Financial Management: Learn Management Control Systems, Budgeting, Accounting Equations and More

This article discusses the different aspects of financial management, including management control systems, balance score cards, customer values, shareholder values, accounting equations, cash budgeting, and more. It also provides tips on how to learn and succeed in financial management, such as attending lectures, doing research, and managing time effectively.

Financial Management 1
Financial Management
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Financial Management 2
Financial Management
Going through this unit has taught me different new things concerning financial
management. For example, I have been able to understand various things concerning
management control systems, balance score cards, customer values, shareholder values,
accounting equations, cash budgeting among others. Learning these things will be fundamental
in assisting me to undertake some of the day to day activities in my workplace especially those
concerned with preparation and reporting of financial statements.
The unit has also taught me how to calculate various things that are essential in financial
management such as how to measure financial performance of an organization, how to use
balance scorecards to show how each perspective builds on the previous one. Apart from these
aspects, this unit has enabled me to realize how to use different formulas and techniques to come
up with financial information that is essential in identifying the performance of an organization.
Some of them include how to use capital budgeting technique, how to use inventory costing
methods, bottom up pricing method, among others.
One of the ways that I am using to learn these aspects is through striving to ensure I
attend all lectures and I complete assignments on time. According to Kirk (2013, P. 99), a good
student is the one who ensures he/she does not miss classes due to irrational reasons. For me, I
trust that being present in class and remaining attentive to the tutor is the best way of making me
learn new things. Therefore, I ensure whenever a lesson is in progress, I avoid all distractors that
can affect my ability to comprehend what my tutor teaches.
The other way that I use to learn these things is undertaking individual research. Belo-
Osagie (2012, P. 79) asserts that incorporating intensive research is a good way of learning

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because it enables a student to find information that can assist him/her to proper understanding of
important concepts of a particular topic or unit. Some of the things that I use to do my research
include the use of google, reading books, journals and so forth.
I also link up with my class mates during our free time to have group discussions. During
the discussions, I request my colleagues to assist me to understand some of the things that seem
challenging such as how to do some of calculations.
One of my priorities as a learner in this unit is to properly manage my time in order to
unsure I am equipped with sufficient information that can assist me to not only pass my exams
but also to attain knowledge that can assist me to succeed in my career. I also prioritize being
attentive in class and asking questions on matters that I do not understand.
One of the challenges that I face as a learner in this unit is lack of sufficient time to revise
some of the things that I find challenging to understand. Considering the fact that this unit
includes both theory and mathematics, a lot of time is required to ensure I go through everything
that I learn to avoid confusions and forgetting (Kuczala 2015, P. 67). Sometimes, getting the
time for research and revision is difficult because there are other essential things that I need to
attend when I am not in class.
According to Aytac & Hatice (2011, P. 67) overcoming weaknesses and building
strengths is important because it makes students to avoid the barriers that are likely to prevent
them from attaining success. One of the ways that I will use to overcome my weakness and build
strength is being good in time management because I have important things that contradict with
the time that I should spend in this unit.

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According to James (2015, P. 26), accounting can be referred as a number-heavy course
that requires strength in statistics and mathematics. Being able to see and comprehend pattern in
the data provided and finding solutions can be associated with a strong quantitative and good
problem solving skills.
To succeed in learning accounting various other skills such as having an eye for details,
learning to love numbers, good business knowledge and being good in calculations are also
required (Krisandra 2015, P. 88). Other skills such as being organized, commercial awareness,
good communication, proper understanding, being innovative and adapting to technological
advancements are also essential in learning accounting.
Irena (2013, P. 25) asserts that assessments are crucial in learning because they assist
students to identify their weak areas and come up with improvement measures. Using feedback
from my easements can assist me to realize some of the things that I require to improve (Jenny
2010, . 70). This can be judged through using the feedback provided by tutors to find out what
makes me not attain good marks.
Different parts of my learning are connected through having a common objective of
going through different topics in financial management unit to ensure I attain good grades in this
unit. They are also connected through having different topics that are related to one another.
The fact that all topics in this unit are related to accounting, learning earlier topics has
been essential in helping me to understand the concepts because most of the topics borrow ideas
from one another. For example, some of the formulas found in different topics are closely related
and therefore going through all the topics has made it easy for me to understand everything in
details.

Financial Management 5
From the things I have learned through this unit and others, I can state that I am attaining
my accounting goals in the proper way because I have been able to understand new things such
as what is accounting, various techniques used to calculate and prepare financial statements and
so forth. Because I want to become one of the best accountants, I want to improve my learning
process through utilizing my time well in studies through doing extensive research and
socializing with friends who can assist me in understanding some of the accounting things that I
find challenging.
Through undergoing accounting course, my attitudes and ideas have been changing
positively. Initially, I thought accounting was a difficult course and therefore did not have full
trust that I would make it. However, through undergoing various topics and units, and also
having been able to understand every concept, I find accounting to be one of the courses that I
fully want to pursue.
To attain my goals and ambitions, and to overcome my identified weaknesses in learning
this unit, I plan to use various strategies which include viewing my tutors as friends and people
who have what I need to succeed in my life. I also plan to make use of the available sources of
information such as the internet and print media to do extensive research in order to fully
understand everything that pertains accounting. Because I have various things that need my
efforts and attention, I plan to properly utilize my time through doing things based on their
priority. Because education is the one that determines my future, I plan to give it the highest
priority by ensuring I spend enough time in attending classes and doing assignments.

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References
Aytac, G & Hatice, G. (2011). Learning Styles and Effective Learning Habits of University
Students: A Case from Turkey. College Student Journal, 45(3), 65-78.
Belo-Osagie, H. (2012). Financial Management Digest: Emerging
Risk Management Challenges* Journal of Financial Management & Analysis, 25(1), 78-97.
Irena, J. (2013). Financial Management in SMEs. European Research Studies, 16(4), 21-43.
James, M. (2015). The International Handbook of Public Financial Management. Canadian
Public Administration, 58(2), 23-45.
Jenny, E. (2010). Inviting Students to Learn: 100 Tips for Talking Effectively with Your
Students. Alexandria, VA: ASCD
Kirk, A. R. (2013). Balancing the Books: Accounting for Librarians. Santa Barbara, CA:
Libraries Unlimited
Krisandra, G. (2015). Does Course Delivery Method Impact Performance in Subsequent
Courses? Evidence from a Financial Management Course. Business Education & Accreditation,
7(2), 87-95.
Kuczala, M. (2015). Training in Motion: How to Use Movement to Create Engaging and
Effective Learning. New York: American Management Association