Introduction to Accounting

Reflective Journal No.1

The Fresh Mart Project assigned to us was indeed very unique compared to my other assignments as we had a hands-on experience on performing sales and recording transactions as we were selling. It has helped me understand the accrual concept in accounting where we record transactions as activities occur and not when money is going in or out as we had pre-orders conducted during the Fresh Mart project. Preparing the worksheets and financial statements for the assignment assisted my understanding of understandability and reliability of the accounts presented. As I had to be able convey to others who read the accounts to understand and know how the business is going by looking through the accounts and knowing the information is not biased and is reliable. 

Reflective Journal No.2

As the semester is about to come to an end, I have planned out a study schedule to accommodate time to prepare for the final examination for each subject. I believe that time management is key to making sure my time is not wasted on other activities that will probably affect my final exam preparation. I have allocated about two hours for each subject and I plan to study two to three subjects a day. Also, I’ve borrowed some books from the library to help me understand and practice my knowledge in my subjects. I’ve gathered up all my tutorials and I plan on doing it all again without any reference after I’ve studied, making it seems like a mock exam. Mind-mapping is used to help me memorize and understand theories better as it is brief and I remember things better when they are coloured or designed. I plan to use My Accounting Lab as well since it marks my answers instantly which can be time-saving. In addition, I have friends who are fresh graduates from Accounting & Finance so I have also scheduled an appointment with them so that they may help me in achieving good results for Accounting in my final assessment.

I don’t want to be too over-confident or too discouraged in achieving good marks for finals but I am staying positive and optimistic as I know the chance of doing well is there if I try hard. With my plans in place, I’m hoping my hard work will come back with good results and good news.