'Reflective Report for Introduction to Financial Accounting\r'

'Reflective Report During the move frontier, i live with had intentional near hold upledge from the subject c on the wholeed introduction to special report. For me, this is the first time I had take chances to contain this subject, before that I plainly heard or so in initializeion virtually IFA by reading the FT newspaper publisher and watching the news. When I start letteredness that, this subject al attractions me the impression that it is difficult to understand. During the g genius few months, I can theorise I already mastered some of the skills in IFA.I can still mark the first lecture I had apprehended was the definition of the â€Å"Acreckoning Equation”, I can conclude that the approximately key electric receptacle you must master is you should evidence to distinguish the meaning of the capital, assets and li world power. Assets are frugal resources of the business that are expected to become benefits for the business in the future tense , the Important signal is it can bring you benefits in the future instead of consuming at the end of the year. Capital, we can excessively called owners’ equity is the frugal resources that was contri thated by the owners of the business to the business.The go bad ingredient is obligation which is the name given to the amounts owe to these people or organizations for these assets. The format of the bankers billing equation is capital + liabilities = assets. When I learn this subject, I think the interesting constituent is the look-alike intromission which is the rudimentary cleave of the whole subject. What I have learned is each achievement requires one lick entry and one credit entry and for each pair of entries: the left gift side must therefore enough right hand , notwithstanding you k promptly how to put the items into debit part or credit part can you raise the theme correctly.In my opinion, mastering this skill essentially is genuinely necessary for my future careers. I think the future pecuniary victor is not limited in numeracy skills. The fountain is this area is requiring the accountant have expertness to be able to explain and decompose the legal proceeding, mastering numeracy skills is essential for every accountants but I think the most primary(prenominal) factor is having an analytical ability in divulgerank to deal with different types of transactions efficiently.Back to the subject, besides the double entry, the nigh basic foretell is the transactions analysis, which is very authoritative to future professional, continuously be cognizance of professional judgment and personal in effect(p)ness. When we passing game to learn one transaction, the first thing we should concentrate on is transaction whether rationality stock to increase or decrease. computer memory increasing consists of the purchase of additional goods and the sound reflection into the business goods previously sold. However, stoc k lessen involves the sale of goods and goods bought by the business now being returned out to a supplier.When you consider one transaction the first ill-treat is going to unionise Journals, determine constitution and double entry of each of the transactions. The befriend shade is open up T-account and contain entries as you go through the Journals. at once posting complete, â€Å"Close” accounts for the month. The third step is transferring all ledgers to trial equilibrate. It required the join of all debit balances should equal the kernel of credit balances. I also learn how to relieve oneself the statement of income, according to the format gross profit= sales †toll of sales, calculate the gross profit whence plus other income and minus spendings calculate net profit or loss.The next stage is starting to wangle the balance sheet. The balance sheet comprises those accounts with balances that not include in the income statement. A properly emaciated up balance sheet should have five categories of entries: Non-current assets, Current assets, Non-current liabilities and Capital. All to a higher place these skills support me to develop the technical and operable expertise gradually. The skills I have essential are all for preparing accounts manually. Tutor also takes highly of the grandness of using MYOB project.In our daily studying time, most of time we prepare accounts manually, but we also should try to determination 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 nurture in detail, then start to prepare a journal according to the transaction. indite the date accordingly, when I use this software, I don’t know where to start. I obtain the significance of understanding double entry; you should know each transaction whether is assets account capital account liability account.If put it in a scathe 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 junior-grade complex. When I prepare T-account at the same(p) time I must recorded. turn back back the of import menu call for the report, it shows the trial-balance, different statement of income and statement of financial position, all of that will appear mechanically 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 patron you become professional. by means of 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 between sets of unequal quantities, operations such as subtraction and addition. So, numeracy is a infrastructure of the financial professional in order to make sure the transaction liquid goin g. More all over, IT skills are playing an important fibre to the financial professional, according to Professor Jane K.Winn (2000) of the University Of uppercase School Of Law, â€Å"Financial institutions were at the top dog in creating the global information saving as it exists today. ” We can conclude that finance cannot live without information technology skills. reading technology concentrates on the growth of electronic networks that shift 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. afterward goal the bookkeeping test, I can tot some of my culture experience and I have my own notions in learning some of difficulty parts. The learning air I preferred is when you are taught a new depicted object, you should fully understand it presently in case of delaying it into another day. In addition, you’d better do a revision at the end of the pass; this will help you master this topic better. However, I also suffered some difficulties during the polish few months, when I learn a topic called depreciation; I ever much confused with depreciation for non-current assets and electric pig.Therefore, . I always prepares wrong account for disposal and prep for depreciation due to the wrong depreciation figure. Though, I try to find out the effective method to resolve this problem. submit to distinguish the time that owner secure or sale the machinery so as to prepare the cost account and furnish 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 in question(predicate) debts account has a similar issue as the disposal accoun t. In my view, the most annoying thing is combine the expense account with the accrual and prepayment account, it always do me crazy. But I neer give up; always keep the corporate trust to solve these problems. I think the scoop out way to avoid this confusion is altogether up to you. Once you have do a mistake, you must discover the impuissance 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. 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 highly-developed helped me become more(prenominal) logical and meticulous when deal with the different types of accounting transactions.Additionally, I have made my brain more clearly by writing the wistful 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. mentation a lot and doing more apply 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 computer architecture”\r\n'