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Here is my first post in this course (ACCT11059). I’m so glad if you guys have time to have look and leave any comments below the post. Thank you.
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The author states about the current scenario of the education system. The study methodology in the University is much more important for any students in real life. Now a day the formulas of accounting has become like if you memorize the facts then it would only help you to pass. The technical application in real life is missing. (Broadberry 2013). The author also emphasis that when a student of a university goes to the real life it takes a lot much of hard work to reallocate the concepts to application in accounting system.
The author mentioned that a student from a top college level have much more idea about the real application of formulas rather than an average student (Goetsch & Davis, 2014). The author made a statement about the changing education pattern for the benefits of the students. The author also states that the universities and college should be including the technical knowledge and the applications of the theories for improvement.
Business is about the adding the values to the owners, investors and customers in its life long process (Apostolou et al., 2013). The process of accounting never stops. Every accounting basic starts with the ledgers. Ledgers are basically two types of those are general ledger and subsidiary ledgers. The subsidiary ledger comes under a general ledger. Based on this ledger we can create the journals, cash book, trail balance and final accounts. The business firm is a separate entity. The business is different from the businessman. It has its own assets, liabilities and moreover it also has a separate identity. In a business we usually deal with other peoples` money which should be monitored all the time. The daily transactions of a firm provide an overview of the firm in the daily aspect. Our tax structure is the application of using GST (Carmona, Ezzamel & Gutiérrez, 2016). The GST stands for goods and service tax, where every firm has three separate books of GST. The GST receivable, GST payable and GST refundable. If the sales have been made on the Cash then it would be recorded in the cash transactions whereas if it has been taken into credit then in would be recorded in the Sales journal.
For providing a better view on the book keeping in the accounts the author has mentioned an example of Coffee Supreme. The organisation has been providing coffee to four renowned Café, those are as follows –
The Abbotsford Club.
Coffee supreme provide a window of repayment of 30-60 days, 60-90 days and more than 90 days. The book keeper has to maintain the Sales Journal, Cash Receipts Journal and also the separate book of every customer. The process shows that every payment and goods assigned has made a significant change in the accounts. If any of the payment had not made after the due date it would be treated as Bad Debt (Den Elzen et al., 2013). When the sales occur the Coffee supreme has to debit the Sales journal and the date when the payment received, they need to make an entry in the cash receipt journal. At the end of the financial year the book keeper need to create account receivable for the purpose of overview on the current balance on every customer.
Cash is treated as the bloodline of any firm where the cash decides about the duration of any firm. Every cash transactions or credit transactions has been treated very uniquely. In most cases we deal we the banks where cash has been deposited in the bank. The statement where the any firm maintains their bank transactions is known as Bank Reconciliations Statement (Allan et al., 2014). It shows the current position of the firms` account balance of the firm. Deprecation is also calculated for the fixed assets such as Buildings, Plant and Machinery. The examples have been taking here is the firms` Delivery Firm where the deprecation has been calculated. The tax structure shows that the tax has been usually calculated on the profits. Therefore, it you take the deprecations rate on fixed assets much more, you can save the cash for the business.
In conclusion we can state that firm goes on and on without any interruptions. The application of any formula is practical life is important to have a better view. The chapter of 1.4 and 2 has discussed about how the book keeping plays an important role in compare to the accounting system. The focus should be on the understanding rather than memorizing. The key terms are Journals and its types, Ledgers and its types and many more. Therefore, the author provides the importance of accountings in day to day life.
This is the excerpt for your very first post.
This is the draft step 1
Ideas, Reflections and Reactions to Reading Chapter 1 Sections 1.1 – 1.3
The section 1.1 of the chapter provides elaborations on the basic principles of accounting and bookkeeping. The author initiates the discussion by clarifying the needs for bookkeeping for the business entities. The author states that recording the economic transactions in the books is essential for keeping documentary evidence for future reference. Further, the author continues discussion by providing a list of persons who are concerned with the accounting records of a business firm. The auditor provides that individuals such as equity investors, lenders, suppliers, and the government are interested in the financial performance of a business firm. These people are commonly called users of the financial statements.
However, author does not discussion why these people needs the financial statements of a business firm. What it is the purpose that the different individuals or a group of individuals needs the financial statement? The purpose for use of the financial statements of different users is different. For instance, the equity investor would want the financial statement for judging the profitability of the company from investment perceptive, the lender will analyze the financial statement from solvency risk perspective, and the government needs financial statements for levying taxes on income. Thus, the financial statements are prepared keeping the common needs of the users and this is reason that the financial statements of a firm are termed as general purpose financial statements.
The section 1.2 of the chapter provides discussion on the type of books kept for accounting purposes along with elaborated discussion on the accounting equation. The conceptual understanding of the accounting equation is critical to understand various aspects of accounting and financial reporting. Going through the concept of accounting equation I got the clarification as to why we need double entry accounting system. The accounting equation is that the total assets are equal to the total of equity and liabilities. What does this mean? This means that there will be assets at one side and on other equity and liabilities. Thus, any economic transaction would have impact on only these three elements namely assets, equity, and liabilities. Further, I learned that two essential books namely journal and ledger are used for recording all types of economic transactions.
Further, the section 1.3 puts light on the five important elements of accounting. The accounting equation is based on three key elements of accounting such as equity, liabilities, and assets. However, in order to cover the accounting in more detail two more elements are required to be understood such as revenues and expenses. Roughly speaking earnings are revenues and outgoes are expenses. Liabilities are the sums due for payment to outsiders and assets are resources in possession of the firm. However, understanding equity is a little crucial because it is owner’s contribution in the form of cash or other assets. Thinking literally one may say that equity should be placed with assets rather than liabilities in the balance sheet. But, here comes the principles of accounting which states that owner and entity are separate of each other. This means that whatever owner contributes to the business is the liability that the business has to return over the period time.