Reflective Journal on Management Accounting: Cost Control and Benefits

This reflective journal provides an in-depth exploration of management accounting principles. The author reflects on their learning journey, focusing on key concepts such as cost measurement, activity-based costing, absorption costing, and marginal costing. The journal highlights the importance of Cost Volume Profit (CVP) analysis in determining break-even points and assessing a company's budget strategic plan. It also emphasizes the value of cash budgeting and the impact of accurate cost estimates. The author discusses the significance of cost accounting systems in evaluating market trends and controlling expenses, as well as the benefits of streamlining business operations through technology. The journal compares management accounting with financial accounting and concludes by emphasizing the importance of cost control for project performance and overall business success. The author used various references to support the journal.

Reflective Journal

Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................6

INTRODUCTION
This is a journal Reflective report, which covers the essential concept of Management
accounting and the most valuable MAS that help company to reach the desire results in proper
time. It also includes the detailed learning which I used to learn from the overall unit and clear
my Thoughts how internal management is very much important for the growth of company in
recent time.
MAIN BODY
It really is a struggle for me to undergo a different course like Management accounting because
I'm going to want to take any material I 'm studying as a test to get high marks as I advance to
new courses and still continue to grasp the subjects. I had also learned a lot of information in this
subsystem, Introduction to Management Accounting, which since I have done work would be
helpful for my long term. I've learned in this section how to define and measure the costs that a
company would bear in business. The strategies I have studied, like activity-based costing,
absorption costing as well as marginal costing, would be important for measuring the company's
costs (Selto and Curry, 2014). I reach the conclusion after studying these methodologies that
perhaps the activity-based costing is far more helpful than the standard costing because it
identifies which the economies of scale growth due to all the allocation of fixed costs on the
tasks performed during manufacturing.
The system also subjected me to the construct of Cost Volume Profit, in addition to all of
that. The idea trained me to evaluate the break-even point, which would be the purpose in which
money is made, but it demonstrates important to analyse however many manufacturing plants are
to be purchased in necessary to protect the variable costs incurred all through manufacturing by
the firm. It helps the organisation as the data will be used to assess the budget strategic plan of a
corporation. Next, accounting for administration has also trained and encouraged me to look
beyond the box. Another of the similarities between management accounting and financial
accounting is that certain indirect knowledge is given by budgetary control. It needs me,
however, to measure more often and think about which value I can use. While it's a working long
process, I hope it causes me further as it increases my freedom to reason that will be good soon
as I aim to be a business consultant.

Finally, this issue also emphasised the value of the cash budget (Wagenhofer, 2016). I have
found that it is very helpful to schedule, organise and inspire a business to accomplish its
objectives. Even now, I am very mindful of the value including its budget period and I believe it
will also be helpful to include this in my life as a result of budgeting my spending and operating
my own type of company as well. I learned a few things of accounting principles when doing the
task, not by memorization, but also by heart. I now understand clearly that conventional
approaches are obsolete after their function has been taken over by intelligent machines. I was
also mindful of the value of accurate cost estimates. I have studied how to show my excellently-
organized work. To show my research well enough that the tutors can quickly grasp our points is
also a critical aspect. I had to adopt the task pages' style as well. I put as much thought into this
task as I can and as it holds 25% of the core curriculum target. I will continually research hard
and get A for this topic with the assistance of the expertise I acquired doing this job (Soderstrom,
Soderstrom and Stewart, 2017). I realise that cost accounting system is the most useful in all the
MAS that is discussed below:
It helps to evaluate long-term market patterns and see how any part of the organisation costs
more than anticipated, the real expense accrued will be contrasted to the budgeted. In charge of
creating an acquisition needs to be factored the expense aspect involved, it assists in evaluating
the market positioning. There are costs of the utmost significance to operating a company. Some
of the strategies by which the total expense of the enterprise can be managed and sustained
within the necessary limits are listed below. It is one of the strategies to help streamline the
business. The new technology allows attaining higher levels of efficiency, lower time usage with
better productivity, and holds the staff numbers within the target range. All of this is quite
strongly expressed in the total expense of the business. It allows manager to monitor the precise
expense of the project, in addition to the total company cost (Yalcin, 2012). The projected losses
and expenditures can be estimated and work against the planned sales accordingly. As reports for
the organisation, predefined costs may be retained. It helps to take the appropriate steps to ensure
that money and company activities are directed at meeting the chalked priorities and targets.
It's really the method of reading management reports as well as accounts that will give the
accounting information details needed by managers to make week as well-to-day and short-term
judgments effective and appropriate. Management accounting provides daily or quarterly
statements after an onsite interview within a company, such as departmental heads as well as the

former chief executive, including financial reporting, which creates financial reports exclusively
for external clients. Generally, financial reports display the availability of cash, produced sales
revenue, number of transactions in side, government of payables and receivables accounts, debt
obligations, raw material as well as inventory, but may also involve statistics analysis, multiple
regression analysis, as well as other facts (Vanderbeck and Mitchell, 2016).
CONCLUSION
In the last of report, it is concluded that Management accounting system such as cost
control is one of the important criteria for the performance of any specific project within this
respect. When one understands the magnitude of the expense that the enterprise can afford, it
becomes even good to establish targets and move on them accordingly.

REFERENCES
Books and Journals
Selto, F. H., and Curry, D. W., 2014. Introduction to management accounting: Study guide.
Upper Saddle River, NJ: Prentice Hall.
Soderstrom, K. M., Soderstrom, N. S. and Stewart, C. R., 2017. Sustainability/CSR research in
management accounting: A review of the literature. Advances in management
accounting. 28. pp.59-85.
Vanderbeck, E. J., and Mitchell, M., 2016. Principles of cost accounting.
Wagenhofer, A., 2016. Exploiting regulatory changes for research in management
accounting. Management Accounting Research, 31, pp.112-117.
Yalcin, S., 2012. Adoption and benefits of management accounting practices: an inter-country
comparison. Accounting in Europe. 9(1). pp.95-110.