HI5017 Managerial Accounting: Reflection on Costing Method Assessment Answer
Reflection on Costing Method
Reflection on the two selected articles
With the ramified economic growth, many costing methods are available for the organization which could be used to strengthen the overall cost allocation in the different process of the organization. There are two articles have been selected one is on the standard costing and second one on the target costing which reveals their practical implication in the particular industry or real life company. Both articles have revealed the core insights and possible issues which is faced by organization while adopting the particular costing method for the proper bifurcation of the cost.
1.1 What went well
While going through the research in the selected articles, the best thing which I found in my research is that I learned the practical implication of the target costing and standard costing in the real life business company and how these methods are aligned to strengthen the overall outcomes of the process. Furthermore, it enlighten my understanding and also helped me to learn the key aspects of the undertaken work approach with the bifurcation of the costing in the different process model. I have gained the key insights on these two models have assisted me to make the proper bifurcation in the practical manner (Woods, Revill, Sculpher, & Claxton, 2016). The best thing happened to me is that with the available real life-based article, it was easy for me to align my theoretical understanding on this topic with the real life based work on the given costing model.
1.2 did not go to plan
The main wrong thing which I faced in my work was that i was stuck in several points due to the alignment of the one information with other in the given articles. I had to pick one point of understanding to match it with the data sheet or graphs given in the other parts of the articles. I had to focus on developing divergent learning on it so that I could grasp the right interpretation with the practical data set given on the both costing method (Baines, et al. 2017).
1.3 How did I address any difficulties?
After reading the data given in the both articles, I was troubled to make the good grasp on the interpretation. I took the help from the other articles and made the good research by using the books, online website based articles and other supporting website to strengthen my knowledge on the standard costing and activity based costing method (Smith, 2019).
1.4 What had I have learned from it?
The main thing which learned from it is that with the practical implication of the data set and alignment of the information with the other books and documents, proper divergent and core knowledge could be developed. We need to use the right information with the right alignment so that we could clear our concepts and viewpoints to strengthen our own practical based learning (Hoque, 2018).
2.Reflection on the research experience
My research experience has been very effective for my own practical experience knowledge and I learned the research using the practical based information in the real-life case example.
2.1 What was enjoyable?
The main thing which I enjoyed in my research is that how one information is linked with other. The practical implication of the data and the impact of the one costing method on the business costing. I was amazed how the nature, product process and the set organizational structure could impact the adoption of particular costing method (Zambon, & Dumay, 2016).
2.2 What was difficult?
I have been very weak in my alignment of my understanding and data knowledge with the practical information. I had to pick one point of understanding to match it with the data sheet or graphs given in the other parts of the articles (Nitzl, 2016).
2.3 What insight I gained from my learning
I main insight was related to the adoption of the practical costing method in the business functioning for the proper bifurcation of the cost in the different department. It was the good learning for me as I could make my understanding more exposed towards the costing and accounting methods which company could use. In addition to this, I have also learned that nature, product process and the set organizational structure could impact the adoption of particular costing method (Woods, Revill, Sculpher, & Claxton, 2016).
2.4 Issues, challenges which I had experienced
The main issue or challenges which I had faced in my work was that I had to make the lot of research to select the two particular articles which could justify the both costing method and its adoption in the real-life based company. I also had to face one more challenge in finding the supporting documents which could justify my further research and information given in the research report (Liu, & Cui, 2019).
3. Reflection on what I had learned
The individual assignment on which I worked made me learn that it is easy to work in the team. When we are doing work individually, it takes lot of time and less steps we followed to complete our research which may result to the compromise in the research report. The two costing method have been evaluated and the main thing which I learned in this research is that the adoption of the costing method is highly based on the complexities, nature of the business and process undertaken in the cost allocation program. Therefore, both costing method are rightful for the adoption but with the critical evaluation, virtue of the one costing method is justified with the intents or factors affecting the organization while adopting the particular costing method (Hada, Bărbuţă-Mişu, & Avram, 2018).