Managerial Accounting (Reflection)

This reflective report discusses the experiences and learning gained from a managerial accounting project on activity based costing. It utilizes Gibbs' Reflective Cycle to explore the thoughts and feelings about the experience, evaluate the overall experience, analyze the situation, and create an action plan for future improvement.

Managerial
Accounting
(Reflection)
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Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Gibbs' Reflective Cycle...............................................................................................................3
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................6
Books & Journals........................................................................................................................6
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INTRODUCTION
Managerial accounting conception is critical portion of all business-entity to manage
their all key process and undertaking concerned with accounting as well as organisation's
management. It is mainly concerned with decision-making as well as strategy making which is
formulated to perform their task in an effective manner (Dhaliwal, Singh and Singh, 2018). The
present report is a reflective section in which all the experience and thoughts which is gained by
an individual person while doing the managerial accounting project. In the managerial
accounting project activity based costing is the topic on which whole report is developed. For
discussing the overall experience, I am going to use Gibbs reflective model is this reflective
report so that all my experience and learning will be identified by me in an effective manner.
MAIN BODY
Gibbs' Reflective Cycle
Overview of the model: Gibbs' Reflective Cycle was coined in the year 1988 by Graham
Gibbs so that they can give a set format and structure to the learning gained by a person from
their overall experiences. This model includes 6 different stages which will assist me in order to
understand the overall learning gain by me at different level of the project. These stages are
going to be discussed as followed:
Description of the experience: This is the first step of this model where the experience of
an individual person are discussed in a detail manner. For every business entity it is very
essential to define their task and then distribute them to their team members so that all the
operations will be attained in an effective manner. While working in the organisation as the
position of a senior manager, different small teams are developed by me so that activity based
accounting system will implemented in an effective manner within the business organisation (E-
portfolio, A.K.S., 2019). While doing this process, it has clearly been understood by me that my
skills and capabilities related to team management skill is quite effective which will assist me in
near future for my overall growth and development in my professional life.
Feelings and thoughts about the experience: In the second step, all the thoughts and
feeling of a person related to the experience has been identified by me. At the first point I was
very happy and excited to start the project but when the whole task started it has been
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experienced by me that this is one of the most complication and difficult task which requires lot
of financial knowledge and understanding for the completion of whole project.
Evaluation of the experience: It has been examined by me that my overall experience is
both good and bad. It is said that while doing the whole project which is based on activity based
cost accounting, I got to know and learn various topics. All these experiences are quite good for
me which leads towards the further development of my internal skills and capabilities in an
effective manner (Markkanen and et. al., 2020). On the other hand, one of the bad experience
which is gain by me during this whole project is that I need to learn about allocation of resources
in a effective manner in order to gain growth opportunities in near future within the same field.
Analysis to make sense of the situation: This is the fourth stage of this model where
overall analysis of the experience gain by me are going to be done which will assist me in order
to examine what elements are done well and what elements required improvements. When I was
doing the project on activity based cost accounting it has been identified by me that I need to
choose Belbin model so that I will be able to effectively develop different sort of teams and
groups as per the needs and requirements of the task. This is the method which has been analysed
by me is the most effective method which will assist me in creating effective teams in near
future.
Conclusion: In this step, it has been said that the overall experience and knowledge are
included. What are the positive and negative knowledge and experience gain by a person during
this project are included. As per my view point one of the most effective thing which has been
learned by me is that Belbin team role model is one of the most effective framework which will
be quite beneficial if implemented in an effective manner. Along with this, another improvement
which can be done by me is to improve my communication skill so that all the assigned roles and
responsibility will effectively be communicated by me in an effective manner and gain positive
outcome with this (Sekarwinahyu and et. al., 2018).
Action plan: At the last stage of this model, it has been mentioned that if similar sort of
situations arise in near future then what methods can effectively be used by me to gain maximum
outcome. In addition to this, I will choose different models and frameworks in near future so that
my performance will be different and can easily gain maximum results. Apart from this, it has
also been said that all the by improving my communication as well as team development skills I
will be able to gain favourable and beneficial results which improves the quality of overall work.
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CONCLUSION
With the assistance of above mentioned report, it has been said that activity based
accounting is one of the most effective method which is used by managers in order to allocate
indirect cost to different sort of activities by which overall operations will be performed in an
effective manner. In this report, Gibbs reflective model help in discussing the overall experience
which is gained by completing the whole project on the topic of activity based accounting. These
experiences which is gained by me while doing the project help me in near future in both
personal and professional life.
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REFERENCES
Books & Journals
Dhaliwal, U., Singh, S. and Singh, N., 2018. Reflective student narratives: honing
professionalism and empathy. Indian J Med Ethics, 3, pp.9-15.
E-portfolio, A.K.S., 2019. How does the Gibbs Reflective model integrate with Evidence based
practice in veterinary medicine?.
Markkanen, P., and et. al., 2020. A reflective cycle: Understanding challenging situations in a
school setting. Educational Research, 62(1), pp.46-62.
Sekarwinahyu, M., and et. al., 2018. Development of problem based learning for online tutorial
program in plant development using Gibbs' reflective cycle and e-portfolio to enhance
reflective thinking skills. In Journal of Physics: Conference Series (Vol. 1157, No. 2).
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