• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

Reflective report - Introduction to Financial Accounting

Extracts from this document...

Introduction

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.

Middle

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.

Conclusion

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.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our AS and A Level Accounting & Financial Management section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related AS and A Level Accounting & Financial Management essays

  1. Sources Of Finance

    the businesses expansion and it was unsuccessful, this means that the business has no money to fall back on and could end up being a waste of time and money spent.

  2. Accounting Revision Notes

    * Claim of the Owner (capital) Liquidation: selling of the assets of a business for cash * Claims of the creditors are settled first, then the claim of the owner. Transaction: a financial event that causes a change in financial position.

  1. Accounting case study. I am writing this report to explain the contents thats on ...

    DPP = �150/�63,600*365 = 0.86 days Creditors' payment period. The calculation for this is: creditors divided by credit purchases for year x 365 = creditor payment period in days. This ratio shows how long the business is taking to pay for good that they have brought. If this period is rising then it shows that the business is negotiating

  2. Principles of accounting

    resulting from such business activities. Revenue is recognized and recorded as earned as soon as goods are sold or whenever services are performed. The earned revenue, whether already received or not, must be accounted for under the accrual concept of accounting.

  1. A2 Business CourseWork

    Customers: Customers are one of Tesco's most important stakeholders. Without them the business would not make any money. That is why it is crucial to the business that they are happy with the business and therefore continue shopping there. Without providing the customers the products and things they want the business will go under.

  2. Profit and Loss Account

    The highest cost on my profit and loss account is wages which comes to �27,032. This figure is the lowest it can be because I am paying my staff minimum wages and I can therefore not pay them any lower.

  1. The Changing Nature of Management Accounting and the Emergence of HYBRID Accountants

    These tools were developed during this period which introduced various issues. Firstly, tasks are routine at operational levels and managerial. Secondly, the environment in which an organization operate remains with few price or demand fluctuation. Finally, there was only one purpose for the management accounting which was to help in making decisions.

  2. Sources of Finance

    Earnings are not shared by the creditors. To Tide over Emergencies: Firm is in a better position to tide over recession period and other emergencies due to no burden of rate of interest. Ability to borrow: Borrowing ability is improved if the equity capital is financed well.

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work