Assignment Stage One (Step 1)
Aimee Seri
It’s 3pm on a Saturday afternoon and I’m sitting here a little worried and anxious about how my first week of university went. I graduated from high school last year and immediately threw myself into a whole new entire world of learning. Although I am worried, I am also excited to embark on this new adventure into the next stage of my life. I always get asked why I chose to study a Bachelor of Accounting and a Bachelor of Business and simply my answer is short and sweet “it’s what I love to do”. This wasn’t always my answer though as numbers and math just weren’t a strong point for me during high school, therefore i never thought I’d be able to excel in any field that involved it. However, I did enjoy my business and accounting subjects at school, so I decided to give it a good go and I got myself a work experience gig at one of the local accountancy firms where I come from. This led to me getting a part time job there and I have never looked back.
I’m not a very confident person especially when it comes to learning so when this first task was assigned to us, I was instantly worried. Worried about writing my KCQ completely wrong. Worried about not being smart enough and most of all worried about failing this subject. Although my nerves take over me sometimes when it comes to learning, I do put 110% into everything I do, and this will be no different.
Introduction
As I read though the introduction, I learnt a lot about the course and the expectations involved. It discussed everything that surrounds this unit and made it all a lot clearer. It taught me how to develop an understanding of my own about accounting and the unit, while also highlighting how my skills can exceed and further grow in the field of accountancy by studying this. I was still hesitant on a few matters surrounding the course such as PeerWise, setting up my own personal blog and most importantly learning how to write a KCQ. Although I’m slowly getting the gist of how to write and structure a KCQ, the PeerWise and blog still weigh on my mind. I have set up PeerWise but I’m having difficulty on how to access it again. How do I do this? While I’m also a little worried about the blog, I feel as though once I set it up and get an understanding of it, I shall be fine. However, I’m unsure of what to write in the blog once I get it set up. I really found the tips that were outlined and given to us in the introduction extremely helpful and I wrote all of them down, so I don’t forget as I feel like it will assist me in excelling in this unit. It was also useful to get a brief rundown of Moodle as I’m still getting used to it. Other than that, I feel quite confident about my understanding of the rest of the information that was written in the study guide introduction.
Chapter 1
When reading and critically evaluating chapter 1, it was evident that it really showcased what accounting is and the reality of it. This was followed by examples of everyday businesses that process accounts (nearly every business in the world) which made my eyes open a lot as I didn’t realize how many people utilize accounting. It also pointed out the main processes and systems used which allowed me to fully consider the role of accounting and how value you created in businesses to aid them in succeeding.
As mentioned previously, the reality of accounting took me by surprise. I knew it was utilized greatly in businesses, but I never knew the extent it was used too. It was fascinating to learn that businesses everywhere have accounts and need accounting work to either be done or supplied to them. After reading about the reality of it, I came to realise that it makes sense that all businesses associate with accounting as every business either purchases or sell items or services to the public therefore creating accounts for the business as either an asset, liability or equity. I found the examples both written and seen made me come to the realisation that the accounting field is extremely important to everyone especially businesses.
As for the keeping records side of things, my knowledge in this area of accounting is quite high as I have dealt with journals and ledgers since grade 10, not only in school but in my workplace. I found that self-explanatory in my eyes as I have completed many journals and ledgers. Same goes with bookkeeping information as I am classified as a bookkeeper at work and have dealt with various systems and clients which I feel has made me understand everything a little more. I also liked reading about the accounting equations and the five elements of accounting, mostly because I already knew a lot of information on them, but it was good to have a refresher.
However, I was a little confused when reading about proprietorship as I just can’t wrap my head around it at this very point. I have read through it a few times, but I think I need more explanation toward the topic. I understand the transactions side of things, but I don’t understand the underlying duality of transactions due to proprietorship. This is a topic I will need assistance with but I’m sure I will understand it as the unit goes forward.
It’s now Saturday night and I’m feeling better about everything as it seems some of my stress has disappeared knowing I have completed my first ever KCQ. I can’t wait to learn more about the subject in general and continue to further my knowledge around all aspects of accounting. I’m sure as time goes on, I will start to settle in and really absorb all the information being out in front of me. I have found that this KCQ has really helped me in understanding and developing knowledge around the course and I have taken this time to read and critically evaluate the information given to me.
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