VANESSA CHAN PORTFOLIO

Reflective journal: Introduction to Management Accounting

 

It’s already the 8th week of the semester, I have started my attempt on Introduction to Management Accounting individual written report. By flipping textbook and read through the question in MIB, I realized that it is not as simple and easy as I thought. I was so worried because I knew that I myself is not good at management accounting since first touch of management accounting during A-level examination. Fortunately, Mr. James gave us help by explaining what the questions required and how to answer the questions one by one patiently. Moreover, I have a couple of course mates who can guide me in this assignment. We studied through the assignment questions and guidelines which given by Mr. James and in the MIB and started to work out on the assignment. 

Throughout this assignment, it has deepened my understanding and more familiar with traditional costing method by discussing the pros and cons of this method and implements it to the case study. Furthermore, I have learned how to prepare the management accounting format such as the overhead analysis. Besides that, it has also strengthen my skills on calculating the important part of the calculation such as using the reciprocal method before insert into the format of reallocation of support department overhead to production department. In addition, this assignment has solved my difficulties of separating mixed cost into variable cost and fixed cost which always confused me during A-level examination. I have looked and searched for the information from the textbook, I have found out that although a mixed cost is hard to be separated, but there are still a few methods to separate it such as the regression method. In addition, I have also learned that no matter what final options like labor-intensive production or machine-intensive production that you have decided to use for your production, there will always be pros and cons in it. There are always costs that will be incurred and cannot be avoided in a production. All the chapters involved in the assignment questions are the allocation of the production overhead. It required me to differentiate the production and non-production overhead. Besides, ability to allocate the production overhead and non-production overhead into respective departments and products accordingly is also needed. All the answers calculated are also the useful information for the next calculation. Once the answer calculated wrongly, the following will also been affected. All these methods are carried out for the sake of making the most appropriate decision, errors are avoided. Last but not least, this assignment is like a revision question to me before final examination. As a result, this enhances my knowledge to done a better performance for the final exam. Therefore, this will be able to reduce my nervousness for the final exam.