HI5017 Managerial Accounting Report Sample
Assignment Task:
In this reflective report, you will be discussing about your learning experience in this unit, the relevance of the unit material and assessments in the unit to your understanding of management accounting in general, and your understanding of how management accounting concepts and techniques assist managers in making decisions to real world business problems. Specifically, you are to provide reflections or comments on each of the following: 1. Comment on what knowledge you have gained about managerial accounting and how will it be useful to you in your future?
2. Comment on what you learned from the individual assignment. What was interesting and what did you learn from it?
3. Comment on what you learned about the various management accounting concepts and techniques that will assist managers in making decisions to real world business problems. What concepts and techniques you found interesting and what did you learn from it?
Assignment Structure:
The reflective report should include the following components:
a. Assignment Cover Page clearly stating your name and student number
b. Table of contents
c. A brief introduction or overview of what the assignment is about
d. Body of the assignment with the written answers
e. Conclusion
f. List of References (if applicable) - follow the Holmes Adapted Harvard Referencing guidelines on pg. 1-2.
Solution
INTRODUCTION
Managerial accounting subject concerns with practice of ascertaining, evaluating, analysing, interpreting and communication financial perspectives of an organization to managers so that they could pursuit organization goals. University Assignment Help, Present report provides my reflective assessment relating to learning’s and knowledge gained during Managerial Accounting course and my learning experience. I have made sincere attempt to discuss the interesting insights experienced during my learning period along with the way through which these learning would assist in future as well as in taking decision relating to real world decision.
MAIN BODY
Assessment of Learning’s Which Would Be Useful in Future in Context with Managerial Accounting
Managerial Accounting course provide me opportunity to critically analyse cost information as well as its significance in present competitive world. I am pursuing goal of being placed at position of Accounting Manager in one of prestigious corporate entity. The main role of manager includes having a steady and continues watch on business operations which does assist in making efficient cost management decision along with planning and performance measurement (Thuy & Teuteberg, 2019 p 3(3)(1)).I learned that it is not only necessary to collect information but also to collect data and information from reliable sources so that it is possible to make appropriate decision on the basis of same. I acknowledged that a variety of techniques and method are required to be applied for obtaining information which does assist management to ascertain non-value adding activities relating to business operations. The decision made by managerial accountant does affect functioning of organization to significant extent. It does assist in organizing structure as well as hierarchical positioning of business unit controller (Hans et al, 2018, p 4(3)). I was not aware with this knowledge previously but through this course I got opportunity to assess different areas in detail relating to extent to which decision of managerial accountant affect organization and the skills on which I require to work such as conscientiousness, emotional stability, extraversion etc to make appropriate decision for organization. I learned that it is necessary to apply effective approach for collecting information relating to cost as it does assist in organization for optimizing its efficiency and profitability in context with pricing the product rectified on the basis of the actual cost incurred for production. Even it would assist in simplifying the complexities relating to business operations on a large scale. During my learning period I assessed the way in which Cost information would be useful for the managers in understanding cost incurred for operating a business efficiently in better manner. This knowledge and experience would assist me in recording and managing the cost effectively and playing role of accounting manager in prominent manner in future; i.e. my main goal.
Analysis of Insights Gained from Individual Assignment
The learning’s and acknowledgment gained from assignment assisted me in embracing my knowledge relating to decision making in real world. I got opportunity to apply learning gained during this course practically by assessing business operations of Cobild, i.e. a well known construction company of Australia. In order to assess operations of company in detail I assessed reports, journal, article etc so that I could evaluate cost accounting method and approaches applied by the company and other companies of similar industry. During my learning period I got opportunity to enhance learning relating to activity based costing, traditional costing, budgets related to costing and various perspectives of cost relating to product as well as business operations. The most interesting part was to acknowledge about issues which were faced by Cobild Company at initial stage in ascertaining unwanted cost of company. I analysed that it was the main reason due to which managers of the company acknowledge the significance of cost information. Thus, for dealing with same they applied variety of methods and techniques to collect information which is reliable as well as useful. Further, the most concerning issue which I assessed and which mattered for the management was application of effective method to attain cost related information which assisted company to mitigate the risk of loss by ascertaining and reducing the non- value adding activities of the organization to significant extent. Another main topic which was interesting for me was to evaluate different methods applied by company and other organizations for gathering information and collaborating same with theory to interpret the methods which are applied in real world relating to same. It was interesting because this information would provide me assistance in future while playing role of accounting manager in better manner as I learned assessment of areas from where I could collect information relating to cost and connected activities.
Insights Gained from Knowledge of Various Accounting Management Concepts During Course
The two main costs which I assessed during my learning period is Direct Cost and Indirect Cost. It is necessary for management and executives to formulate effective cost controlling strategies for both the cost to ensure success of the business organization in the competitive market. Even I acknowledged that cost accounting plans are developed to allocate indirect cost to individual product and evaluate cost of individual services (Mohr , 2017, p.92 (43). I learned different costing approaches such as marginal, costing, standard costing, activity based costing etc during my learning period. The costing approach which I assessed was most interesting was activity based costing as it assists organization to emphasize on those activities which generate maximum income through ascertaining cost drivers and allocating cost adequately on viable grounds (Gao, 2021,p3(3)). The interesting part was to acknowledge the way it could be applied for making informed decision making. The information gathered from different relating to cost is to be considered while making informed decisions so that productivity and efficiency of the organization could be increased. Through these acknowledgements I got to know about efficient cost collecting system which I could apply in organization for which I will work in future. Through same I would be able to ascertain non-valuing activities relating to business operations so that profit could be enhanced to maximum possible extent and prominent utilization of available funds could be possible.
CONCLUSION
It would be appropriate to provide concluding statement that this learning journey was an adventurous journey as I got opportunity to learn variety of accounting management concepts. The best part was to learn the practical approach relating to costing for resolving real world issues. These acknowledgements, learning and overall experience would assist me in playing role of prominent accounting manager of prestigious corporate in future which is my main goal. Lastly, these learning have assisted me mainly in acknowledging methods through which it is possible to ascertain non value adding activities and eliminate same in context with business operations.
REFERENCES
D O Thuy & F Teuteberg, (2019). The role of business analytics in the controllers and management accountants’ competence profiles: An exploratory study on individual-level data. Journal of Accounting & Organizational Change, 15(2), 330-356. doi:http://dx.doi.org/10.1108/JAOC-10-2018-0097
TR Hans, J Bots, & I D Loo, (2018). The influence of management accountants on managerial decisions. Journal of Applied Accounting Research, 19(4), 442-464. doi:http://dx.doi.org/10.1108/JAAR-10-2016-0101
X Gao, (2021). Research on the calculation and improvement of a company’s activity cost based on activity-based costing and industrial engineering method. Journal of Physics: Conference Series, 1827(1) doi:http://dx.doi.org/10.1088/1742-6596/1827/1/012113
Z Mohr, (2017). Cost accounting at the service level: an analyis of transaction cost influences on indirect cost measurment in the cost accounting plans of large us citiES. Public Administration Quarterly, 41(1), 91-129. Retrieved from https://www.proquest.com/scholarly-journals/cost-accounting-at-service-level-analyis/docview/1871486218/se-2?accountid=30552
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