Managerial Accounting

In identifying the items to complete this first class assignment I find it interesting that you always get more than what you bargained for...a lot of accounting concepts and a lot of text book to review and comprehend. I'm hopeful that many of these methods in this course will prove useful to my experience and training in my profession.

Two items in my review of Managerial Accounting course that I find most interesting is as follows:

1) Applying managerial accounting to real-world situations - I do encounter many instances where I wish I knew more about application of certain accounting methodologies and here it is...another aspect of accounting that thinks outside the normal financial accounting box. This is mostly where the financial profitability of individual tasks/jobs are won and lost.

2) Assessing, reading and interpreting financial information - This is useful because without the understanding of how to read financial reports, you cannot assess the overall financial performance of the organization or department. Learning how to make advanced decisions based on current financials is critical to company operational longevity.

Two items in my review of the course that I find least interesting is as follows:

1) Computing activity-based costing & lean production - It seems that it is relevant to the course, but seems highly tedious and time-consuming to assess and calculate outcomes.

2) Classifying job costing and process costing methodologies - It takes the entire process from raw material through its production stages all the way through its completion stage and invoice item pricing. As mentioned in previous item, it seems very monotonous and complex to calculate all the variables without the appropriate cost accounting system to run the process through its paces.

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