Managerial Accounting is concerned with providing information to managers so the

Question

Managerial Accounting is concerned with providing information to managers so they may make business decisions that satisfy customers while continuously monitoring costs and improving efficiencies. Some reports provide timely updates on key indicators while others investigate problems such as declined profitability. Please list a report or activity you learned about in Managerial Accounting which would be useful if implemented in either a) a current or past place of employment or b) your personal life. Describe how the report would help in your job or personal life.

Please response from the point of view of someone who works for the bank

Explanation / Answer

From a bank's perspective, as an employee, non performing assets are of utmost importance. They need constant monitoring and regular updates. Each day a new asset gets added in the list of non performing assets. From the point of view of managerial accounting, a report which indicates the total % of assets which are non performing as well as the percentage of these assets to the total assets can guarantee timely action and help to minimize losses.

On a personal level, on the principle of KPIs used in managerial accouunting, I monitor my personal expenditure so as to ensure adequate savings each month. I always monitor if my savings are equal to 20% of my earnings.

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