Reflective Managerial accounting
Submit your 1-2 page (500-1000 words) reflective on accounting 116 and include the following:
1. Identify and predict how you might use an insight from this topic in your future, personally or professionally. Specifically think about how this area might provide career opportunities? This is intended to make you think how managerial accounting can be of help to you to advance your career in your future.
This exercise has two purposes:
1) This exercise provides some insights for me in what you considered most useful.
2) This provides an opportunity for you to give your career some thought and to formulate career goals. Hopefully your plans work out (as long as they are legal and morally ok) and you become famous.
Your answer should be organized and written succinctly using proper grammar, capitalization and punctuation. Also, you should not cut and past your answers from web pages.
Managerial accounting entails training in areas like financial reporting, managerial accounting, financial statement analysis, and tax strategy. The course presents a student with many future opportunities: both as an employee and an employer. My goal is to become a manager of a department in an organization at one point in my career. Managers have to control selected parts of a company’s operations and in a few cases multiple aspects of a business. Businesses thrive on good accounting. Accounting is the heart of enterprises across the world, which makes it a lucrative career opportunity. However, it is also a challenging field. One has to look at the numerous accounting fraud cases that have bankrupted companies and threatened to disrupt economies across the globe. Personally, I enjoy doing challenging work, which makes this field ideal for me. Moreover, I enjoy working on complex mathematical calculations. Further, business owners often look for skilled accountants to help them with numerous accounting problems. Therefore, qualified accountants advance quickly in an organization.
Management entails effective planning, which is also dependent on budgeting. Accounting management skills will come in handy in determining the value of different aspects of the supply chain in various departments. Therefore, as an accounting manager I will be in a good position to allocate resources to my department and reduce costs. Cost cutting measures will allow me to invest in areas that will spur innovation and help the organization I will work for become profitable and competitive. In short, management accounting skills will help me make informed decisions and advance in my career. These skills will make me competitive and valuable in the job market. I will also mentor other accountants to help them excel in their field and promote ethical practices…………….
Accounting fraud is one area that has eroded the reputation of accountants and the accounting profession. As standards of operations change, unscrupulous accountants develop crafty ways of manipulating systems to suit their evil deeds. My goal as a certified managerial accountant will be to help rebuild the reputation of this profession. I believe that the skills I will gain in analyzing financial statements and tax filings will enable me to unravel fraud in organizations. Auditing is central to accounting and helps promote accountability. Additionally, I will be able to understand valuation models and assess the value of companies.