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 he
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
efer 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
eflection 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
udgeting 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 Ru
ic
Excellent Very Good Good Satisfactory Unsatisfactory
1. Reflections on
the selected peer
eviewed journal
article based on
the assignment
topics.
(3 marks)
Excellent reflections
on the selected
peer reviewed
journal article
ased on the
assignment topics.
3 marks
Very good
eflections on
the selected
peer reviewed
journal article
ased on the
assignment
topics.
2.5 marks
Good reflections
on the selected
peer reviewed
journal article
ased on the
assignment
topics.
2 marks
Reasonable
eflections on
the selected
peer reviewed
journal article
ased on the
assignment
topics.
1.5 marks
Unable to
present a
proper
eflection on
the selected
peer reviewed
journal article
ased on the
assignment
topics.
1 mark
2.Reflections on
the research
experience
(3 marks)
Excellent reflections
on the research
experience.
3 marks
Very good
eflections on
the research
experience.
2.5 marks
Good reflections
on the
esearch
experience.
2 marks
Reasonable
eflections on
the research
experience.
1.5 marks
Unable to
present a
proper
eflection 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
eflections on
the insights
gained from the
individual
assignment.
2.5 marks
Good reflections
on the insights
gained from the
individual
assignment.
2 marks
Reasonable
eflections on
the insights
gained from
the individual
assignment.
1.5 marks
Unable to
present a
proper
eflection 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
Introduction 4
Discussing the purposes of budgeting process 5
Figure 1: Budgeting process 5
Discussing whether the budgeting process satisfies the purpose of planning, controlling and evaluating performance 7
Identifying and explaining the practice adopted by the organisation 8
Figure 2: Top-down and Bottom-up budgeting 9
Explaining the behavioral implications of adopting bottom-up practice 9
Critical evaluation of comment 10
Explaining the budgeting system that will be recommended for the contemporary organisation to use for planning, and control purposes 11
Conclusion 12
References 13
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
ief 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, XXXXXXXXXXBefore 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