16%, iwhile ithe iaverage igrowth irate ifor iall ioccupations iis ionly i14%. iTherefore, iemployment iprospects iare ibright ifor ithose iwith ithe irequired iaccounting iskills.

Accounting iskills iare ivery ipractical, iand ican ibe iapplied ito imany iareas iof iyour ilife. iAs imentioned, iaccounting iskills ican ibe iapplied iwhen ianalyzing icourse igrades, imanaging iexpenses, ior imaking ismart ifinancial iinvestments. iAlso, iaccounting iskills iare iin idemand iby iemployers. iFor ithat imatter, iyou ishould iacquire ithe inecessary iaccounting iskills iand imake ilife ieasier.