Managerial Accounting: Reflective Journal

Managerial
Accounting:
Reflective journal

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
1. Reflection on selected two journal articles..............................................................................3
2. Reflections on the research experience....................................................................................4
3. Reflections on what were learned from the individual............................................................4
CONCLUSION................................................................................................................................5
REFERENCES ...............................................................................................................................6

INTRODUCTION
Managerial accounting is the set of various practices which help the organizations to
identify, measure or analyse the financial information and further it communicate with the people
in order to pursuits business goals & objectives. With the help of reflective journal, individual
able to learn about their work and how it provide them personal growth. At the time of preparing
this report, what challenges, difficulties or issues they face but it also explain the individual
experience which helps in improving their performance as well as efficiency (Appelbaum and
et.al., 2017). In this assessment, we are going to reflect two journal articles which I used to
complement in my managerial accounting report. It also explained my personal experience and
what I actually learn from it.
MAIN BODY
1. Reflection on selected two journal articles
In the selected articles, both are based on the different cost and how it influence the
organization. First article is “ Standard costing in listed pharmaceutical and chemical industry in
Bangladesh ” and the second one is “The Impact of Target Cost Method to Strengthen the
Competitiveness of Industrial Companies”. First article is all about the standards costing which
become most popular in many sectors because of the limitations of traditional costing method. I
also observed that, 73 % UK companies and 86% Japanese organizations follow standard costing
systems. Still, standard costing is an essential tool for the management because they need to
forecast cost, decision making, reduction of cost and measurement of performance. This article
evaluate the current scenario of listed pharmaceutical and chemical organizations in the
Bangladesh. Another purpose is to identify that reason that why traditional method still used by
the pharmaceutical and chemical sector.
Pharmaceuticals and chemical industry one of the important sectors in the economy of
Bangladesh. Around 75% companies still use standard costing for different purpose. This
research conducted in various countries such as UK, New Zealand, Dubai and Turkey. They also
focus on the defect of standard costing system and what are the solutions to eliminate those
defects.
There are various shortcomings of standard costing which affect the organizations such as
52.38% respondent said that standards set by the firms because of quickly obsolete the internal