Discussion Assignment-01-BUS-5110 Manegerial Accounting

BUS 5110 MANAGERIAL ACCOUNTING
Discussion Assignment-01
Topics: In the discussion forum you are expected to participate often and engage in deep levels
of discourse. Please post your initial response by Sunday evening and continue to participate
throughout the unit. You are required to post an initial response to the question/issue presented in
the Forum and then respond to at least 3 of your classmates’ initial posts. You should also
respond to anyone who has responded to you.
Your Discussion should be a minimum of 250 words in length and not more than 450 words.
Please include a word count. Following the APA standard, use references and in-text citations for
the textbook and any other sources.
 Consider the role of management accounting in relation to the company for which you
work (or have worked). Discuss how the principles of management accounting can be
utilized. What specific managerial accounting activities would be useful?
Note: if you do not have work experience, you may select a company with which you are
familiar and apply the discussion assignment to it.
Discussion
Managerial accounting is the practice of identifying, measuring, analyzing, interpreting, and
communicating financial information to managers for the pursuit of an organization's goals
(Tuovila, 2020). In this discussion, we will see the role of managerial accounting in the company
where I work, how management accounting concepts can be applied, and what managerial
accounting practices would be beneficial.
I am working at Beximco Pharmaceuticals Ltd. which is a medicine manufacturer and retailer

company. Here, managerial accounting plays an important role in analyzing financial data using
three financial statements: income statement, balance sheet, and statement of cash flows, and
then issuing reports within the company to assist managers in making decisions to achieve goals
through planning and monitoring, as the information provided by management accounting is
critical for every decision. According to Cooper (2021), there are four international principles of
managerial accounting which are being followed in my organization listed here.
1. Influence - Communication is both the beginning and the end of management accounting. It
improves the decision-making process by providing relevant details at all stages of the decision-
making process. Management accounting is able to cut across silos and supports an integrated
thought process thanks to effective transmission of key information.
2. Relevance - Everyone benefits from having access to information. Management accounting

searches the best available resources for data relevant to the choice being made, the persons
making the decision, and the decision process being used.
3. Value - The impact on value is calculated. Management accounting connects an organization's

procedures to its basic business model and necessitates a thorough understanding of the
macroeconomic environment. It comprises analyzing data throughout the value-generation chain,
estimating potential possibilities, and focusing on risks, expenses, and value-generation potential
of prospects.
4. Credibility - Credibility is built through stewardship. Responsibility and scrutiny contribute to

a more intentional decision-making process. Managing short-term corporate interests against
long-term shareholder value enhances both trust and reliability.
According to Cooper (2021), these principles can be utilized by
1. Recognizing the requirement

2. Products and strategies
3. Diagnostics
According to Codjia (2017), key activities of management accounting include budgeting, internal
financial reporting, cost analysis and monitoring of internal controls, systems and procedures.
But budget and Cost analysis & monitoring of internal controls are the most useful activities to
me because these are describing the whole tenure of investment with possible vulnerabilities.
Managerial accounting is a useful instrument. Managerial accounting aids in the selection of

appropriate controls for assessing a plan's success, this is the process of comparing actual results
to predicted results at many levels, including product, department, division, and organization.
References:
1. Tuovila, A. (2020, August 29). Managerial Accounting Definition. Retrieved
November 15, 2020, from
https://www.investopedia.com/terms/m/managerialaccounting.asp
2. Cooper A. (2021, November 19). Four Managerial Accounting Principles Every
Business Must Comply With. Cogneesol. Retrieved from
https://www.cogneesol.com/blog/four-managerial-accounting-principles-to-comply-
with/
3. Codjia M. (2017, September 26). The Key Activities of Management Accounting.
bizfluent. Retrieved from https://bizfluent.com/list-6727118-key-activities-
management-accounting.html

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BUS 5110 MANAGERIAL ACCOUNTING

I am working at Beximco Pharmaceuticals Ltd. which is a medicine manufacturer and retailer

2. Relevance - Everyone benefits from having access to information. Management accounting

3. Value - The impact on value is calculated. Management accounting connects an organization's

4. Credibility - Credibility is built through stewardship. Responsibility and scrutiny contribute to

According to Cooper (2021), these principles can be utilized by

1. Recognizing the requirement

Managerial accounting is a useful instrument. Managerial accounting aids in the selection of

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