Accounting Concepts

My career plan is to become a financial analyst in any company or even a bank. The following are the accounting concepts which I will require, cost analysis, product costing, capital budgeting and operating budgets. These managerial concepts will help in being able to improve my professional skills as a financial analyst, in the sense that I will be able to carry out my work at ease, and in a professional way, due to the experience which I will have gained from these managerial accounting concepts.

Cost Analysis 

Cost benefit analysis will enable me to be able to have systematic approach in estimating the pros and cons of alternatives. In so doing, I will be able to clearly analyse the costs of different products, hence selecting a high quality product, which is also cheaper (Maher, Stickney & Weil, 2012). This will not only help me to improve my performance at work, but it will also allow me to be able to offer the best services to my clients, hence enjoying my job as a financial analyst. Furthermore, I will also be able to help small and medium enterprises with concepts which can allow them to be able to improve productivity, while at the same time reducing the losses incurred.

Product Costing    

This is a good concept, as it will enable me as an financial analyst, to create a cost effective costs which would be able to create a product. This concept is significant in my career, as it will also allow me to come up with necessary techniques of designing and budgeting for a product, at a very low budget, whereas the same product will be very attractive to the eyes of the consumers, hence leading to profitability (Maher, Stickney & Weil, 2012). This is a concept which is basically needed in most companies, as it allows companies to avoid encountering losses, and also reducing the cost of production, which may be recovered after a long period of time. In so doing, it will be easier for the companies to come up new products, without the fear of receiving little to no returns after a short period of time.    

Capital Budgeting

As a financial analyst, I will be required to have capital budgeting knowledge and techniques. This is consequently a significant concept in my career, as it will help me in determining if a company’s long term investment may require funding (Maher, Stickney & Weil, 2012). Similarly, the concept provides me with the techniques of understanding how to consider the effectiveness of a product, and how asses its worth for the company, and its impact if were to be replaced or even if it was to be repaired, in so doing I am able to not only gain more experience and skills, but am also able to learn to make cost effective financial decisions.

Operating Budgets

This is an important concept in my career profession, as it allows me to learn new strategies and to also gain skills on how to prepare future costs and forecasted income, henceforth having an estimation of how a business may perform (Maher, Stickney & Weil, 2012). This is basically important, particularly in most companies, as it allows the company in dealing with debt financing, and also having an estimated revenue and expected future costs, in consequence, being able to offer the best advice on how to deal with such issues in the company.     

Reference

Maher, M., Stickney, C. P., & Weil, R. L. (2012). Managerial accounting: An introduction to concepts, methods and uses. Mason, OH: South-Western Cengage Learning.