HI5017 Reflective Journal On Standard Costing System In Business Homework Answer

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Question :

Assessment Details and Submission Guidelines
TrimesterT3 2020
Unit CodeHI5017
Unit TitleManagerial Accounting
Assessment TypeIndividual Assignment
Assessment TitleReflective 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).
Weight10% of the total assessments
Total Marks10
Word limit1,000 words. Please use “word count” and include the word count in the assignment cover page.

Individual Reflective Journal Specifications


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.

Assignment Task:

  1. Reflections on any one topic covered in the unit that interests you the most. Why was it interesting and what did you learn from it?
  2. Reflections on what you learned from the individual assignment, including the relevance of your chosen management accounting system (MAS) to businesses. What insights did you gain and what had you learnt from it?
  3. Reflections on your overall research experience from the individual assignment (e.g. searching for journal articles, reading and reviewing the literature etc.) What was enjoyable, what was difficult, and any challenges you experienced?

Assignment Structure:

The reflective journal should include the following components:

  1. Assignment Cover Page clearly stating your name and student number
  2. Table of contents (optional)
  3. A brief introduction or overview of what the assignment is about
  4. Body of the assignment with the written answers
  5. Conclusion

There is to be no references provided, as these are your own thoughts, insights and experiences.

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Answer :


The Managerial accounting stated to provide relevant information related to effective planning, or helps businesses to choose out best alternative among the procedure of working concept to achieve organizational motive. In this reflective report, implication of the standard costing and its undertaken work program has been evaluated and shown the proper implication with the standard costing system in the real life organization. It is necessary for the evaluation of performance interpreting to control business operation. Managerial accounting uses those provisions which apply in professional knowledge or skills to prepare or presented financial decision by the information that appropriate in management for managers. 

Reflections on any Topic covered in the unit that interests 

The main interesting topic chosen for this research is related to the standard costing system in the business. The standard costing system involves in management decision partnering in the decision making for management, devising the planning or performance of management systems, providing financial report by experts and controlling for assisting management in formulation strategies or organizations strategy implementations. Managerial accountant looking forward to consider the requirement of business or emerge the cost of estimation related to process of production for productive goods. Strategic management enhanced the management role for the accountant in organization as the strategic partners. Case-based information of financial accounting supports the decision making generically. The Standard cost accountant detailed for disaggregated information provide by conducting activities or operations, divisions, individual activities, about products, plants. Standard costing is uses on traditional method to practicing management accounting while preparing report of financial statement on value creation or items of inventory valuation (Matiukha, and Rovnyagin, 2020).

The main interesting thing in this research paper work is that the approach of traditional standard costing is used to define the cost behavior on sales volume and in terms of the production by managers. It devoted resources considerable for the development by management accountants on sets of more skills innovated. On the basis of variance analysis for comparing the actual or budgeted costs on systematic approach, the labor are used raw material during the period of production in conjunction. Techniques innovations are based on activities to analyze the cost cycle with different aspects in modernized business environments. 

Reflections on what I earned from the individual assignment,:

After assessing all the details of this research, I have learned that the system of standard costing is likely based on accounting system and for controlling the cost by this technique. The actual profit with budget profit reconciles variance report under the system of standard costing. It main target to provide keys to control the cost by measuring the variances analyze in costing type (Tamulevičienė, Mackevičius, and Gaižauskas, 2020). It is the predetermine costing measuring on quantity that set in defining the conditions against the comparison of actual performance which are used for work factor, operation, and activity. Standard costing is the base to specify the variance analyze in costing calculation that how costs are used to determine the factor on estimated prices intended through the technical specifications.

The main insight I gained

The main insight which I gained in this research is that it provides many opportunities on production method for the continuous reappraisal, efficiency level, designing the product, or leading to reduce the cost. In constant, the standard costing provides measurement on quantitative aspects to established the standard correctly and revise it as per requirement if product is changing itself by the use of production method and materials quality used to be changed (Kristensen, 2020).

The main thing I learned

By the exception of management, the standard costing is facilitates utilization of scarcest resources which stated the performance on measuring the demands that motivates employees towards their performance at highest for the objectives as it can be achieved easily.

Reflections on your overall research experience from the individual assignment

According to the research paper, the method of managerial accounting surveys experience to confront the decision through the researcher on empirical study of choices of managers (Nitzl, and Chin, 2017). The aims on research of management accounting serves method of relevant empirical, field, experimental, or case on analytical modeling, thought pieces or framework on accounting substitute or practicing of management accounting for the use of globalized organization implicated the suitability to examine the management planning, or policies that has to be considered in managers decision making source. Managerial accounting is the undergone challenge for the employees to bring out best outcomes by giving their performances prominently. It provides correct information to the managers to have a control over transactions by planning on cost of consolidation by the tactics or strategies, tools to implement the strategies which assist employees to make their business profitable. The evolution of accounting structure is indentified on diagnostic tools to make accounting strengthening research about managerial accounting through knowledge of scientist. 

Difficulties or challenges faced in standard costing  

The main issue and challenges I found is related to the gathering data from the various sources. I used all the article, online sources and other details. The management accounting is the technique to emphasize the current information or decision making of managers analyze in businesses to make the decision which is useful for the accountants to understand the issue or trying to solve it out. GAAP is the biggest compliant on techniques of management accounting which are comply on principles of accounting accepted. This report of managerial accounting is considered on financial terms which are uses to be control for success of the business or taking the future into concerned. Techniques are the expectation to outweighing the cost by using systems on choice of multiple. The guidelines which are followed by the procedures of management accounting as adapted by the businesses of specification with the ability of accountant to perform business operations or handling the accounting data. The adaptability of various techniques is used to differentiate the tools or techniques for the betterment on perspective of industry metrics (Weygandt, Kimmel, Kieso, and Aly, 2018).


After assessing all the details, it has been considered that the standard costing is concluded the fact which relates to the employees efficiency seen when they perform every tasks with their ability or potentiality. Accounting standard is term of accounting policies that uses in preparing financial data with gathering the information in relevancy or suggest managers to make the effective decision of controls over business operations is must to go through the success or attain objectives achievable.