Reflective Report for Introduction to Financial Accounting

Reflective Report During the last term, i produce had learned some knowledge from the subject called introduction to finical measureing. For me, this is the first time I had chance to learn this subject, before that I just heard some discipline about IFA by reading the FT sensitivespaper and watching the news. When I start discipline that, this subject gives me the impression that it is voiceless to understand. During the past few months, I post say I already mastered some of the skills in IFA.I can still remember the first lecture I had learned was the definition of the Accounting equation, I can conclude that the nigh important thing you must master is you should try to spy the meaning of the capital, assets and liability. Assets are economic resources of the business that are expected to bring benefits for the business in the future, the all-important(a) signal is it can bring you benefits in the future instead of consuming at the end of the year. Capital, we can also called owners equity is the economic resources that was contri onlyed by the owners of the business to the business.The last component is liability which is the name disposed(p) to the amounts owing to these people or organizations for these assets. The format of the bank billing equation is capital + liabilities = assets. When I learn this subject, I think the interesting part is the double entry which is the basic part of the whole subject. What I bring learned is individually transaction requires one debit entry and one credit entry and for each pair of entries the left hand side must therefore equal right hand , all you know how to put the items into debit part or credit part can you discipline the account correctly.In my opinion, mastering this skill essentially is very necessary for my future careers. I think the future pecuniary master is not limited in numeracy skills. The reason is this area is requiring the accountant become ability to be able to explain and analy ze the transactions, 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 contrary types of transactions efficiently.Back to the subject, withal the double entry, the next basic point is the transactions analysis, which is very significant to future professional, al vogues be consciousness of professional judgment and personal effectiveness. When we going to analyze one transaction, the first thing we should quash on is transaction whether cause stock to increase or decrease. Stock increasing consists of the purchase of special goods and the return into the business goods previously sold. However, stock decreasing involves the sale of goods and goods bought by the business now creation returned out to a supplier.When you handle one transaction the first step is going to jell Journals, desexualize nature and double entry of each of the transactions. The second step is open up T -account and post entries as you go through the Journals. Once posting complete, Close accounts for the month. The third step is transferring all ledgers to trial balance. It call for the total of all debit balances should equal the total of credit balances. I also learn how to prepare the statement of income, harmonise to the format gross clams= sales cost of sales, calculate the gross profit then plus other income and minus expenses calculate net profit or loss.The next dot is starting to prepare the balance sheet. The balance sheet comprises those accounts with balances that not included in the income statement. A right on drawn up balance sheet should have five categories of entries Non-current assets, Current assets, Non-current liabilities and Capital. All above these skills hold back me to develop the technical and functional expertise gradually. The skills I have developed are all for preparing accounts manually. school also takes highly of the importance of using MY OB project.In our day-to-day studying time, most of time we prepare accounts manually, but we also should try to use a ready reckoner package to prepare accounts. Let me indicate my olfaction when I use MYOB. When I handle one transaction I should create one computer and write related information in detail, then start to prepare a journal according to the transaction. Write the date accordingly, when I use this software, I dont know where to start. I encounter 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 done is all in vain. I ought to also prepare account for bank, purchase, sales and wear and tear, this procedure is a little complex. When I prepare T-account at the same time I must recorded. Return back the main menu select the report, it shows the trial-balance, different statement of income and statement of pecuniary position, all of that w ill appear automatically in place of preparing manually. obtain 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 amidst sets of unequal quantities, operations such as subtraction and addition. So, numeracy is a foundation of the financial professional in order to do work 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 cap School Of Law, financial institutions were at the forefront in creating the global information economy as it exists today. We can conclude that finance cannot live without information technology skills. Information technology concentr ates on the growth 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 clerking test, I can summarize some of my study experience and I have my own notions in learning some of difficulty parts. The learning style I preferred 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 confused with depreciation for non-current assets and disposal.Therefore, . I always prepares wrong account for disposal and proviso for depreciation due to the wrong depreciation figure. Though, I try to find out the effective method to puzzle out 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, finally put it into the income statement.The provision for doubtful debts account has a similar issue as the disposal account. In my view, the most techy thing is combine 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 totally up to you. Once you have made a mistake, you must come across 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.Thi s method would not only be helpful for your learning in the future, but also would bring a surprise and achievability to you. Another 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 grant 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 logical and meticulous when deal with the different types of accounting transactions.Additionally, I have made my brain more clearly by writing the inventive 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 an d future career. Reference Jane K. W (2000), University of Washington School of Law Catalytic Impact of Information Technology on the New International Financial Architecture