Reflective Report for Introduction to Financial Accounting

Reflective Report During the break term, i work had knowing some knowledge from the subject called demonstration to finical nameing. For me, this is the low gear era I had chance to learn this subject, originally that I just heard some information about IFA by reading the FT newspaper and watching the news. When I start training that, this subject gives me the impression that it is difficult to understand. During the past a couple of(prenominal) months, I rat say I already police captained some of the skills in IFA.I brush aside still remember the first lecture I had learned was the rendering of the Accounting Equation, I can conclude that the most authorized thing you must(prenominal) master is you should try to distinguish the meaning of the groovy, assets and li capability. Assets be stinting resources of the business that are expected to bring benefits for the business in the in store(predicate), the Important halt is it can bring you benefits in the coming(p renominal) quite of consuming at the end of the socio-economic class. Capital, we can too called owners equity is the economic resources that was contri much overed by the owners of the business to the business.The last comp iodinnt is liability which is the name minded(p) to the amounts owing to these people or organizations for these assets. The format of the accounting equation is capital + liabilities = assets. When I learn this subject, I think the interesting part is the figure of speech entry which is the basic part of the whole subject. What I have learned is each work requires one debit entry and one belief entry and for each pair of entries the left hand side must therefore equal right hand , only you know how to limit the items into debit part or credit part can you take a crap the account correctly.In my opinion, mastering this skill essentially is very necessary for my future tense careers. I think the future pecuniary professional is not special(a) in nu meracy skills. The reason is this area is requiring the accountant have ability to be able to explain and analyze the acts, mastering numeracy skills is essential for every accountants but I think the most important factor is having an analytical ability in order to deal with different types of transactions efficiently.Back to the subject, besides the stunt man entry, the adjacent basic point is the transactions analysis, which is very significant to future professional, always be awareness of professional judgment and personal effectiveness. When we passing game to analyze one transaction, the first thing we should concentrate on is transaction whether cause stock to increase or decrease. Stock change magnitude consists of the secure of additional severes and the return into the business goods previously sold. However, stock decreasing involves the change of goods and goods bought by the business now being returned out to a supplier.When you like one transaction the first step is going to deck up Journals, restrict nature and ternary entry of each of the transactions. The second step is forthright up T-account and post entries as you go through the Journals. Once eyeshade complete, Close accounts for the month. The third step is transferring all ledgers to trial dimension. It required the essence of all debit balances should equal the total of credit balances. I too learn how to civilise the statement of income, correspond to the format gross lettuce= gross revenue cost of sales, calculate the gross profit then electropositive other income and minus expenses calculate net profit or loss.The next stage is starting to prepare the balance sheet. The balance sheet comprises those accounts with balances that not included in the income statement. A properly drawn up balance sheet should have five categories of entries Non-current assets, Current assets, Non-current liabilities and Capital. All above these skills persist me to develop the tech nical and functional expertise gradually. The skills I have real are all for preparing accounts manually. Tutor also takes highly of the importance of development MYOB project.In our day-to-day studying time, most of time we prepare accounts manually, but we also should try to use a computer package to prepare accounts. permit me indicate my feeling when I use MYOB. When I handle one transaction I should create one computer and write relate information in detail, then start to prepare a daybook according to the transaction. Write the date accordingly, when I use this software, I gullt know where to start. I abide by the significance of understanding double entry you should know each transaction whether is assets account capital account liability account.If put it in a wrong entry, what we have do is all in vain. I ought to also prepare account for bank, purchase, sales and depreciation, this procedure is a little complex. When I prepare T-account at the same(p) time I must r ecorded. Return back the main card select the report, it shows the trial-balance, different statement of income and statement of financial position, all of that forget appear automatically in place of preparing manually. Have ability to good use of MYOB project is very necessary, which will avoid existing of errors so as to save time and help you become professional.Through MYOB project and prepare account manually, I am aware of the importance of numeracy skills to a future financial professional. Numeracy skill means have ability of counting correctly, distinguishing mingled with sets of unequal quantities, operations such as subtraction and addition. So, numeracy is a intro of the financial professional in order to make sure the transaction smooth going. Moreover, IT skills are playing an important role to the financial professional, according to Professor Jane K.Winn (2000) of the University Of Washington School Of constabulary, Financial institutions were at the forefront in creating the global information economy as it exists today. We can conclude that pay cannot live without information technology skills. Information technology concentrates on the produce of electronic networks that exchange information. The reason why IT is so important for financial professional is that all financial transactions contain the exchange of information, the increasing popularity of online finance accorded with advances in IT fields.After finishing the bookkeeping test, I can add some of my learning experience and I have my own notions in learning some of difficulty parts. The learning style I like is when you are taught a new topic, you should fully understand it immediately in case of delaying it into another day. In addition, youd better do a revision at the end of the weekend this will help you master this topic better. However, I also suffered some difficulties during the last few months, when I learn a topic called depreciation I always complicated with d epreciation for non-current assets and disposal.Therefore, . I always prepares wrong account for disposal and homework for depreciation due to the wrong depreciation figure. Though, I try to find out the effective method to sour this problem. Try to distinguish the time that owner buy or sale the machinery so as to prepare the cost account and provision for depreciation account properly. The core point is loss/profit on disposal that will always ignored. I always remind myself to balance the disposal account as the first step, after that working out the loss/profit on disposal, in the long run put it into the income statement.The provision for doubtful debts account has a similar reward as the disposal account. In my view, the most annoying thing is reliance the expense account with the accrual and prepayment account, it always made me crazy. But I never give up always keep the faith to solve these problems. I think the best way to avoid this confusion is solely up to you. Onc e you have made a mistake, you must issue the weakness of this part and try your best to solve this problem so that you will never make the same mistake over and over again.This method would not only be helpful for your learning in the future, but also would bring a surprise and achievability to you. some other main point is being awareness of cooperation. Through discussing with your friends, you can also easy to find the solution. My tutor helps me a lot during the last few months as well. He told me how to analyze the workshop questions step by step. When I was in trouble, he inspires me a lot and helps me to solve the problems. As the year progresses, I changed a lot. Those skills I have developed helped me become more than logical and meticulous when deal with the different types of accounting transactions.Additionally, I have made my brain more clearly by writing the musing report. I can reflect on what I have learnt last term and which parts should I improve? After doing my learning experience, I find an effective way to prepare accounts and analyze transactions. Thinking a lot and doing more exercise will also bring me more benefits for my exam and future career. Reference Jane K. W (2000), University of Washington School of Law Catalytic Impact of Information Technology on the New world-wide Financial Architecture