Student Should Keep A Journal To Record Regular Notes ✓ Solved

Student Should Keep A Journal In Which You Record Regular Notes For Ea

Keep a journal where you record regular notes for each class, reflecting on what you are learning and describing experiences related to the course concepts. The journal should include your thoughts on applying or intending to apply course concepts, analyzing their usefulness in a professional or future career context. Your report should be no more than 5 double-spaced pages, and it will be treated as confidential. Evaluation will consider your understanding of accounting tools and your reflection on applying accounting concepts, as well as clarity, presentation, spelling, punctuation, grammar, and references.

Sample Paper For Above instruction

A comprehensive reflective journal on strategic accounting encompasses personal insights, practical applications, and future aspirations related to accounting principles. Throughout my coursework, I have gained a profound understanding of various accounting tools, including budgeting, financial analysis, and cost management, which I intend to integrate into my professional practice to enhance decision-making and operational efficiency.

One of the most valuable concepts I encountered is activity-based costing (ABC). This method assigns overhead costs more accurately to products and services based on their consumption of activities. In my current role within a manufacturing firm, I plan to implement ABC to better understand the true costs of production, which will enable more strategic pricing and resource allocation. This approach provides deeper insights compared to traditional costing methods, ultimately contributing to more profitable operations (Kaplan & Anderson, 2004).

Additionally, the importance of financial statement analysis was emphasized throughout the course. I have learned how to interpret balance sheets, income statements, and cash flow statements to assess a company's financial health. Applying these skills, I intend to regularly analyze my company's financial data, identify areas for improvement, and support strategic decisions that will foster sustainable growth (Ross et al., 2016).

Moreover, the course highlighted the significance of ethical considerations in accounting. As I reflect on this, I recognize the critical role that integrity and transparency play in maintaining stakeholder trust. In my future career, I aim to uphold these values by ensuring accurate reporting and advocating for ethical practices within my organization (ICAEW, 2020).

In contemplating future career aspirations, I am particularly interested in managerial accounting. The ability to analyze internal data for strategic planning excites me. I plan to pursue further certification in management accounting, such as CMA, to deepen my expertise and contribute meaningfully to organizational success through cost control, budgeting, and performance evaluation (CMA, 2021).

This reflection confirms that the tools and concepts learned during this course are highly applicable to real-world scenarios. Incorporating these principles into my professional life will facilitate more informed decision-making, efficient resource use, and ethical accounting practices. Continual reflection will help me adapt and grow as I navigate my career in accounting and finance.

References

  • CMA. (2021). Certified Management Accountant (CMA). Institute of Management Accountants. https://www.imanet.org/cma-certification
  • ICAEW. (2020). Ethical standards in accounting. Institute of Chartered Accountants in England and Wales. https://www.icaew.com/ethics
  • Kaplan, R. S., & Anderson, S. R. (2004). Time-driven activity-based costing. Harvard Business Review, 82(11), 131-138.
  • Ross, S. A., Westerfield, R. W., Jaffe, J., & Jordan, B. D. (2016). Corporate Finance. McGraw-Hill Education.

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