|Assessment Details and Submission Guidelines|
|Unit Title||Managerial Accounting|
|Assessment Type||Individual Assignment|
|Assessment Title||Reflective Journal|
|Purpose of the assessment (with ULO Mapping)||The purpose of this assessment is to ensure each student is able to provide a|
critical reflection of their personal learning process, as experienced during this unit (ULO 1).
|Weight||10% of the total assessments|
|Word limit||1,000 words. Please use “word count” and include the word count in the assignment cover page.|
checking on Blackboard before final submission in the subject. For further details, please refer to the Unit Outline and Student Handbook.
The Individual Reflective Journal is to ensure each student is able to provide a critical reflection of their personal learning process, as experienced during this unit. A significant aspect of the reflective journal will be your reflections on what you learnt and experienced from your individual assignment.
The reflective journal should include the following components:
There is to be no references provided, as these are your own thoughts, insights and experiences.
This individual personal reflection is completed as per the review of the journal article related to the budget and budgeting process. This report will help in obtaining better insights about the budgeting procedure and the techniques or procedures adopted by the manager to manage the scarce resources of the organization (Brewer et al. 2019). The aim of this reflection is to reflect on the experience of personal learning while reviewing the journal article and also to reflect on the issues or challenges faced while completing the assignment. Additionally, the information obtained after understanding the budgeting process is also described. The article selected for this study is Improving the system of budgeting at industrial enterprise.
REFLECTION ON BUDGETING PROCESS AND ITS JUSTIFICATION
There are various aspects covered under managerial accounting but the selected managerial accounting technique for this assignment is on the topic of managerial accounting. After completing the whole assignment, I found that accounting budgeting plays a pivotal role in handling and managing the financial resources of the company and also gained so much understanding and knowledge related to budgets and budgeting procedures for managing the scarce resources of companies (Derfuss, 2016). Moreover, I also found with this assignment that budgeting can be categorized into two approaches i.e. bottom-up and top-down approaches, and both these helped in the effective calculation of income and expenses incurred during the particular period (Sytnyk et al. 2019).
However, while completing this assignment, I also faced some of the challenges or difficulties while selecting a theme of managerial accounting because I found all managerial techniques as important and relevant in the context of organizations. Moreover, after evaluating different aspects of various managerial accounting techniques, I found budgeting very interesting and important to manage the scarce resources of the company. After finalizing the technique, I also faced difficulty in selecting an article related to budgeting because there are millions of articles available on Google Scholar and Pro quest (Cuganesan, 2017). But this problem of finding the best article for budgeting I started reading abstracts of different articles as it gives an overview of the whole article and I select one best among them which fulfills the criteria set by me at the initial stage. Hence, the selection of the article went well in my reviewing experience (Hayat, 2016).
Moreover, I found the easy application of the concepts found in the budgeting and then match it with the organizational procedures and then try to investigate the areas where the plan did not go well. However, I also face difficulty at this point because again there are several different types and approaches of budgeting where one may fit a given situation while others are not. As a result, this assignment took more time than expected because there are certain things that are not performed as per the expectations.
Apart from this, the learnings and experience that I gained in the entire process are that I should stay patient, calm, and focused so that I will achieve each desired objectives that I am looking for. This strengthened my analytical skills and research skills which can be used in searching or implementing the budgeting process (Weygandt et al. 2020).
After completing the whole assignment, I can say that my overall experience is a little time consuming as well as difficult because I found it very challenging to select the best managerial accounting technique from different techniques but later on I overcame it by choosing budgets and budgeting process after reviewing about each technique. My entire experience from this assignment is a kind of mixed experience where I faced challenging situations and also enjoyed it. After selecting budgeting as a managerial accounting system for this assignment, I enjoyed later to know more about budgeting and its importance in businesses. This assignment helped me a lot to gain more knowledge about the budgeting and budgeting process and analyzing it by reviewing it in detail.
However, this assignment is also completed by taking the help of an article related to budgeting which was selected as per the fulfillment of the criteria and also as per the requirement of businesses to manage their resources appropriately. However, I faced the challenges by keeping patience and stay calm to find the solutions to the questions.
PERSONAL LEARNING EXPERIENCE
Based on answering the questions and journal review, I learned so many things about budgeting and its applications by the managers to perform strategic planning and making right decisions to attain the goals set by the higher authority through planning, monitoring, and assessment of the performance of the business from reviewing expenses and income earned by the organization. The budgeting hence, known as a vital element of planning which is completed by adopting specific stages of the procedure decided for attaining the goals and objectives of the organization. also, I learned about different types of budgeting that are used in different stages along with their application in the business.
There are certain behavioral implications of the budgeting that also increased insights about the outcome of the budget preparations that contributed to both a positive and negative way. Moreover, I also learned about the critical assessment of traditional budgeting that this method is not simply used in the current businesses as it requires alterations and creativity to apply it in the right way, however, this process is also time-consuming but it will save time of the managers of the company in other areas. Thus, it is suggested to contemporary organizations and those companies which are adopting the budgeting process to attain their goals after making correct planning and controlling so that its expenses will not overhead its revenue.
Therefore, it can be summarised from my reflection that this assignment helped me a lot to gain so much understanding and knowledge about budgets and budgeting processes and their application in organizations to make the right decisions. moreover, this assignment also strengthens my analytical and research skills which contributed to my personal and professional development.