Consider this scenario when completing this assigned personal reflection paper.Your previous...

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Consider this scenario when completing this assigned personal reflection paper.

Your previous employment was for Smith and Sons CPAs, where you were a financial accountant preparing external financial statements for various clients. These financial statements were prepared for their potential investors. You have recently been hired in as a managerial accountant at ABC, Inc. ABC, Inc. is a large manufacturer of bed frames.

How has your role changed with this new endeavor?

Examples of terms to consider are scope, users, behavior, ethics, timeframe, etc.

What tools can be used in evaluating the current performance of this company?

Examples of terms to consider are costs, breakeven, outsource/process further, residual income, etc.

How can you, as a managerial accountant, help to grow this company?

Examples of terms to consider are target profit, budgeting, internal rate of return, etc.

Please write up your final thoughts from what you have learned in this course. You will be assessed based on key terms and concepts learned throughout these six weeks. Your paper should be approximately 2-3 pages in length, double spaced, and 12 point Times New Roman font.

Robert · Accepted Answer

Running Head: SCENARIO ANALYSIS  1
Assignment Title 
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SCENARIO ANALYSIS  2 
Financial accounting and managerial accounting have different roles and responsibilities. 
The responsibility of a financial accountant is to prepare the financial statement as per the 
required standards while the managerial accountant focuses on planning, controlling and 
analyzing of data that are used for further decision making. As a managerial accountant, there is 
more emphasis on qualitative information besides monetary information, unlike financial 
accounting that deals only with numbers. 
A managerial accountant has to prepare the report as per the requirement of the 
management, unlike financial accounting that is prepared periodically for other purposes 
(Thukaram Rao, 2003). Managerial Accountant focuses more on the internal requirements. The 
scope of managerial accounting is to make the best use of the information in business decision 
making, unlike financial accounting (Warren, Reeve, & Duchac, 2015). The reports prepared by 
managerial accountants are mainly used by the management of the company, and in the case of 
financial accounting, external stakeholders make use of them.  
Financial accounting requires a higher level of ethics, governed by more rules and 
regulation and they should be prepared as per the specified period. A managerial account makes 
a report as per the requirement of the management in an understandable manner so that they form 
effective future strategies (Warren, Reeve, & Duchac, 2015). There are no specific time frames 
as, and when there is a requirement, it is prepared. In this case, the rules and regulation are 
minimal, and there are no external governing bodies and company ethics are used in making 
them.  
The required knowledge to perform both these roles is significantly different. But the 
report should be accurate,

Consider this scenario when completing this assigned personal reflection paper. Your previous employment was for Smith and Sons CPAs, where you were a financial accountant preparing external financial...

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