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

What concepts have you learned in this managerial accounting course?

Determine the cost of the product and service.

Comparing the actual performance with planned results.

Planning future activity using the budgeting.

To take the decision regarding capital investment.

How can you use these concepts in future courses and in your career?

The cost of the product and service is determined using the best appropriate cost system such as Job order costing, process costing with proper analysis of cost behavior (fixed cost, variable cost, mixed cost).

Comparing the actual result performance using the concept of variance analysis and variance analysis helps to control the cost.

Future activity is well planned using the various budget such as master budget, cash budget, sales budget, purchase budget, production budget, and direct labor budget.

Select the best investment strategy using the concept of payback period, net present value method, profitability index, and internal rate of return.