Journal articles
Introduction
The reflective journal consists of the overall experience of the assignment based on the managerial accounting system. The two accounting systems that are focused on the job are the standard costing system and the target costing system. The overall knowledge, insights, difficulties, opportunities, and research experience is mentioned in the reflective journal.
Journal articles
I have selected two journal articles for management accounting. The two peer-reviewed journal articles emphasized the target costing system and standard costing system used by real-life companies. While choosing the topic, I planned the significant aspects of choosing an item for a relevant company. Selecting journal articles was the major problem because I had to choose the recent report that provided the overall concept as demanded in the assignment. The peer-reviewed journal article needed planning, research, and analyzing the topic, which later on became an easy task. I was aware of the target costing technique and standard costing technique used in the accounting system. The interest and knowledge about the accounting system helped me to complete the assignment. However, it was challenging to select one topic with real-life company examples, but later on, while understanding the problem, things were easy. The overall time was spend on choosing the journal articles, which seemed to be the most challenging task comparing to research and analysis. The journal articles were selected from a recent collection of essays that provided the latest information related to target costing and standard costing techniques. I had to relax and focus on the selection of journal articles, which was an essential task for me.
After selecting the two peers reviewed journal articles, I was at ease and focused on presenting the best assignment. The selection process helped me to learn how to choose a journal article that represents the real-life company example. I can now easily select any topic criteria with specific requirements. The selection of journal articles has helped me to focus on all the needs and present the best for research analysis. This will even help me in my career, as there are case study analysis and techniques that are expected to incorporate.
Research experience
The research experience was enjoyable as there were challenges and opportunities that I faced in research analysis. The experience of selecting journal articles was challenging, while the overall experience of research was satisfactory as there are significant aspects of growth that I learned from the study. I enjoyed learning two costing techniques in detail and how the costing techniques are applied in real life. The learning process was exciting and was enjoyable at the same time. I had learned two costing techniques in detail while presenting the two journal articles for the topics. The overall research analysis emphasized two costing systems and two journal articles in detail. I have provided the features of standard costing in which I learned that a conventional costing system is a technique that helps in planning, control, and budgeting. A standard costing system helps in estimating the cost of a product while setting a particular standard and price of a product. An accurate budget is expected while working on a standard costing system. Then gradually, I worked on the relevance of standard costing based on a journal article that I selected. I compared the standard costing system and target costing system. I recommended using a target costing system for planning purposes and conventional costing systems for controlling the cost of the product.
I have gained lessons regarding the use of standard costing system and target costing system for an organization. My learning experience was enjoyable, and there were no such serious issues regarding analysis and research. I have gained knowledge of how to implement an accounting system in an organization while focusing on planning and control measures.
Learning outcomes and relevance of costing techniques
From the individual assignment, I have learned how to present an appointment while selecting the journal articles that best suit the requirements that are mentioned to complete the assignment. I had the necessary knowledge about the accounting systems, but after completing the task, I have gained experience and interest in the accounting system topics and how to apply the accounting system in an organization. I have even mentioned the two costing techniques that are very useful in business. Standard costing system and target costing system are analyzed while comparing both the methods in the assignment. First of all, I provided the relevance of the costing system that ensured the planning and control process in the business. I have learned the connection of two costing systems, which helped me to calculate the overhead expenses and provide an excel spreadsheet analysis. The importance of standard costing and the application of standard costing system in Faith’s country Primitives is analyzed. While the target costing system focused on price determination with the new costing technique for a new product. The importance of target costing is to focus on new product pricing techniques majorly.
Using the target costing system, I have addressed specifications and the importance of a new product and its pricing technique. Therefore while applying the goal costing system in a real-life company, SC International, the original product cost has been addressed based on targeted product and price. This was the best experience in managerial accounting assignment as I had to work from the beginning, gain knowledge about the topics, select peer-reviewed articles, and execute learning and analysis. I have learned how to choose the material, work on requirements, focus on evaluation, and gain knowledge in detail about accounting systems.
Conclusion
The reflective journal proposed the learning outcomes from the assignment. The reflective journal presents two journal articles based on the accounting system. The two accounting systems that were analyzed are the standard costing system and the target costing system. The comparison, relevance, and application of the two costing systems are addressed in the reflective journal.