There are Five questions required to answer to complete a self-reflecting report:
- In this subject, what concepts or ideas you are reflecting on?
- What aspects did you find interesting or challenging?
- Has it changed the way you think or confirmed something you know?
- What else do you need to find out? Are there any further questions?
- How will you incorporate these concepts into your future professional life?
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Accounting for decision-making subject is covered by 6 Modules each module provides different information. I remember what I learned from the beginning of this subject. I will give all the information Module wise about what I learned? and what difficulty I had? and how this help me in the future.
Module 1:
This module gives information about types of accounting, the difference between business and personal transactions, preparing financial statements, advantages and disadvantages of basic organization structures, and preparing balance sheets. This module was not more challenging as I have already done another subject called financial accounting where I had learned about this same thing. This module will help me in the future to evaluate the overall financial position and performance of an organization.
Module 2:
This module has given me information about the difference between accrual accounting and cash accounting, introduced the nature of a statement of comprehensive income and changes in equity and what are the relations between the statement of profit or loss, the balance sheet, statement of comprehensive income and statement of changes in equity. I did not feel very hard in this module. This will help me in the future to apply relevant accounting concepts in business scenarios.
Module 3
This module has given me information about nature and purpose of financial analysis, calculated and interpreted the ratio for profitability, asset efficiency, liquidity, and market performance, and taught us the analysis and interpretation of the financial statement. I find it hard to calculate the ratios in this module. This will help me in the future to explain the importance of financial formation in business decision-making.
Module 4:
This module gives information about the management of net working capital, comparison between short-term finance and long-term debt finance, Calculation and evaluation method for accounting rate of return, the payback period, net present value, and internal rate of return. The hardest part for me was to memorize all the methods of calculation. In the future, this will help me to make financing and capital investment decisions.
Module 5
This module has given me information about fixed cost, variable cost, and mixed cost. It also gives information about break-even point analysis, calculation of contribution margin and contribution margin ratio, CVP calculation, calculation of direct and indirect cost, etc. The same hard part for me is to remember the formulas. This module will help me in the future to apply costing and budgeting techniques to business decision-making.
Module 6
This module gives information about budgeting style, budgeting process, components of a master budget, budget variance important for managers, and issues related to behavioral aspects of budgeting. This module was very easy for me to learn. This module will help me to apply budgeting costing strategies to organization decision making.
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