1. What is more difficult to handle between financial and managerial accounting? Defend
your answer
Financial Accounting and Managerial Accounting are two of the branches of
accounting. Financial Accounting produces financial statements that are mostly used by
external users. Managerial Accounting deals with internal users that helps them in
decision making. Identifying which of the two is more difficult depends on the opinion and
perception of a person.
As a student, I think Managerial Accounting is more difficult to handle because it is
primarily used by internal users.that helps them in making a well-informed decision.
Managerial Accounting is crucial to every company because it also serves as the
backbone because it is about the operational performance of a business that directly
affects their financial performance. Managerial Accounting reports tackle the operational
management of a company as to what is causing a problem and fixing it. It involves
budgeting, forecasting, and estimates that are harder to make because it involves detailed
planning and critical thinking. Unlike in Financial Accounting, values are already given
and all you have to do is simply compile and present it to the external users.
Moreover, Managerial Accounting doesn’t follow any standards. It is up to the
management to come up with a strategy that effectively helps them. Unlike in Financial
Accounting, there is a standard to follow, GAAP.
2. How did you deal with the pandemic?
This year, 2020 many unexpected things happened. A pandemic, coronavirus
arose that affected worldwide countries, even the Philippines. And to control the number
of people being infected, our government imposed quarantine and lockdown. Now it has
been seven months and we’re still under GCQ.
As a student, to be honest, at first I thought it was fun because the class was
suspended and I have all the time to be at home and do what I want. However, a day
suspension becomes weeks and months that worries me because the school year is not
yet over, and many things became uncertain. During this pandemic, I just stay at home
and I am not allowed to go outside. But you know what’s the good thing? I became more
aware of what is happening at home. I became closer to my family, especially with my
sisters.
However, as time goes by it worries me because the school year is not yet over,
and it is still uncertain as to when the medicine for COVID will be produced. So what I did
is I studied on my own. I know it might sound cliche and unbelievable but that is what I
really did. It wasn’t consistent but from time to time I read books.
format:
font style of your own choice (don't troll pls)
font size of 12
single spacing
one and one-half spacing in between paragraphs
paper size 8.5x13inch
one inch margin all sides