Accounting & Finance.

At the end of units 2 you need to reflect on the topics you have studied and how you will be able to apply them to your personal and/or professional life. You can also post reflections into the journal from the various lecturecast activities throughout the module. Write a short (250 words) Journal Entry to explain: • The key things you learned during the last two weeks • How can they relate to the workplace? • How they can aid your personal and professional development? • Remember to be specific and give examples Your Journal Entry should be submitted to the Journal Tool below. Your tutor will then provide brief feedback on your submission. ** Reading Material: Book from (Chapter 1 to Chapter 3) Materials attached Title: Accounting and Finance: An Introduction Edition: 7th Author(s): McLaney, E., Atrill, P. Date of Publication: 2014 Publisher: Pearson Place of Publication: Harlow

Accounting & Finance
Reflection
STUDENT ID:
[Pick the date]

The key aspect learned relates to the importance of decision making in business. In this
regards, useful tools such as management accounting and financial accounting are quite
useful. While management accounting enables decision making by managers and
management inside the company, the financial accounting enables decision making by
external users such as shareholders and creditors (McLaney & Atrill, 2017). This difference
between the two is pivotal as this would have implications in my personal and professional
life. In personal life, when making investing decisions in a stock, I would have to evaluate
the financial statements released by the company. In my capacity as a manager, I would need
to take decisions with regards to the organisation where management accounting would be
immensely helpful.
Also, it is noteworthy that the company is not only driven by profit but value creation for
shareholders. In order to enable the same sustainably., it is essential that business must
consider other stakeholders while taking strategic decisions. Further, any decisions taken with
the objective of maximising short term profits without consideration to long term profits
could prove to be disastrous especially if it is unethical or harmful for society or environment
(Petty et. al., 2016). In regards to taking decisions, accounting information systems are
crucial owing to the real time detailed information that these provide. Such technological aids
are quite helpful especially in relation to planning for the future. All these aspects would be
quite helpful in my professional life as going forward the role of technological aids would
increase only (Heisinger, 2014).
References
Heisinger, K.(2014) Essentials of Managerial Accounting 4th ed. London: Cengage Learning.
McLaney, E. & Atrill, P. (2014) Accounting and Finance: An Introduction, 7th ed. Harlow:
Pearson Education Limited
Petty, J.W., Titman, S., Keown, A.J., Martin, P., Martin J.D. and Burrow, M.(2015),
Financial Management: Principles and Applications 6th ed. Sydney: Pearson Australia