11 Jun W1D1
As you dive into Week 1 and begin to explore new elements of accounting and the accounting profession, you will find that the world of accounting offers many different types of jobs. Managerial and Financial accounting are just two examples of the many facets of the accounting world. As the world of accounting has changed greatly in the last ten years, there is a new focus on the importance of ethics in all areas of the accounting profession. Keep these key elements in mind as you explore the Week 1 materials, then address these questions:
1 – What are the key differences between managerial and financial accounting?
2 – How is managerial accounting relevant to you in your future career?
3 – Why has ethical behavior in the area of accounting and finance become so important?
Write at least 300 words
Post at least two replies to either peers or the instructor
Write at least 150 words per reply
Jacquelyn Regan
1. The key difference between managerial and financial accounting are its users. Managerial accounting is information that is provided to managers to use within the organization. Where as, Financial accounting reports on financial information to external parties. These parties can include stockholders, creditors, and regulators (Noreen, Brewer, & Garrison, 2016).
2. Managerial accounting is relevant to my future career because it is teaching me how to plan for the future, and make achievable goals (Noreen, Brewer, & Garrison, 2016). I am currently employed in the U.S. Air Force and I am a Force Support officer. Already, I have had to create budget plans for airmen and work with finance when it effects airman’s paperwork. By taking this class, I hope I am able to learn more about accounting and apply what I have learned at work. Additionally, this will likely be a helpful tool to teach others and use for future job positions.
3. Ethical behavior has become so important in the area of accounting and finance because it helps maintain manageable prices for consumers, ensures confidentiality, and professional competence. It ensures that the organization is reliable and credible in their efforts of serving customers. Examples of individuals who are not abiding by standards can be those who cannot be trusted with confidential information, accepted bribes, or lied on reports (Noreen, Brewer, & Garrison, 2016).
Noreen, E., Brewer, P., & Garrison, R. (2016). Managerial Accounting for Managers. (4th ed.). McGraw-Hill/Irwin.
Steven Pelkey
1)Financial accounting is accounting with statement or statements as well as with stockholders’ lenders maybe with those who are on wall street basically cooperation’s and organizations.
Managerial accounting focused on management in a company analyzing financial cost of a company, financial decisions, profit planning maybe profit sharing and break-even points.
The basic idea is that one is informative to managers while one is for stockholders dealing with financial information.
2)Knowledge of accounting could be helpful with knowing how to take care of employee pay and credits that employees have earned. Knowing what an employee has gained or earned. Maybe extra earning such as stock earning, or in other words the ability to look and plan for anything in the future also to make and achieve goals, or just plain decision making and knowing how to plan for decisions.
3)There are many reasons for ethics in accounting such as availability to customers or quality would be lower and prices would be higher basically keeping the price lower for the customer, keeping prices maintainable for the customer, also trust and integrity we must keep and stay loyal to the customer, ensure the company is loyal and serving the customer.
Noreen, E., Brewer, P., & Garrison, R. (2016). Managerial Accounting for Managers. (4th ed.). McGraw-Hill/Irwin.
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