Reflective Journal: Insights from Group Assignment in Accounting

This reflective journal entry provides a detailed account of a student's experience in a managerial accounting unit, focusing on the topic of capital budgeting. The student reflects on their interest in the subject, highlighting the importance of capital budgeting for business decision-making. The journal also describes the student's experience as a group member, emphasizing the positive aspects of teamwork, such as supportive interactions and effective task division. Despite facing challenges with time management, the student gained valuable insights into their strengths and weaknesses, particularly in communication and teamwork. The assignment facilitated the acquisition of employability skills, including leadership, and enhanced the student's understanding of managerial accounting concepts. The student learned about different methods used for capital budgeting like net present value analysis, payback period, and avoidance analysis.

Reflective Journal

Table of Contents
Reflective Journal..............................................................................................................1
REFLECTION....................................................................................................................3
Topic Covered in Unit.....................................................................................................3
Experience as a group member.....................................................................................3
Learning from the group assignment.............................................................................4

REFLECTION
Topic Covered in Unit
Managerial accounting is the unit which interest me because of several reasons
such as the way it contribute and enhance decision making of managers and
organisation. Other than this some the reasons are that I have managed to understand
this unit and this is why this interests me while studying. There are several topics
covered in this unit and among all those topics capital budgeting is one of the topic that
interest me. The reason because of which this topic interest me was that while I was
studying this I experienced some difficulties in understanding this topic and to
understand this I started gaining information and content about this from online sources
and this solved my difficulty. Content that was available on various online sources
interest me and I get to learn so many things about capital budgeting. This is a process
which is used by business to determine which proposed purchase of fixed assets should
be accepted by the business and which assets and their purchase should be declined.
There are several reasons because of which this topic is useful for business
organisation and one of the importances of this was that amount of investments are
very large and this is why it is important that business make its decision properly to save
the business from failure investment and its impact on the business. This topic was very
interesting and I also learned about many methods which are used for capital
budgeting. Methods which I learnt for capital budgeting were net present value analysis,
payback period and avoidance analysis. Some of the content related to this is yet to be
learn because there are several things contained regarding capital budgeting. This is an
important concept to learn because this is very useful for business organisation and this
can also help me in my career and future job.
Experience as a group member
The group with I was associated for completion of the group assignment there
were several positive aspects of being in this group and most important of them was
group members. This was first positive experience regarding group and as a member of
group. All the members of the group were very supportive to each other and

understanding of all the group members was also good. This was very helpful while
managing and dealing with conflicts in the group and this is also a reason that conflicts
in the group were also less as compared to other groups. Regarding assignment in the
group members divided all the tasks according to their interest and those parts about
which no one was willing to do, such tasks were divided in two people. This made
division of task easy and everyone was agreed to the decision. In my experience
working in a group is more effective because group members get to share their ideas
and this way individuals in the group can open up to wider aspect of thinking. Working in
a group also has a benefit that no one needs to worry individually about problem
because in group problems can be solved way more easily than solving problems
individually. Though everyone went according to plan and as it was decided earlier but I
was not able to complete the task which was given to me in the assignment. This
happened because of my weak time management skills. This made me realise that I
require improvement in my time management skills and regarding this one of the group
member helped and I learned better time management.
Learning from the group assignment
This assignment came with lots of learning for me and working in a group was
very positive experience that I had during the assignment. During completion of the
group assignment I get to know about my skills and strengths and I was told by the
group members that my presentation and written communication skills both are very
good. This I got to know because of this group assignment. Learning from this group
assignment did not remain limited to learning about the topic of assignment and what
we included in the assignment. This group assignment also gave me many insights
about the employability skills which I will require in my career. These skills are
communication, team management and working in a group. From the leader of the
group I also get to learn about leadership skills as this is also an important employability
skills. This group assignment also improved my learning about managerial accounting
and through this I get more insights about the unit.