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I. RACFEST Experience/ Journey

We, the accounting students define accounting as the art of


recording, classifying, and summarizing in a significant manner and in
terms of money, transactions and events which are, in part at least of
financial character, and interpreting the results thereof. But then as I
progress my journey in accounting since 1st year college until now I
experienced Responsibility Accounting Film Festival its definition was
never be the same anymore.
The journey of My RacFest deepens my understanding and love
towards accounting. That accounting does not just revolve on a
systematic manner of recording but rather a systematic manner of
building yourself and your composure at difficult times and situations.
Joining RacFest was never been easy. It takes a lot of risks to bear
in order to achieve greater heights of return. Just like a Management
Accountant who always deals with a lot of decision making for the
betterment of the firm. I also experienced a lot of difficult in decision
making what would be beneficial to me and to my academics. If I
would join or not. Because it does not assure me of passing the subject
by joining it besides it would be costly joining. The cost will be
incurred consist of videographer fee, editor fee, food, and time. But,
just like what they always say “The higher the risk the higher the
return”. A wise saying can infer too that “Risking is always better than
regretting”. Don't get to the end of your life and regret not doing more
things or taking more risks. Go out and do what you love and what
makes you happy!

As an Accounting student, my limits have been pushed and the film


fest brings out the best in me. I was able to do things that never did I
imagine in my life that I will do. I experienced to dance, to act, to do
stunts, to sing while acting, to rush script, to write juicy stories, and to
lead people in my own ways. At the end of the journey, racfest does
not only impart knowledge to our academic mind but also imparts
memorable experiences that builds our holistic learning summoning
our other multiple intelligence such as our emotional intelligence.
Which I think is the most important intelligence in our work as future
professionals as we deal with different kinds of people and work
environment.
It was a bitter sweet ending. We may not have won the best picture
but the experience of this event was fulfilling. It is an event that I will

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always treasure. At the end of the day what I won are love, friendship,
and memories.
The whole of life is just like watching a film. Only it's as though you
always get in ten minutes after the big picture has started, and no-one
will tell you the plot, so you have to work it out all yourself from the
clues.

II. RACFest Learnings & Realizations


Filmmaking has to be one of the most tedious and involved
processes in the arts, but it is also quite explorative and allows the
artist to understand the importance of the journey over the
importance of the goal or end product. I am an avid movie watcher,
critic, and writer, so knowing about the changing film industry and the
artistic processes behind it are important to me. Over the course of
this semester, I learned what an amazing experience it is to discover
filmmaking in its entirety. Before tackling this project, I had just
delved into creative writing; I did not really understand all that goes
into making a movie, like storyboarding, for instance. The class
introduced me to these factors and forced me to experiment with
them, and I could not be happier that I did.
Certain things leave you in your life and certain things stay with
you. And that's why we're all interested in movies- those ones that
make you feel, you still think about. Because it gave you such an
emotional response, it's actually part of your emotional make-up, in a
way.
We love films because they make us feel something. They speak to
our desires, which are never small. They allow us to escape and to
dream and to gaze into the eyes that are impossibly beautiful and
huge. They fill us with longing. But also. They tell us to remember;
they remind us of life. Remember, they say, how much it hurts to have
your heart broken.
I thought the course showed me that there is a film world, this
industry that exists outside of everything else. This world consists of
festivals, comedians who bash studios, TV shows that go through
different writing processes than others, and filming that requires little
education. I learned that to be a filmmaker, one only needs to know a

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few basic things. Nevertheless, I found the assignments challenging
and made me look at things from a more technical aspect. Although it
is a Management Accounting Course, I felt like the scope of the class
revolved around ethical perspective that students had to take as being
the next generation of Accountants.
We as ACD Students our capabilities do not stock inside the four
corners of the room but rather our wings are ready to soar high and
spread our wings to become the best version of ourselves.
I am particularly proud of all the entries. All the movies deserved
to be praised and applauded. Each films show creativity and passion.
Every concept is outstanding. It seems like all of the movies are all
deserving to win. Talented and artistic were the words define us.
Everyone has talent. What's rare is the courage to follow it to the
dark places where it leads.
Talent hits a target no one else can hit. Genius hits a target no one
else can see.
The person born with a talent they are meant to use will find their
greatest happiness in using it.
Overall, I realized that more than just an exams and papers, we as
Accounting students go beyond the border and explore what we can
do. Just like in a film, you can never tell what will happen next, it is up
to you on how you will know or what certain things are you going to
do in order to surpass a scenario.
III. RACFest Recommendation to the Next Batch

To the next batch of students who will be taking Management


Accounting Part 2, the only advice that I could give is to enjoy things
while learning. Be optimistic and Godly. The journey will never be easy
but as long as you are happy and have Christ in your life, there is nothing
you cannot succeed.
Responsibility Accounting Festival is one of the most memorable
moments of my college. This would be forever cherished.
Attending class, completing homework assignments, maintaining
good grades, working a job, and trying to squeeze in a social life are all
things that need to be managed responsibly. Someone taking
Management Accounting needs to be self-motivated and self-disciplined.
Developing interpersonal skills and having the ability to develop
strong networks early on will be essential to your success in this course.

