Please write a 150 word peer response for Answer 1 and another 150 word peer response for Answer 2 and another 150 word peer response for Answer 3.

Answer 1

Managerial Accounting

In our organization, managerial accounting makes an important role in achieving perfect planning for present and future problems at the spot. It helps to evaluate and monitor all the factors (performances). It is applicable for all kinds of government, non-government and financial organizations (Horngren, 2010).

The main objectives of managerial accounting are to take spot decisions with more enthusiastic about the business. The managers have to pay full attention to their customers. Work should be done particularly through entire team for achieving goals of an organization. We must use the perfect resources for sufficient and effective development of an organization. New team members have to be hired based on skills, innovative thoughts, and experience along with the perfect profile. The organization has to maintain financial reports for the standards of weekly, monthly, quarterly and annual reports which include the statements of profit and loss of the business. In any organization, budgets are based on the long-term planning analysis. Every manager has to be careful from all other managers planning analysis. All managers have to plan upcoming projects to bring success in a healthy manner. It explains how to improve the profits and investments in increasing returns. If the preventive measures are not taken before, they have to face consequences which will affect the employee’s position, in turn, will affect the organization’s reputation. Comparison of each and every investment has to be done with the experts in the organization thoroughly (Hilton, 2013).

The best option has to be chosen for the project’s success. Some of the senior managers estimate the opportunities of project proposals for making certainty not to look into future and creating plans for each and every department like marketing, advertising, manufacturing, production, sales, and promotions etc. People should be clearly informed of their progress to all the communication teams that are defined as they have to make accurate time for doing their project and managers have to communicate all the results that make employees performance and capability of adjusting accurate projects (Maher, 2012).

References

Horngren, C. T., Foster, G., Datar, S. M., Rajan, M., Ittner, C., & Baldwin, A. A. (2010). Cost accounting: a managerial emphasis. Issues in Accounting Education, 25(4), 789-790.

Hilton, R. W., & Platt, D. E. (2013). Managerial accounting: creating value in a dynamic business environment. McGraw-Hill Education.

Maher, M. W., Stickney, C. P., & Weil, R. L. (2012). Managerial accounting: An introduction to concepts, methods and uses. Cengage Learning.

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Answer 2

Significance of Managerial Accounting as a Decision-Making Tool

In my Organization Managerial Accounting had played a crucial role in decision-making. Managerial Accounting had the capability of solving any issues at present and also in the future. In my organization, very critical decisions are easily made with the help of managerial accounting and this helped my organization in increasing productivity. There are also many components in managerial accounting and in my organization, many of them include managerial accounting such as rate analysis, cost analysis and also the financial analysis. All the decisions in these sectors are made by managerial accounting so that this made our work easy in taking decisions every time(Burton, 2017).

Managerial accounting has become as important in my organization why because most of the information is recorded and also many of the transactions related to the business are also analyzed with the help of managerial accounting. The main purpose of the managerial account is to take business decisions easily. In my organization, managerial accounting is used for solving any financial matters and also all the gathered data in the organization is analyzed with the help of managerial accounting. All the information gathered with the help of managerial accounting is more efficiently used in my organization. Not only for the purpose of the stakeholders also managerial accounting can be used as a major tool(Leitner, 2014).

Different types of business strategies can be applied with the help of managerial accounting so with that business growth will be increased rapidly. The process of decision making is also very fast and so many managers in my organization can easily make decisions more efficiently. So by this, I can say that in my organization managerial accounting acted as a major tool for reaching all the goals and targets within a specified amount of time by making a clear decision more effectively. In many ways, managerial accounting had helped my managers in making plans for the future purpose also and also all the decisions that are made by managerial accounting are very clear and also accurate(Nelken, 2017).

References

Burton, F. G. (2017). DISCUSSION OF National Culture and Ethical Judgment: A Social Contract Approach to the Contrast of Ethical Decision Making by Accounting Professionals and Students from the U.S. and Italy. Journal of International Accounting Research, 16(2), 121–126. https://doi.org/10.2308/jiar-10548

Leitner, S. (2014). A simulation analysis of interactions among intended biases in costing systems and their effects on the accuracy of decision-influencing information. Central European Journal of Operations Research, 22(1), 113–138. https://doi.org/10.1007/s10100-012-0275-2

Nelken, D., Siems, M., &Amariles, D. R. (2017). Supping with the Devil? Indicators and the rise of managerial rationality in law. International Journal of Law in Context, 13(4), 465–484. https://doi.org/10.1017/S1744552317000398

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Answer 3

Managerial Accounting is an essential tool in decision making. According to intensive studies, management accounting is one of the most effective tools relied upon in making informed decisions in organizations. For instance, it puts into consideration all the related financial factors thus resulting in an evaluation of the current and future challenges. Accounting involves financial records that require evaluation. The management accounting information tool has enabled many organizations to make suitable decisions concerning the productive capital budgeting plans. Some of the management accounting tools include financial analysis, ratio analysis, capital budgeting, and costing among others according to Nielsen, et al. (2015, March). Organizations rely solely on these tools for effective decision making for instance for the future prosperity of the organization.

One of the most common importance of management accounting is the tool for recording financial information in the company. The recording provides an easy avenue for financial analysis and future planning. The existence of recorded data and information is an essential tool in an organization as it provides room for references and further analysis if the need arises. For example, the tool has played a critical role in travel business and tours. In this case, the tool has been useful in drawing effective conclusions with the aid of financial analysis. The company also uses managerial accounting for the evaluation of data collected in the organization. The tool is used with maximum efficiency with the need to increase or improve organizational operations. Furthermore, the information tool provides sufficient quantitative information regarding the economic conditions thus evaluating all related factors in a more determined manner. Many stakeholders apart from the management department have utilized the tool to come up with effective decisions (Quattrone, 2016). Therefore, in conclusion, the managerial accounting involves the preparation of financial records, reports and accounts for analysis to aid in decision making in the organization. This further helps the company achieve both short and long term business goals.

References

Nielsen, L. B., Mitchell, F., & Nørreklit, H. (2015, March). Management accounting and decision making: Two case studies of outsourcing. In Accounting Forum (Vol. 39, No. 1, pp. 66- 82). Taylor & Francis.

Quattrone, P. (2016). Management accounting goes digital: Will the move makes it wiser?. Management Accounting Research, 31, 118-122.