As I was reading through the introduction and Chapter 1 of the study guide, my first thought was “what have I gotten myself into”. There seemed to be so much we had to do already, and it was only day 1 week 1! As I work full time at CQUniveristy in the Student Advice team, I spent the whole couple of weeks leading up to Term 3 advising students to get familiar with moodle, sportal, and what their unit content had be, little did I should have been checking into my studies PRIOR to the first week. This is the first unit I have been involved in where it is recommended to start 2 weeks before Week 1. I am fearing for the students who have not yet enrolled in their Term 3 unit. I felt very overwhelmed going into this unit and reading all the work and reading that had to be done. I am also nervous to learn accounting as I believe I won’t understand it and have heard it is boring, however, believe it will be useful.
Making my way through the introduction, it is comforting to know that the teaching staff are on our side and here to help. Martin and Maria use helpful tips and tricks to help us succeed in this unit. Even though I do feel very overwhelmed with everything that needs to be completed, it is helpful to have tips to refer to when in doubt with what to complete and how to complete it. Moodle is also laid out to easily read and access, however, I can get quite overwhelming and feels like you have a hundred things to do before week 1. I found it is easier when you take your time to read through moodle and also refer to the check list supplied.
Through the introduction, I felt I could relate to the quote “Don’t say you don’t have enough time. You have exactly the same number of hours per day that were given to Helen Keller, Pasteur, Michelangelo, Mother Teresa, Leonardo da Vinci, Thomas Jefferson, and Albert Einstein.” H. Jackson Brown Jr. I found this interesting and will find this useful for future studies.
I am feeling nervous to create and post on the blog through WordPress. As I have little to no experience with blogging, I will find this task challenging, especially ensuring the layout is what I am wanting as I am not very artistic. I do however, like to write short stories so this may come in handy when trying to write blog posts. I am also nervous to share the blog as I can be quite intimidating sharing the draft pieces of your work for people to criticise However, it will be useful to have feedback before submitting. I am also slightly anxious with what I will be submitting on Peerwise. What if I don’t have any high-quality questions to ask? Or have the right answers? At first, I was not sure of the point of both the blog and Peerwise but after reading through, I can now see the it is to enhance online communication skills and interactions with others and learn how to use other flatforms. Additionally, seek answers and assistance from peers within the unit.
From the introduction and chapter 1, I have already learnt there is much more to accounting than just record keeping. As I was reading my way through chapter 1, I became confused and worried that I would not be able to get my head around it. However, Maria and Martin discussing and explaining accounting, carried the belief that that it can be broken down to understand it better. I was reminding myself to look for answers on what exactly is accounting and what does it involve. It will be interesting to learn how the changing world of online communication has also affected accounting including accounting software and specifically all the software’s that are available for business’s became quite confusing. How would you know what to pick? What is the best one? Are they all the same?
It seems as if learning accounting foundations is essential for a successfully business. I am finding this study interesting but am definitely wanting to get my head around the concepts more, including what accounting really is and what it involves.
Exchanging values. I found this slightly confusing, how would this work? Would it rely solely on trust?
Trusts. I had to read this paragraph a few times for it to sink in, but I found this interesting that there are so many aspects to a business, and accounting in a solid foundation.
I find it interesting that all companies around the world use international accounting standards, and go by the same ‘rules’. Again, reading through chapter 1, it is clear understanding accounting fundamentals can really enhance business operations. I can now see the importance of accounting record keeping to understanding the operations of the business and am excited to learn how to put these records down on the spreadsheet for our own company. It will be interesting researching the business and seeing the business realities after recording the numbers.
Double-entry bookkeeping. I am enjoying reading how accounting has adapted over the years and found it especially interesting that Luca Paciolis systems that he published still include most of the aspects of accounting today. It will be thoroughly interesting to read how accounting has adapted, especially with globalisation and technology. At first, I did not understand why records needed to be entered twice, but then found understanding after reading further into chapter 1, including propriertorship. I found it slightly confusing at first to why the owner is legally separate from the firm itself and its activities. I also found it interesting how much trust is needed for double entry accounting between the firm, its owners and the bank and found it confronting how easily and quickly it could change, simply by losing that trust or obligation.
Reading through journals and ledgers – trying to understand and memorise this concept as it seems that it is fundamental to understand. I did need to read the chapters again to really understand the difference between a journal and a ledger but have concluded that financial records are entered into a firms accounts based on key ideas and concepts (jounrals and ledgers) which influences the way we view transactions.
Debits and credits. I found it interesting that debits were on the left-hand side and credits on the right-hand side. Why is this? And how did it turn into meaning increasing or decreasing of the account. I did find this section of chapter 1 confusing, including equity and liability. Reading further down in chapter 1 including the paragraph of measure of value, I found confirmation and realisation that assets, liabilities and equity are the three elements that provide a measure of the value of a firm. I am eager to read more within the study guide to fully understand the full scale of concepts and fundamentals within accounting.
Accounting equation. As I was confused with equality and liabilities, I found this section confusing to try and understand the equation that underpins accounting. I am looking forward to reading more in relation to this and am confident I will grasp this concept in the study guide.
Overall, I did find most of this chapter confusing and difficult to get my head arounds, however, I am confident that making my way through the study guide, watching the lectures and interacting with peers will enhance my knowledge and learning within accounting. I am eager to learn and have a sense of excitement to learn new thing’s but I am nervous for the challenges ahead. I am interested to see how I will learn in this unit especially as through this chapter, I have grasped that there are many forms of learning and it can be quite complex, rather than ‘acquiring further knowledge’. I hope my learning is constructive and meaningful throughout this unit and I develop further understanding throughout unit.
At first accounting did not make sense to me but have realised there are many aspects to it which I am eager to understand and enhance my learning, including understanding the ideas of accounting as ‘Ideas are powerful’. I am confident in the idea that accounting records and measures the economic and business realities of a firm which influences the view on the business.
ASS#1 Step 2
- Link to moodle profile: https://moodle.cqu.edu.au/user/profile.php?id=14379
- Link to Blog: https://accounting8.school.blog/
Claire's Blog 