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Overall, be prepared for greater challenges. The journey will be
very difficult but fruitful.

IV. Significant Course Learnings

Managerial accounting differs greatly from financial accounting. The


financial information recorded by managerial accountants is primarily for
internal use, while financial accountants record information used by
external parties. In contrast to financial accounting, managerial
accounting does not follow generally accepted accounting principles. The
reports created by managerial accountants include performance, budget
and cost reports. The reports often focus on a particular segment within

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the organization, such as product lines or departments. Financial
accountants record information for the creation of financial statements.
The primary purpose of financial statements is to show the financial
health of the company as a whole.
Managers often make decisions that require choosing between
alternate products. For example, a manager of a manufacturing company
may need to determine the best product to manufacture to remain
profitable and the price to charge customers for the product. A major
factor in determining the price of a product is the cost related to
manufacturing the product. Managerial accountants often perform cost
analysis for certain products and divisions, which include variable and
fixed costs. The production decisions made by managers are a direct
result of information received from managerial accountants.
Forecasting and Planning
The information presented by managerial accountants is often used by
managers to forecast and plan. Managers want to know what products
are best to manufacture now, but also desire to know where they should
focus their efforts in the future. Managers use the information to develop
specific goals and strategies for the future. Planning requires that
managers align the company’s objectives with its available resources. A
manager’s ability to forecast and plan depends on the budgets developed
by accountants.
Budgets
Preparing budgets is a basic activity for managerial accountants.
Budgets express the company’s plan of action using quantitative figures.
The budgeting process allows managers to allocate resources to the most
financially needy departments, and eliminate programs and departments
that are not effectively using the resources. The disadvantage of the
budgeting process is that it can cause animosity between departments
vying for resources. The particular budgets produced by managerial
accountants depend on the needs of the organization. Common budgets
prepared include the master, sales, production, material, labor and cash
budgets.

I have learned a lot of concepts in MA2 mostly about Responsibility


Accounting and being Ethical at all times. I have valued not only the
knowledge in the computation but the story behind and the decision
needed to step up greater heights for the company.

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V. Assessment of MA2 Methods of Teaching & Examinations

The strategies for instructing of Sir Mark Launcel "Mik" Panizales


are to be sure one of the bests. I consider him as one of the most
skilful teachers I have experienced during my school years. He let his
understudies feel that he is with them while noting issues during talk
by having the arrangements composed on the glass board – which is
significant so he can examine in a similar pace as the understudies
learn. He attempts to guarantee that no understudies will be
abandoned during dialog. Along these lines of educating is one that all
educators must receive to show dynamic and drew in instructing.

In any case, in spite of the fact that Sir Mik composes the
arrangements on the load up to log jam the pacing of his discourse,
least time interim is submitted all through his talks. Insignificant time
was given to comprehend and process the subjects which is a
significant factor particularly when an evaluation will be taken after
the class exchange.

Evaluations given all through the course are undoubtedly


troublesome – just in the event that you won't plan for such. The vast
majority of the appraisals given after the exchanges are the kind of
evaluations that are not straightforwardly talked about. You should
practice your systematic and consistent abilities inside a brief period
to have the option to answer such assessments accurately. Time-
compelled appraisals it is. Subsequent to having the appraisals
remedied before the class closes, you will discover that these were too
simple to even think about committing a misstep, yet at the same time
having an off-base answer in light of missed minor subtleties.

The course was really difficult, there are times that I lost my will
and trust to myself but I was always reminded why I am here in this
course, why am I choosing to stay and how far I have been through.
Having these challenges fortify the bonds between our companions
which will make us more grounded and more brilliant later on,
particularly for the CPA Licensure Assessment.

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All in all, despite of happiness and hardships, I am steadfast ready
to fight and bring out the best in me. Simply, I learned not only in
academics, but also in being brave enough. My emotional quotience
become stronger that is vital for the future work place and licensure
examination.