Best HI5017 Managerial Accounting Sample
Introduction
The study is going to be developed based on personal experiences that I have gathered from the given two articles.
In the context of modern era costing techniques have become most essential and familiar among the manufacturers.
This concerned study will elaborate different factors such as the most enjoyable factors, difficulties and challenges that I have found from the given peer reviewed articles.
Moreover, my research experience if it has gone well or bad will be illustrated throughout the study.
Reflection on the articles
What went well?
The article of standard costing has substantially evaluated different aspects of standard costing and why it has been adopted in most of the organizations in Dubai.
The research segment has gone well as it has enough flexibility with effective evidence from UAE, UK and Malaysia (Yasukawa et al. 2013).http://Best HI5017 Managerial Accounting Sample
In the target costing article the researcher has gone for in-depth analysis regarding various aspects and potential use of this particular technique.
The researcher has shown efficacy in critical evaluation of target costing (Yasukawa et al. 2013).http://Best HI5017 Managerial Accounting Sample
Something did not go well?
The entire interpretation and illustration of Standard Costing technique has been done over different evidences that have been collected from Dubai. Therefore there was a lack of versatility.
During the research the fundamental approach is to identify the need of TCM implementation but the research has been failed due to complexities in TCM implementation that are often faced by the organization.
Challenges
According to Rogers’s Theory the Japanese companies have been categorized as laggards as they have not shown any positive concern towards the adoption of innovation or for any further modifications (Yasukawa et al. 2013).http://Best HI5017 Managerial Accounting Sample
Certain challenges have been faced by the researcher in the context of sampling method. While conducting sampling methods it has become problematic as most of the companies of free zones are far away from the companies which are located in Dubai.
Learned Lessons
I have learned that the article of Standard costing has presented a spontaneous illustration of different aspects and dimensions of this technique/. Moreover, this costing technique has been adopted by different organizations considering its flexibility, stability and traditional practices (Yasukawa et al. 2013).http://Best HI5017 Managerial Accounting Sample
On the other hand, from the critical review of the target costing article I have come to learn that Japanese companies have made their positive approach regarding the adoption and implementation of target costing technique.
Reflection on the research experience
Factors that have enjoyed
I have found it enjoyable in the article of standard costing that different types of modern costing practices have emerged in the context of UAE such as ABC, JIT but these emergencies have failed to diminish the adaptability and familiarity of standard costing technique among the owners.
In another article the Japanese shipbuilding company has implemented TCM beforehand therefore it has become beneficial for the researcher to collect the information from them (Yasukawa et al. 2013).http://Best HI5017 Managerial Accounting Sample
Obstacles
I have found different difficulties and obstacles while critically analyzing the article. The researcher has faced several problems during the accumulation of samples. The entire research has become limited and restricted within the Dubai context due to lack of samples. It has become considered as the fundamental obstacle.
On the other hand, in the target costing article it has been found that there can be various issues in the implementation process of TCM therefore the study has addressed only those companies that have implemented target costing beforehand.
Lack of authentication in the data has become a vital obstacle (Yasukawa et al. 2013).http://Best HI5017 Managerial Accounting Sample
Insights gained
Considering the entire study that is based on Standard Costing Technique I have understood that the use of SCT is very common in different countries such as the UK, Malaysia and UAE.
I have understood that different organizations have considered this technique as the most suitable one considering its flexibility and affordability (Yasukawa et al. 2013).http://Best HI5017 Managerial Accounting Sample
I have gained an insight that Japanese Shipbuilding Company has adopted a target costing technique considering its effective use. With the help of Target Costing technique uncertainties of the business can be reduced.
Moreover, it has been understood that in most cases the implementation of target costing technique has failed due to lack of control.
Challenges that have been faced
Different challenges I have found from article 1 among them the limited knowledge and limited samples are considered as the fundamental one. During empirical presentation the researcher has failed to gather versatile and diverse information from different areas. Therefore, the experiment has become restricted within Dubai.
In Target Costing article it has been found that lack of awareness among the participants and lack of interest have become the primary issues (Yasukawa et al. 2013).http://Best HI5017 Managerial Accounting Sample
Reflection on Learned Lesson
Appropriateness of the selected costing techniques
The concept of standard costing technique has enough appropriateness and relevance as it helps different organizations to gather proper information regarding stock valuation.
Different activities and business criteria are involved in Dubai Company therefore with the help of standard costing the organizational owners become able to make effective decisions.
On the other hand, I have come to know that the implementation of target costing is equally relevant and important as it assists in accomplishing several business goals by the appropriate management of cots (Gelder’s and De, 1981).http://Best HI5017 Managerial Accounting Sample
Learned lesson from the articles
I have learned that the standard costing tool is one of the valuable techniques in the context of management accounting curriculum. Moreover, sustainability framework has helped the accountants to adopt various aspects of standard costing techniques.
I have gained knowledge regarding the use target costing in the context of Japanese Shipbuilding Company.
It has been found that the costing technique has been adopted in order to monitor information flow, resource allocation and changes in goals (Yasukawa et al. 2013).http://Best HI5017 Managerial Accounting Sample
Conclusion
I can conclude here that both of these techniques have different uses and applications. Therefore the companies have made their appropriate choice considering its various aspects.
I have illustrated my personal reflection upon these two techniques that have been used and implemented in different enterprises.
References
Gelders, L. F., and De Roose, F.,H. (1981). Determining price levels and product mix in a rolling mill: A case study. American Institute of Industrial Engineers.AIIE Transactions, 13(4), 315. Retrieved from https://search.proquest.com/docview/219683384?accountid=30552
Yasukata, K., Yoshida, E., Yamada, I. and Oura, K., 2013. A longitudinal case study of target cost management implementation at a shipbuilding company. Journal of Accounting & Organizational
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