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HI5017 Practice Developments in Budgeting: An Overview and Research Perspective Assessment Answer

Assessment Details and Submission Guidelines
T1 2020
Unit Code
Unit Title
Managerial Accounting
Assessment Type
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).
10% of the total assessments
Total Marks
Word limit
1,000 words. Please use “word count” and include in assignment.

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.


Managerial Accounting Reflection 

Article: “Practice Developments in Budgeting: An Overview and Research Perspective

In the initial phase of the analysis, I have gone through concepts of management accounting in an organization while recording the financial transaction into the respective reports. The chosen articles have provided me a valuable knowledge regarding the use of the budgeting process in the business. I think management accounting and budgeting tend to have direct relations with the overall growth and performance of the firms. The practice for development in budgeting from the research perspective has delivered a lot of opportunities to me to apply the concepts in the systematic recording of the expenses and costs that are going to be associated with the firm (Hansen, Otley and Van der Stede, 2013). As per the chosen articles, I have observed different viewpoints of the researchers, authors, and scholars regarding the implications that are faced by the practitioners. He has argued that budgets intend to obstruct the analysis of the resources in more suitable manners as well as also help the firm to take vital decisions to sustain a better future. I have attained potential knowledge and experience to use the budgets wisely so that an effective balance could be maintained in future career growth and development. I have learned the best outcomes which help me to strengthen my learning and practical implication of the work set.  I have able to understand that the practitioner has not able to tackle the issues that are associated with the budgeting process. Due to which organization has suffered losses or problems of additional costs. Moreover, the employees are not that much experience to handle the budgets effectively that can also create a huge implication to the practitioners (Little, 2014). Looking into these circumstances, I have decided to suggest valuable techniques that are effectively applied to deal with budgeting related issues. However, throughout the entire analysis, I have learned a lot of positive things that can help me further take accurate budgeting related decisions so that future benefits could be provided to the firm. Hence, I have decided to overcome these problems by taking crucial parts in the decision-making and entire budgeting process. 

The above article has shown a remarkable option as a good learning experience regarding the way budgets related implications could be handled. During the entire procedure, I have applied different types of strategies or methods that are related to budgeting such as top-down and bottom-up (Fan and, 2012). However, it happens to be quite effective techniques that I have used to measure the depth of issues that are faced by the management. I have also analyzed that the members along with the senior supervisor have to do extremely well to manage the budgets of the company accordingly. Apart from this, I have also noticed that the owners of the firm have using profitable decisions that can help them to manage the operational cost and expenses over the total investments. Overall, the entire technique was very much exciting for me to gain a lot of potential experience that can also assist me to improve my knowledge in the future. Going through the deep evaluation, I have found that the practitioner is using traditional budgeting methods to records the data by using the previous year’s information. It was quite shocking to me because it cannot help them anymore due to inefficiency in the output. Generally, it can create a lot of issues for the firms due to which they might not reach their desired goals as per the time. From the entire analysis, I do have to face certain challenges that are associated with the traditional budgets as it is taking a lot of time to prepared complete budgets and success is also uncertain. These might reduce turnover, increase competition, and reduce the intensity of producing goods results (Henttu-Aho and Järvinen, 2013). Therefore, I have decided to apply some of the budgeting control tools that can help the practitioner to manage the negative impact. Thus, I can also overcome these issues that are related to the financial budgets by taking into account the advice of senior-level management. I have also rectified the mistakes which were creating problems for me and my learning process so that better results could be delivered to the firm. I have learned a lot of positive things that can help me further take accurate budgeting related decisions so that future benefits could be provided to the firm.

Throughout the entire research, I have gained positive knowledge and understanding regarding the budgeting process that can assist me to enhance my learning ability regarding accounting matters. However, budgeting resources, innovative techniques, and creative thinking have encouraged me to take advantage of the current market demand regarding the budgets. All these concepts, methods, and techniques would guide me to learn effective financial skills and acquire opportunities to sustain in the competition for a longer period (Baiman, 2012). With regard to this research, I can now easily say that the budgets can help the company to reach its goals profitably as well as maintain positive images in the mind of maximum clients. Apart from this, the article has also guided me to learn all sorts of difficulties that are restricting an individual or firm to handle the costs for the future. The management accounting techniques have also helped me a lot to manage the complex situation related to the cost and expenses for the company. I have attained potential knowledge and experience to use the budgets wisely so that an effective balance could be maintained in future career growth and development.

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