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Unit 10 Writing Assignment Rich Pugh

Unit 10 Writing Assignment Rich Pugh - I found it...

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The key concepts I learned in this course will help me understanding the management’s side of accounting. Learning about budgets and how they can be applied to business as well as personal finance were the most interesting. Budgets are used in our everyday lives whether we realize it or not. Decisions are made to buy purchases based on what we can afford; from homes and autos to what is for dinner. Living within our business means is important to the survival and success of any business. Budgets can be abused and should be updated regularly in order to keep management from abusing their budget to their advantage. Using differential analysis to determine different aspects of a business is also another useful tool. Using this kind of analysis tells us if we should make or buy a product, discontinue a product, lease or sell, and process or sell a product as is.
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Unformatted text preview: I found it interesting to see that discontinuing a failing product is not a good idea when it contributes to the total fixed costs of a business. I would not have looked at it in that light had I not seen how it still contributes to the profitability of a business. My major is in accounting and not management. This class has, however, let me see things through management’s eyes. It has helped me understand how management’s decisions in everyday activities affect the business in a positive or negative way. I will take from this class the knowledge of management’s perspective of the accounting process. I have seen how management uses numbers to increase profitability and lower their expenses. Using this information is intricate to management making decisions that improve a business as a whole....
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