Reflective Insights on Collaborative Learning in Finance

1 Groupe Assignment/Reflection Name of Student Institution Course Instructor Date

2 Groupe Assignment/Reflection Introduction According to Hussein (2018), a reflective diary serves as a mechanism for individual introspection and growth. Self-reflection is a process that enables an individual to delve more profoundly into their thoughts, emotions, and encounters in order to acquire an enhanced comprehension of oneself. The practice of maintaining a reflective diary can facilitate an individual in evaluating their personal aptitudes and limitations, establishing targets and aims, and unearthing novel perspectives that can enhance their holistic welfare (Murillo-Llorente et al., 2021). Additionally, it has the potential to monitor advancement and incentivize individuals by prompting them of accomplishments and significant points achieved. Week 1 Due to my prior study experience, I was already aware of the material addressing accounting and financial management in organizations. However, it was a bit difficult for me to fully grasp the connection between accounting and financial management and how both influence decision-making since it is a complicated subject. In this week's group report, I had the opportunity to see personally how crucial effective cooperation is to get a job done well. It was a useful lesson to have learned how collaboration, problem-solving, and open communication among team members may result in success. The lessons I took away from this experience will benefit me in my future academic work and professional endeavors by emphasizing the value of cooperation, communication, and problem-solving abilities. This experience has given me the chance to acquire those abilities, which are necessary for every successful student or professional. Additionally, it has made it

3 easier for me to comprehend how crucial cooperation and communication are to getting the job done well. Week 2: The essential components of financial statements, such as assets, liabilities, and equity (Bragg, 2018a) were already things I was acquainted with. It was a bit difficult for me to comprehend how the various parts of a financial statement relate to one another, such as how spending affects profit or loss. I looked for further information on the subject from books, articles, and online courses to deepen my understanding. These resources gave me more thorough explanations and illustrations of the structure of financial statements, the relationships between their many elements, and the financial words to be aware of. They also assisted me in finding the answers to my queries and provided me with fresh insights into the subject. My group collaborated this week to produce a report on financial statements and all of its components. We had to give assignments to each other and work together on various report parts. This opportunity allowed me to practice teamwork while also using the financial accounting material I had learned, so it was unquestionably valuable. In my future coursework and job, being able to communicate and work well with others in a team will be a vital ability. Many of the activities I do in the future will benefit greatly from my ability to comprehend and allocate duties to team members as well as effectively convey my thoughts and viewpoints. Week 3: I was previously familiar with capital budgeting, break-even analysis, financial ratios, and budgeting as accounting methods used in businesses for strategic planning, monitoring, and decision-making (Admin, 2021). I had the greatest trouble understanding the content's portion on

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4 cost analysis since it involves a complicated procedure where income and costs are measured and split down (Weller, 2016). It needed comprehension of several financial aspects of the business, which were challenging to comprehend. It is made even more difficult by the fact that the inputs utilized for cost analysis may vary greatly and are sometimes confusing. This week, my group and I collaborated to write a report on an accounting strategy. In terms of cooperation, the experience was excellent since we cooperated to provide the best result. I gained a lot of knowledge about the value of cooperation, delegation of tasks, and communication. The benefits of applying accounting principles to planning, control, and decision-making were another thing I learned. The ability to make more informed judgments and have a deeper grasp of how the business process works will come in very handy in my future studies and job, therefore learning these skills will be useful. Week 4 I already understood the importance of finance and how it related to other corporate tasks. I had a hard time grasping the subtleties of how external parties interpret financial statements and how much information can be gleaned from them. I collaborated with my group this week while we worked on our group report. We divided the job up into doable tasks, assigned roles, and provided comments on each other's work along the way. This made it possible for us to finish our job on schedule and with good organization. My education and career will benefit greatly from this experience in a variety of ways. I will learn how to work with a team more effectively and be able to manage my time and duties more effectively. Additionally, I will be able to improve my communication abilities and discover how to settle conflicts within a team. Finally, I will understand the value of correctly

5 managing projects and how to develop resources that can be utilized to support the success of the project by being able to achieve project objectives and schedules. Conclusion The main findings from this reflective journal show how important teamwork, problem- solving, communication, and resource management are for completing a task. It also serves as an example of how crucial it is to appreciate accounting concepts and how they apply to financial statements, budgeting, decision-making, and organizational planning. The journal also emphasizes the value of using communication and problem-solving abilities to work as a team and resolve disputes as they emerge via personal reflection. Overall, this reflective diary shows that people may get a competitive advantage in their future academic and professional activities by being familiar with accounting concepts and becoming skilled at working and communicating within teams.

6 References Admin (2021). What is Management Accounting and Its Functions? [online] Financials and Accounting Blog. Available at: https://www.123financials.com/insights/management- accounting/. Bragg, S. (2018a). AccountingTools . [online] AccountingTools. Available at: https://www.accountingtools.com/articles/what-are-the-elements-of-financial- statements.html . Hussein, H. (2018). Examining the Effects of Reflective Journals on Students’ Growth Mindset: A Case Study of Tertiary Level EFL Students in the United Arab Emirates. IAFOR Journal of Education , 6 (2). https://doi.org/10.22492/ije.6.2.03 Murillo-Llorente, M. T., Navarro-Martínez, O., Valle, V. I., & Pérez-Bermejo, M. (2021). Using the Reflective Journal to Improve Practical Skills Integrating Affective and Self-Critical Aspects in Impoverished International Environments. A Pilot Test. International Journal of Environmental Research and Public Health , 18 (16), 8876. https://doi.org/10.3390/ijerph18168876 Weller, J. (2016). Cost Benefit Analysis: An Expert Guide | Smartsheet . [online] Smartsheet. Available at: https://www.smartsheet.com/expert-guide-cost-benefit-analysis .

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