Managerial Accounting Reflection Paper

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Budgeting planning case study assignment was my second group assignment. I and my team need to draw up a master budget for a company that has recently set up for the year 2013. The budget designed contain two parts which operating budgets and financial budget. The operating budget included annual expenditure as foreseen by started with the sales budget. Second, the financial budgets should include the income statement budget and cash budget. We need to imaging the entire budgeting process actually took place in our company. I need to describe step by step how the budgetary planning process should take place starting from the sales forecasting stage. Our budget proposal must be financially realistic and comprehensive as possible. This second assignment actually applied from chapter budgetary planning in chapter 9. These topics enable a student to identify the budgets that comprise the master budget and describe the sources for preparing the budgeted income statement. This assignment enables me to planning my future business after graduated. It motivates me throughout the organization to meet planned objectives.

Other than assignments, I and classmates need to do a presentation about top corporate faces. This task actually provides student to know and gain general knowledge. Yes, business students should know and aware this top corporate faces. From my views, top corporate faces in Malaysia mostly are from finance, accounts and business background of studies. Besides that, all of us need to list out the Chiefs Executive Officers and background of the company. The company must be multinational and public listed company. For my part, I presented Mediterranean Shipping Company and Maersk. These two companies are giant shipping company in the world. Mr. Diego Aponte is the CEO of MSC. Basically this company are family company because MSC founded by his father, Mr. Aponte. This task enable me to memorize and aware about this companies. All my friends came out with two companies.

Test and final assessment purposed to examine understanding of the student. To prepare with this exam, I used Managerial Accounting book and lecture note to study and make a revisions. Praise to Allah, I can answer all the questions given. The topic inside the exam papers mostly have studied in the class. I did a revision by using problems set questions at the end of the chapter inside the text book. Lecturer also provided the solutions for all the questions inside the books. The solutions given ease my revisions. I am more understood and easy to refer the answer given by the lecturer then I can detect my mistake on that questions. The time given during test and final assessment sufficient to us answers the questions carefully. I got enough time to answer the questions given. I am glad and happy because lecturer gives us to bring all the formulas during exams. My fear of accounting subject already disappeared now.

As conclusion, the key purpose of accounting information is to assist decision-makers such as investors, managers and government agencies. Financial accounting involves compiling a business's annual transactions in the form of financial statements that are viewable by the public. However, managerial accounting is specifically used to produce information for managers within an organization. While financial accounting is most advantageous to external parties, managerial accounting helps fulfill internal organizational objectives. With all the hardness of this subject, I and all beloved classmates felt very thankful by having Dr. Amin as our lecturer. This subject became very enjoyable and no stress during class. It would be great if all lecturers be like her in future. She very understands her students and happy go lucky. She has good attitudes and inspired me to be kind with my students if I be a lecturer someday. Last but not least, I hope I will pass this paper with flying colour for her paper.