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MB222 Business Project

Assessment 1 Part C – Census Data and Individual Expertise

Favourite Subjects
Subject 1
Name the subject and say why it is a ‘favourite’ for you (interesting, fun, good results, challenging, etc).
Subject 2
Name the subject and say why it is a ‘favourite’ for you (interesting, fun, good results, challenging, etc).
Subject 3
Name the subject and say why it is a ‘favourite’ for you (interesting, fun, good results, challenging, etc).

Answer

Favourite Subjects

Subject 1 – Managerial Accounting

Managerial accounting stands out as a subject that I genuinely enjoy due to its blend of practical application, problem resolution, and strategic determinations. It intrigues me as it delivers a deep dive into the fiscal facets of business operations, encompassing cost scrutiny, budgetary planning, and performance appraisal (Jiambalvo, 2019).Moreover, managerial accounting yields tangible results by improving efficiency, reducing costs, and maximizing profits, which makes it highly rewarding and fulfilling.

Subject 2- Financial Accounting and Reporting

Financial accounting and reporting is my favorite subjects because of its fundamental role in providing a clear and accurate picture of a company’s financial health. I find it interesting because it involves understanding and applying accounting principles, recording financial transactions, and preparing financial statements (Schroeder, Clark, and Cathey, 2022). The subject is rewarding as it enables me to analyze and interpret financial information, facilitating informed decision-making and ensuring transparency in business operations.

Subject 3- Analytical and Statistical Techniques

Analytical and statistical techniques rank high on my list of preferred subjects due to their practical value and their power to unveil crucial data-driven understandings. It captivates my interest as it provides me with the resources to efficiently scrutinize and decode data, fostering enlightened decision-making (Achen, 2021). The subject entices me as it grants the opportunity to delve into data intricacies, tracing patterns, discerning trends, and identifying relationships within complex datasets. It can be challenging but the gratification of extracting substantial insights invariably outweighs the exertion.

Census Data

Data 1: Managerial accounting

Title: Australian System of National Accounts

The provided information offers a detailed roadmap to the Australian System of National Accounts (ASNA), encapsulating essential concepts, definitions, sources of data, methodologies, and the precision of the national accounts (Abs.gov.au, 2021).

Summary – This publication illuminates the procedures of calculating, classifying, and collating economic transactions, incorporating GDP, flow accounts, input-output matrices, supply and use diagrams, ancillary accounts, region-centric estimates, balance statements, and productivity assessments.

Recommendation – One pivotal subject pertinent to advising a corporation is the notion of GDP and its computation. GDP serves as a critical metric of economic health and enables firms to evaluate the macroeconomic wellness and expansion. By discerning the elements of GDP and inspecting its trajectories, an enterprise can make data-driven judgments concerning market prospects, investment blueprints, and resource distribution. This allows them to synchronize their business schemes with the wider economic environment and modify their procedures in response.

Data 2:  Financial accounting and reporting

Title: Household final consumption expenditure

The census data elaborates on the term “household final consumption expenditure,” which denotes the aggregate sum spent by resident households on commodities and services intended for their direct consumption (Abs.gov.au, 2021).

Summary: Household final consumption expenditure encapsulates a variety of expenditure types, including income received in kind by employees, products crafted by households for self-consumption, service charges for interest payments, premiums rendered for insurance and pension fund services, and the hypothetical value of services proffered by owner-occupied residences.

Recommendations– This data can be used to advise a company about the importance of understanding consumer spending patterns and preferences. By analyzing household final consumption expenditure data, a company can gain insights into consumer behavior and make informed decisions regarding product offerings, marketing strategies, and pricing strategies to align with consumer demands and maximize profitability.

Data 3: Analytical and statistical techniques

Title: Australian System of National Accounts: Concepts, Sources and Methods, 2021 financial year

The information gives a snapshot of the Australian System of National Accounts (ASNA), which includes an exhaustive array of economic metrics such as income accounts, capital accounts, financial accounts, and balance sheets (Abs.gov.au, 2021).

Summary: ASNA accounts delve into diverse facets of the economy, ranging from production, income generation, consumption, asset and liability accumulation, to financial transactions. They supply a framework for comprehending the operation and progression of the Australian economy.

Recommendations-This data could be harnessed to advise a company on macroeconomic patterns and markers. By scrutinizing the ASNA data, a firm can extract knowledge about the overarching economic environment, customer expenditure habits, investment tendencies, and fiscal stability.

References

Abs.gov.au., 2021 Chapter  4 Institutional units and sectors Available from https://www.abs.gov.au/statistics/detailed-methodology-information/concepts-sources-methods/australian-system-national-accounts-concepts-sources-and-methods/2020-21/chapter-4-institutional-units-and-sectors  (Accessed :5 July, 2023)

Abs.gov.au, 2021 Chapter 7 Annual Benchmarks and quarterly estimates Available from https://www.abs.gov.au/statistics/detailed-methodology-information/concepts-sources-methods/australian-system-national-accounts-concepts-sources-and-methods/2020-21/chapter-7-annual-benchmarks-and-quarterly-estimates  (Accessed :5 July, 2023)

Abs.gov.au. ,2021 Chapter 10 Gross Domestic Product Available from https://www.abs.gov.au/statistics/detailed-methodology-information/concepts-sources-methods/australian-system-national-accounts-concepts-sources-and-methods/2020-21/chapter-10-gross-domestic-product-expenditure-approach-gdpe/household-final-consumption-expenditure/adjustments  (Accessed :5 July, 2023)

Achen, C. H., 2021. The statistical analysis of quasi-experiments. University of California Press.

Jiambalvo, J. , 2019. Managerial accounting. John Wiley & Sons.

Schroeder, R. G., Clark, M. W., and Cathey, J. M., 2022. Financial accounting theory and analysis: text and cases. John Wiley & Sons.

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