Question

Write a critical evaluation of your learning outcome. In your response, consider:

1. Your managerial accounting skills/knowledge

2. Base on the Managerial Accounting, discuss the new skills you acquired? How relevant are the new skills in the future

3. How would you apply your new knowledge?

Answer 1

1. As a result of my learning, I have developed the following managerial accounting skills :

a) Enhanced my technical knowledge regarding various accounting standards like IFRS or US GAAP.

b) I have been able to enhance my data analysis capabilities to the next level.

c) My analytical and numeric abilities are way above than before.

d) I have learned to be able to work in a team and also lead a team of accountants.

e) Last but not the least, I have been able to enhance my leadership skills which makes me a motivator for others.

2. Based on the managerial accounting, I have acquired the following new skills :

a) Planning : This is one of the most important skills for my future as it forms a base for everything. Proper planning leads to proper execution which leads to perfect results. Poor planning always leads to poor performance.

b) Budgeting : This is another important skill that is required in almost every accountant in an organization. Various departments depend on the accounting department for their budget and goals.

c) Forecasting : This becomes very relevant in various cases such as we need to forecast next 5 years profit for goodwill impairment calculation or we need to prepare projected financial statements for the banks to give us a loan.

d) Standard Costing : This involves setting up expectations and then comparing the actual results with expectations in order to identify, evaluate and correct variances.

3. I would use the new knowledge acquired in launching a new product.

-Proper planning while launching a new product is very necessary. Which customers to target, which markets to launch the product in, big-scale or small-scale all forms part of planning.

-Budgeting is one of the most crucial steps for launching a new product. We need to estimate the costs of the product in order to arrive at a price to be charged from the customers by adding a mark-up.

-Forecasting tells us whether the product will be successful or not. It is very important as if we can already forecast an unfavorable situation for the product, we can save ourselves from the loss.

-Standard Costing helps us keep the variances in check. It lets us evaluate the market situation and do the pricing of the product accordingly.