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ACC00712 Business Accounting of Financial Transactions

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What am I learning in this unit and why am I learning it?
How am I learning in this unit and how am I using what I am learning?
What are my priorities as a learner in this unit?
How can I overcome my learning weaknesses and build on my strengths in this unit?
What are my greatest challenges as a learner in accounting, and why?
What different skills are needed for different components of my learning in accounting?
How can I use the feedback from my assessment tasks to improve my learning?
How are different parts of my learning connected?
How is my learning in this topic affected by my learning (or lack of learning) in earlier topics?
How well am I achieving my goals in accounting?
How can I improve my learning process?
How are my attitudes and ideas changing through the learning process?
What are my strategies for achieving my goals and ambitions, and for overcoming my identified weaknesses in learning this unit?

Answer:

1. Introduction

Business Accounting deals with systematic classification, summarising, recording of business transactions. The role of accounting in any business plays a vital role in overall business recording of financial transactions of the business (Bull 2014).

In this report I am going to discuss the various accounting concepts and terms which anyone associated with finance should know. The report will also include a self analysis on my learning and application of accounting concepts in my studies, tests, debates. The report will also reflect my future aims and dream job and how can the knowledge acquired from accounting contribute to my dream.

2. Discussions

This report will reflect my opinions on what are the different accounting concepts I need to grasp and how will this knowledge help me in my further studies as well as my future job. I am of the opinion that there are certain concepts which can be applied in day to day life which I will be discussing in paragraphs which are to come.

As per my opinion an important area of accounting which plays an important role in preparations of financial statements is Cash transactions. The cash management accounting involves preparation and recording of cash transactions which is done in either cash ledger account or cash book.


2.1 Accounting Glossary

First of all in order to understand the accounting subject, it is necessary to grasp certain concepts which are used interchangeably in accounting language. Some of the concepts are discussed below:

  1. Double entry system: This is a system used in accounting which states that every transaction has double implications. In order words it means that all transactions and adjustments should be treated or recorded twice. This one of the important principles which are followed by almost every company (Marsden and Stephen‎ 2012). For example goods sold for cash will be treated twice. The cash will be recorded in cash book and the sales will be recorded in sales book.
  2. Accounting Equations: These equations show the relationship between the three head of balance sheet. A balance sheet is a statement which shows the summation of total assets and liabilities of the company. As per the accounting equations the asset summation result is always equal to liability summation result. This happens due to double entry system of accounting. The accounting equations show

Assets = Liabilities + Equity

  1. Accounting Cycle: This refers to the period on the basis of which accounting transactions are recorded. Some transactions are long term or recurring and they need to be recorded on a yearly basis. Suppose in Australia the accounting cycle starts from 1stof July and end on 30th of June.
  2. Use of journal and ledger A/c:  In accounts the financial data of the business are recorded in Journal and ledger. The journal records transaction with narrations showing the nature of the transaction. On the other hand a ledger is concerned with recording of transaction in a way which shows more quantitative analysis.
  3. Cash Book: A cash book is a statement which records all cash transaction and it is an important tool used by businesses to measure the cash totals and list of cash transactions which a business records.
  4. Debtors and Creditors: Debtor is a person who owes money to the business. Generally an individual who buys goods or service for credit form part of debtors. On the other hand Creditor is a person to whom the business owes money. Generally the person from whom businesses purchase raw material for credit form part of credit.
  5. Inventory: This refers to the stock of good, raw materials, work in progress and finished good in the store of the company (Bandaru et al. 2015). These are either used in further production or are stored for selling them in the market.

2.2 Learning Concepts and Techniques 

The concepts which I have mentioned above are crucial for understanding overall accounting language. I am a student of accounting background and therefore most of the concepts are cleared by my teachers or text books at school. However I believe in this fast developing corporate world computer based accounting techniques are much more needed. Therefore in order to perfect my knowledge and experience I am considering taking a course on different computer based tool which are used in accounting like Tally, Bloomsberg terminal, MS Excel and other relevant software. I have a goal of working as a senior accountant professional in a finance company and therefore I need to develop these skills. The most challenging thing in a accounting profession or subject is the accuracy of the data and correct presentation of data following relevant accounting standards.  My priorities will be to acquire a vast knowledge of the relevant accounting standards which are developed and maintained by Australian Accounting Standard Board (AASB) (Leo et al 2013).

2.3 Self Evaluation and Assessment

I have been working and learning to be a senior accounting professional and maybe in some years after that head a team of accounting professionals for a well established company. I have always liked how cash transactions in a business, impacts the whole business. Financial statements like Cash flow, Cash book even Balance sheet demands accuracy and analysis. I have clear understanding that in order to achieve my goals I need to have a solid knowledge of Accounting Principles and standards. I also know the biggest obstacle in my path is my accuracy and application of logics. I believe accounting as a subject cannot be mugged up but has to be understood by continuously asking questions to ourselves, why such a journal entry happened? What will be its effect on financial reporting? I have realised in a short time there is always reason behind entry which most students tend to mug up. Therefore in order to avoid this problem I need to have a strong hold on my basics. Further I have decided and already implemented a study plan for Accounting Standards as they are basis of any rules in accounting. My objectives will be to get my accuracy right and get my basic cleared. I will also have a chance to see how much I am improving through various class tests and class assignments. I have also planned to get a part time job where I just need to manage accounts. I believe practical knowledge will get me experience and exposure and I will be handling cash and recording transactions in ledgers therefore my accuracy will improve. As I have mentioned earlier I will be learning Tally, MS Excel, Bloomsberg Terminal and other tools as well. I think I am improving and the plans which I have created for myself will definitely help me to become a knowledgeable Accounting professional.

Conclusion

I think I am on the right path of achieving my goals and I think my plan will work as I have covered all aspects. The indicating factors of my improvement will be good results in the tests which are to come and self confidence that I will be able to answer any question understanding proper logic behind them.

Reference

Bandaru, Sunith , Aslam, Tehseen , Amos, Kalyanmoy‎ 2015 Generalized higher level automated innovation with application to inventory management. Vol.243(2), pp.480-496

Bull, R.J., 2014. Accounting in business. Butterworth-Heinemann.

 Leo, K. J., Picker, Ruth, Wise, Victoria J., Clark, Kerry 2013 Understanding Australian Accounting Standards.

Marsden and Stephen J ‎ 2012‎. Understanding Accounting Principles  CCH Australia Limited.

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