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Reflective report - Introduction to Financial Accounting

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Reflective Report During the last term, i have had learned some knowledge from the subject called introduction to finical accounting. For me, this is the first time I had chance to learn this subject, before that I just heard some information about IFA by reading the FT newspaper and watching the news. When I start learning that, this subject gives me the impression that it is difficult to understand. During the past few months, I can 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 most important thing you must master is you should try to distinguish 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 Important point 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 contributed by the owners of the business to the business. ...read more.


The skills I have developed are all for preparing accounts manually. Tutor also takes highly of the importance of using 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. Let me indicate my feeling 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 don?t know where to start. I find 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 depreciation, 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 financial position, all of that will appear automatically in place of preparing manually. ...read more.


This 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 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 logical and meticulous when deal with the different types of accounting transactions. Additionally, I have made my brain more clearly by writing the reflective 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 International Financial Architecture" ...read more.

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