I have made my assignment, you have to make a reflective journal based on my assignment
HOLMES INSTITUTE FACULTY OF HIGHER EDUCATION Assessment Details and Submission Guidelines Trimester T1 2020 Unit Code HI5017 Unit Title Managerial Accounting Assessment Type Assignment Assessment Title Individual Reflective Journal Purpose of the assessment (with ULO Mapping) The purpose of this assessment is to ensure each student is able to document a critical reflection of their personal learning process, as experienced during this unit (ULO 1). Weight 10% of the total assessments Total Marks 10 Word limit 1,000 words. Please use “word count” and include in assignment. Due Date Week 11 Friday at 11.59 p.m. Submission Guidelines • Students should complete the reflective journal individually. • All work must be submitted on Blackboard by the due date along with a completed Assignment Cover Page. • The assignment must be in MS Word format, no spacing, 12-pt Arial font and 2 cm margins on all four sides of your page with appropriate section headings and page numbers. • Reference sources must be cited in the text of the report, and listed appropriately at the end in a reference list using Harvard referencing style. • It is the responsibility of the student who is submitting the work, to ensure that the work is in fact her/his own work. Incorporating another’s work or ideas into one’s own work without appropriate acknowledgement is an academic offence. Students should submit all assignments for plagiarism checking on Blackboard before final submission in the subject. For further details, please refer to the Unit Outline and Student Handbook. HI5017 MANAGERIAL ACCOUNTING INDIVIDUAL REFLECTIVE JOURNAL T1 2020 Page 2 of 3 Individual Reflective Journal Specifications Purpose: The Individual Reflective Journal is to ensure each student is able to contribute to document a critical reflection of their personal learning process, as experienced during this unit. A significant aspect of the reflective journal will be your reflections on what you learnt and experienced from your individual assignment. Assignment Task: 1. Reflections on the selected peer reviewed journal article based on the assignment topic. What went well, what did not go to plan, how did you addressed any difficulties, and what had you learnt from it. 2. Reflections on the research experience. What was enjoyable, what was difficult, what insights had you gained, and any issues, challenges you experienced. 3. Reflections on what you had learned from the individual assignment, including the relevance of budgeting as a management technique to businesses today. What insights had you gained and what had you learnt from it. Marking criteria: Marking criteria Weighting 1. Reflections on the selected peer reviewed journal articles based on the assignment topics. 3% 2. Reflections on the research experience 3% 3. Reflections on what were learned from the individual assignment 4% TOTAL Weight 10% HI5017 MANAGERIAL ACCOUNTING INDIVIDUAL REFLECTIVE JOURNAL T1 2020 Page 3 of 3 Marking Rubric Excellent Very Good Good Satisfactory Unsatisfactory 1. Reflections on the selected peer reviewed journal article based on the assignment topics. (3 marks) Excellent reflections on the selected peer reviewed journal article based on the assignment topics. 3 marks Very good reflections on the selected peer reviewed journal article based on the assignment topics. 2.5 marks Good reflections on the selected peer reviewed journal article based on the assignment topics. 2 marks Reasonable reflections on the selected peer reviewed journal article based on the assignment topics. 1.5 marks Unable to present a proper reflection on the selected peer reviewed journal article based on the assignment topics. 1 mark 2.Reflections on the research experience (3 marks) Excellent reflections on the research experience. 3 marks Very good reflections on the research experience. 2.5 marks Good reflections on the research experience. 2 marks Reasonable reflections on the research experience. 1.5 marks Unable to present a proper reflection on the research experience. 1 mark 3. Reflections on what were learned from the individual assignment (4 marks) Excellent reflections on the insights gained from the individual assignment. 3 marks Very good reflections on the insights gained from the individual assignment. 2.5 marks Good reflections on the insights gained from the individual assignment. 2 marks Reasonable reflections on the insights gained from the individual assignment. 1.5 marks Unable to present a proper reflection on the insights gained from the individual assignment. 1 mark Total Marks (10) Unite title: Managerial Accounting Abstract The assignment provides a proper understanding of managerial accounting and budgeting methods used in organisations. Preparing a budget is a significant part of an organisation to attain the financial goal of the organisation. However, there are different types of budgets with certain advantages and drawbacks that suits organisations. The requirements of the assignment are fulfilled based on the journal article named 'The Evolutionary Adoption Framework: Explaining the Budgeting Paradox'. First, the budgeting process and the purposes of budgeting are explained. The budgeting process of Nutreco, the organisation stated in the journal article is explained here along with the explanation of whether the process satisfies the purpose of planning, controlling, and evaluating performance. The two widely used budgeting practices top-down and bottom-up budgeting practice is also explained here. Between these two, the Nutreco uses the bottom-up budgeting system and the behavioral implication of it is also explained. The statement in task four is explained with proper examples and finally, the budgeting system is recommended for the contemporary organisation to use for planning and controlling. Table of Contents Introduction4 Discussing the purposes of budgeting process5 Figure 1: Budgeting process5 Discussing whether the budgeting process satisfies the purpose of planning, controlling and evaluating performance7 Identifying and explaining the practice adopted by the organisation8 Figure 2: Top-down and Bottom-up budgeting9 Explaining the behavioral implications of adopting bottom-up practice9 Critical evaluation of comment10 Explaining the budgeting system that will be recommended for the contemporary organisation to use for planning, and control purposes11 Conclusion12 References13 Introduction The assignment focuses on the understanding of the uses of managerial accounting systems in making budgetary decisions for the organisations and helps managers to make informed decisions. Managerial accounting is all about identifying, measuring, analyzing, and interpreting financial information of the organisation so that managers can make better decisions and control the financial performance of the organisation. In the assignment's requirements are fulfilled based on the journal named 'The Evolutionary Adoption Framework: Explaining the Budgeting Paradox'. Following this journal, a brief discussion of the budgeting process has been described in this assignment. Along with the discussion of the budgeting process, it is also discussed whether the budgeting process of the organisation satisfies or meets the required purpose of planning, controlling, and evaluating performance or not. Also, the two widely used budget preparing practices Top-down and bottom-up practice is discussed and which budget preparation is used by the organisation in the journal, and the behavioral implication of adoption practice is explained with proper example. The statement of requirement 4 is also discussed with proper pieces of evidence. Finally, a proper explanation is given whether budgeting for contemporary organisations for planning and controlling purpose is recommended or not. Discussing the purposes of the budgeting process A budgeting process refers to a systematic process whether the managers or decision-makers make a suitable budget for the organisation that assists to meet the financial goal of the organisation (Kramer and Hartmann, 2014). Before making a budget for an organisation the manager must identify sources of funds and possible expenditures areas where they can spend money invest wisely and ultimately achieve the financial goal of the organisation. A budget-making process of Nutreco from the case scenario three of the journal entails several necessary steps that are explained as follows: Figure 1: Budgeting process Source: (Mallouk, 2012) To prepare a budget for an organisation the first step is to set a realistic financial goal about the financial performance of the organisation. Next is to identify the income sources from where money will be in. the income sources can be the sales of products or services, interests from investment, account receivables, cash-generating assets, dividend revenue, and many more. The manager or budget preparatory also needs to determine the