Question

managerial accounting

main topics from this course: Budgeting,Overhead and Marketing Variances,- Absorption Costs Systems and Cost Allocation

How does the information presented in this course compare with your life experiences and career goals?

What is the most significant concept from this course that you will carry with you as you continue your educational journey?

Answer 1

PART-1) The financial management is often concerned with procurement, allocation and control of financial resources to it's effective and efficient money management in a way to accomplish the objectives of the organization. A degree in Financial Management sets up an individual for success in professional experience as well as personal financial management; and this professional certification can increase an individual professional marketability. An individual will be able to analyze, interpret, and communicate the information that drives finance decisions.. In the professional life an individual learns the importance of budgeting and can compare actual outcomes to budgets and other targets that may focus on the goals of the company. Furthermore learns the best resource allocation where resources are allocated in an appropriate way that the processes which are expected to provide the highest returns are given priority. In personal finances, a person learns to manage the finances in a way so that don’t overspend and remain prepared for all expenditures, as well as savings for the uncertain future

PART-2) I would want the "Budgeting" to continue in my education. The sound knowledge on strong budgeing by an individual is vital at the work place because it enables the business to approach financial decisions with vital information and sufficient resources. Budgets are quantitative statement, for a set period of time frame, which may include expenses, planned revenues, assets, liabilities, and cash flows. This encourages a management to articulate its vision, strategy, and goals. Also imposes deadlines and discipline on the process of financial planning. With usage of budget target, an individual can closely monitor progress toward (or deviations from) the budget targets and timetable. Thus with the theoretic knowledge an individual leans to the best resource allocation where resources are allocated in an appropriate way that the processes which are expected to provide the highest returns are given priority