Business Law

Unit 10 Assignment:

Omar James

Kaplan University

Dr. Monica Phillis

Managerial Accounting

Each unit during this semester contributed to the overall enlightenment of the world of business. The principles of managerial accounting that I learned start from manufacturing cost to incremental analysis all the way to statement of cash flows. Some of the key concepts that I have learned are the following: Cost- Volume analysis, Incremental analysis, budget planning, statement of cash flows and financial statement analysis. The lessons learned helped me develop knowledge of business which I can now apply in future situations. I have discovered how to use and apply concepts such as cost volume profit analysis as a derivative of business planning and how to effectively combine and use both incremental analysis and budget planning as essential tools for the success of any company. Although I did engage thoroughly in these topics, certain select topics stood out to me as the semester progressed.

The first topic I felt really made an impact was cost volume analysis. Using the formulas to calculate contribution margin, net income and margin of safety I gained an understanding as to how a company generates budgets for itself. Also using the concepts of sales mix is useful when trying to figure out which product is most profitable for the company. Gathering the necessary information by using these concepts can aid in better business decisions in any particular market. Using these lessons to evaluate whether or not the information is important in the first step used before implementing a management strategy.

The incremental analysis for management decisions is another important fundamental I have learned during this course. The application of incremental analysis is a process of identifying the financial data that changes under alternative course of action. When manifested correctly greatly aids the management...