Unit 10 Reflection Paper

Course: AC330_Managerial Accounting for Business Professionals

Instructor: Dr. Tanae Williams

Unit 10: Reflection Paper

Name: Bridget Okpobia

Date: 05/25/2013

The knowledge that I have gained in this course is beneficial professional as well as personally. This class specifically has opened my eyes to new ideas and pathways that my future could hold. Within this semester I have learned that accounting is more than just a bunch of numbers in a column to sort out money being brought in and out. Prior to this course, I had little understanding about accounting; however, now that I’m finish with this course I have an in depth knowledge about accounting. As I look back on the past 10 weeks, the topics that make me a stronger candidate to enter the business world are budgeting planning which includes the budgeting process, operating budgets, and financial budgets. The second topic is Statement of Cash Flows which includes operating activities, investing activities, financing activities, and cash flow evaluation.

I learn that the master budget is a set of interrelated budgets that constitutes a plan of action for a specified time period. Operating budgets are the individual that result in the preparation of the budgeted income statement. Financial budgets are the capital expenditure budget, the cash budget, and the budgeted balance sheet. Furthermore, the benefits of budgeting is that budgeting requires all levels of management to plan ahead, provides definite objectives for evaluating performance, creates an early warning system for potential problems, facilitates coordination of activities within the business; and by doing all these will results in greater management awareness of the entity’s overall operations, finally, Motivates personnel throughout organization to meet planned objectives.

The other topic that stands out to me is Statement of Cash Flows. In this unit the key concept I learn...