College Finance Module Reflection: Week 4 Learning and Insights

This reflection paper by a student delves into the connections between accounting and finance, drawing on insights and feedback from Week 4 of a finance module. The paper explores the links between management accounting and financial accounting, highlighting how these concepts are applicable to strategic decision-making, professional experience, and personal finances. The reflection discusses the importance of ethical considerations, cultural diversity in global business, and the student's improved skills in report writing and time management. The student emphasizes the practical application of coursework, outlining steps to transition knowledge into the workplace and manage personal finances effectively, and advocating for ethical practices like full financial disclosure. The student also reflects on how the course has shaped their views on global business and the importance of cultural diversity.

Reflection 1
REFLECTION
By (Student’s Name)
Professor’s Name
College
Course
Date

Reflection 2
In this paper, I am going to build my reflection upon the materials and feedback from
week 4. This will enable me share my insights and motivations from this unit. I am intending to
show the links I have identified between accounting and finance and the effective strategic
decision making. Further, my reflection discusses the areas of financial accounting and
management accounting that have effectively resonated with me. Moreover, I will be presenting
a case of how I see the concepts I have studied which are applicable to my professional
experience and my personal finances.
I will also be reflecting on the specific steps I will take to assist me in transitioning when
applying the coursework to my workplace. Further, the reflection details the particular ethical
and cultural issues I consider useful in this module. I also highlights how my views have been
impacted in regards to global business. Finally, I will conclude my reflection by taking a position
that I have improved my key success including report writing and time management due to my
experiences with this module.
From the Week 4 materials and feedback, I have subsequently identified the connections
between the management accounting and finance accounting. For example, from my experience
in the process of implementing management accounting, I have realized that it has the benefit of
improving the management of the firm. I have identified links between these concepts: Whereas
management accounting describes the internal processes used in accounting for business
transactions, financial accounting provides the wholesome picture of financial performance. The
management accounting provide the particular detailed analysis that assist management
accountants. Accounting finance will help me write a report using accounting information
derived from the management accounting. Thus, there is a link between the two terms as one
seems to always complement the other (Weygandt, Kimmel and Kieso 2015).

Reflection 3
These areas of accounting and finance have highly resonated with me in that, I have been
able to have confidence when dealing with accounting and finance issues. By understanding the
above linkage, I am able to generate proper strategic decisions that will enhance my professional
development. These concepts in accounting and finance are really applicable to my professional
experience and my personal finances. For example, before investigating to understand the
connection above, I lack any knowledge in managing my finances well in my personal
experience. I have had difficulties before when trying to manage my finances at an individual
level. However, with this background, I am now able to effectively apply these concepts in
managing my personal finance effectively (Hope, Thomas and Vyas 2013).
I have identified various key steps that I help me transition by applying coursework in my
workplace. One of the steps is to further undertake a deeper probe into this link in order that I
fine-tune my knowledge. This will help me fill my knowledge and skills’ gap so that I will be
able to have the essential skills and information on how to do my job (Nas 2016). I believe this
will help me transition effectively. I have learned that without this step, I would have challenges
transitioning due to lack of necessary skills and information on the link between the management
accounting and finance. I have also decided to continue practicing on my own by using my
personal finances to see how well I can manage my finance and apply the experience to my
workplace.
I have also identified some of the ethical as well as cultural issues and subsequently
considered them useful in this module. For example, one of the ethical issue I have considered is
the need to give full disclosure of financial info. I have realized that all stakeholders of the
company have the right to be given right information to make informed decisions. Thus, in my
workplace, I will always advocate for the full disclosure since this is an ethical practice. The

Reflection 4
cultural issue I have considered is the need to ensure that the company serves the people well by
ensuring cultural diversity is achieved in recruitment, promotion and leadership.
My views have been impacted in regards to the global business in that I have come to
learn that only businesses that respect cultural diversity will survive as they are viewed as
ethical. This makes many stakeholders to associate with them relative to their rivals (Edmonds,
Edmonds, Tsay and Olds 2016).
In conclusion, I take a position that I have improved my key success including report
writing and time management due to my experiences with this module.

Reflection 5
References
Edmonds, T.P., Edmonds, C.D., Tsay, B.Y. and Olds, P.R., 2016. Fundamental managerial
accounting concepts. McGraw-Hill Education.
Hope, O.K., Thomas, W.B. and Vyas, D., 2013. Financial reporting quality of US private and
public firms. The Accounting Review, 88(5), pp.1715-1742.
Nas, T.F., 2016. Cost-benefit analysis: Theory and application. Lexington Books.
Weygandt, J.J., Kimmel, P.D. and Kieso, D.E., 2015. Financial & managerial accounting. John
Wiley & Sons.