Managerial Accounting And Management

RUNNING HEAD: ACCOUNTING 0
MANAGERIAL ACCOUNTING: REFLECTION
[Document subtitle]
[DATE]
[COMPANY NAME]
[Company address]

MANAGEMENT 1
Description-
The project of studying about the relevance of standard and target costing has been a great
experience where I was able to understand the various concepts and relevancy of the
accounting concepts. I was able to understand what the standard and target costing is about. I
was able to understand what factors, do companies use to decide about their standard costing.
The articles gave me insight into how various countries use target costing in their operations.
one such example of that was of Japan that used the Target costing as a medium to calculate
the cost of its operations. These ideas about the target costing helped me in understanding
how these concepts function across various countries and companies. One such concept that I
learned was the implementation level of target costing differs on the basis of the companies
and countries. On the other hand, standard costing is helpful in controlling the variances of
the cost.
Feelings-
During the time of research, Initially, I felt nervous about taking this research as I had less
knowledge about standard costing and target costing. I went through every concept about it
that gave me confidence and idea about how things have to be applied in the companies in
real sense. The increased understanding of the concepts was helpful in achieving the goals of
the research study. During the research process, I felt quite informative when I became aware
of various concepts in the sector such as when I got to know that the technique of standard
accounting is used in controlling the cost of the business as standard accounting sets the
target and beyond research which the cost cannot exceed. In a positive sense, I have enjoyed
various phases of the research that include calculation of various standard costing variances
of the companies that gave me an actual glimpse of how the things are performed. I felt quite
knowledgeable and experienced after understanding how the ratios and costing are calculated.
Evaluation-
During the research study, I had various good and bad experiences that helped me in giving
me the informative experiences of the things accomplished. Some of my good experiences
included when I calculated the standard costs variations of the reputed companies that helped
me in giving the glimpse of the concepts. It had developed in me a clear understanding of the
concepts thus leading to increased confidence. I was able to understand the methods used by
the companies to calculate the standard cost and analyze their financial status (Baral, 2016).
During my reflection of the peer-reviewed journal, I felt quite happy when I was able to