Provide three specific examples about how managerial accounting can be used with the new skills...

Question:

Provide three specific examples about how managerial accounting can be used with the new skills in a current position or a possible future position.

Managerial Accounting:

Managerial accounting is used for internal purposes of the company as the companies offer the reports to the managers for accomplishing the organizational goals.

Answer and Explanation:

The following are an example of how managerial accounting can be employed with new skills in a current position.;

Budgeting; managerial accounting can be used with new skills to make budgets based on the strategy on an organization. Budgeting can help in better allocation and utilization of resources and making it simpler for one to achieve organizational goals and objectives with the available resources.

Variance analysis; one uses variance analysis so as to look at the difference between the budgeted amounts and the actual amounts of costs that one may incur while doing a job. Also, variance analysis can show the difference in the actual sales and budgeted sales. This can help one to analyze the causes of the variance and work more towards lowering the costs of doing work.

Cost analysis; management accounting can be used with the new skills to analyze the components that make up the costs and work. Through this one can identify the areas that are increasing the cost of doing work and thus work towards minimizing them


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Managerial Accounting Functions

from Business Management: Help & Review

Chapter 9 / Lesson 1
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