Definition of a Reflective Essay on Communication Skills. Please join StudyMode to read the full document. I currently work for a company as a payroll processor for a non-profit organization; we are a very small company over 70 staff, but we take care of 200 clients with intellectual and developmental disability. If you don’t know your numbers, you don’t know the financial health of your business. Our pay comes from GMRI Inc. located in Orlando Florida because that’s where the main headquarters for Darden is. Writing Service. Our controller lasted for about one year until he passed away December 31, 2014 from heart attack, he was 80 years old. For example, a person with little bookkeeping training can use the accounting software to record vendor invoices, prepare sales invoices, etc. Brief History of Accounting The Escambia County, located in the northwestern part of the state, was established July 21, 1821 as a non-charter government when the Provisional Governor Andrew Jackson signed an ordinance making the county one of the first two counties in Florida, the other being St. Johns County (Escambia County – CARF, 2013, p.7). Accounting was born before writing or numbers existed, some 10,000 years ago, in the area known as Mesopotamia, later Persia, and today the countries of Iran and Iraq. Filed Under: Essays Tagged With: Inventory. This accounting course provided me a great opportunity to understand the various important aspects of accounting that I believe will be helpful in my future practical life. Over my 23 twelvemonth calling as a banker. In accrual basis of accounting revenues are perceived when they are earned and expenses are perceived when they are really caused to deliver income. Accounting to me is challenge as a whole; it is a good subject to learn because accounting knowledge is always in demand. Additional materials, such as the best quotations, synonyms and word definitions to make your writing easier are An assortment of people then uses this information. Unfortunately, not all boatmen were honest, and disagreements often arose about how much was shipped versus what was received at the other end. Be the best student in the classroom without stress and hassle. In this simplified form we can begin to see what the mathematician and Father of Accounting (Luca Pacioli) saw in 1494 when he codified the double-entry bookkeeping system. Help. I found out about contra accounts Sales Returns and Allowances account, Sales Discounts account, purchase returns and Allowances account and Purchase Discounts account. One of the course that we need to take in this semester is Fundamental of Accounting (ACC1201).The general public has tended to view accounting as a traditional,never-changing subject.This is not true;despite appearances,accounting is a dynamic subject.This is a very fun subject for our group members as … So he spoke of the terms  ‘Debere’ and ‘Credere’ which means  Besides that, we were able to learn how to communicate with each other during discussions. So far, I am on a good path learning the basics of accounting. This essay was submitted to us by a student in order to help you with your studies. This area contains the Tigris Euphrates river valley, a large fertile area 10,000 years ago with a large thriving population and active trading between towns and cities up and down the two rivers. Financial accounting is an important factor in any business; large or small. The same principle applies to the owners equity side. On the other hand, land improvements brief landscaping, parking lots and so on are connections to the land they have limited lives and thusly are depreciable. If you don’t know your numbers, you don’t know the financial health of your business. … Two sorts of inventory processed took after i.e. Page 1 of 7... Budgeting planning case study assignment was my second group assignment. Accounting uses a double-entry method where accountants record transactions using debits and credits to individual accounts. While learning different sort of business I become more acquainted with vital idea of accounting i.e. Adolfo Garza has a small business providing tax preparation… Financial Accounting Reflection Paper; Financial Accounting Reflection Paper. Matching rule obliges that matching of expenses and revenues to introduce a precise photo of the profitability of a business. Easy Argumentative Essay. A reflective essay is a written piece of literature that focuses on presenting and narrating a person’s experience and how it becomes an instrument towards a change of perception in life. Where as in cash basis of revenues and expenses are perceived when cash is gotten and paid separately. It is important to have knowledge of business rules in foreign territory to manage the accounting system. Therefore, I find the most difficult learning task is keeping the journals and ledgers that feed into the final product. After completing the Chapter 03, I am able to understand the adjusting processes of the financial statements for given period in light of trial balance or ledger entries. They had to ship their merchandise up and down the rivers, and that meant trusting a boatman with their goods. Accounting to me is challenge as a whole; it is a good subject to learn because accounting knowledge is always in demand. It is a way for a writer to share an important event in his/her life and how it affected him/her so that others may learn something from it. Accounting is a part of your daily life, it is not a branch of Mathematics, however, you need to be able to add, subtract, multiply and divide, otherwise, you would not know how much money you had with you, how much you would have spent or whether the change you received was correct. Adjusting entries are of two sorts deferred and gathered things. Now remember that Luca’s book in 1494 was written and published in Latin and at a time when the concept of negative numbers was not yet accepted in Europe. The degree that I’m currently pursuing is Accounting and Finance. In the wake of passing adjusting entries balanced trial balance is readied. Accounting is a profession used to make financial and business decisions. I get to Introduced to assets, liabilities, stock holders equity and imperative financial statements. Sarbanes-Oxley Act was passed. The past distinctions between bookkeeping and accounting have become blurred with the use of computers and accounting software. Basic accounting - Reflection essay Posted by : MoMo at : Thursday, 5 February 2015 0 Comments 'Basic Accounting' this subject was sounded so far and strange for me as I was a pure science student at high school and I have zero knowledge about accounting ,to be honest. And what happens next will directly lead to the invention of both writing and number systems. the business entity idea. also offered here. Consumption is the fatigue that outcomes from the physical evacuation of a piece of a natural asset. Contrast of non-profit and for profit financial statements and how legislators can make better decisions in their capacity by use of either of the two-take either side, Ask Writer For What is Chart of accounts? Accounting Cycle Paper There was once when my group and I were tasked to analyze a piece of academic writing. Now, my group mates are good friends to me as well. I and my team need to draw up a master budget for a company that has recently set up for the year 2013. Reflective Essay Name Institution Reflective Essay Working Capital Management Proper working capital management is critical in ensuring that funds are put into best use and properly utilized in day-to-day operations. Accounting analyzes, reviews, interprets, and reports financial information for the business firm. In chapter 05, I learned different imperative parts of merchandise transactions and there recording. So far, I am on a good path learning the basics of accounting. ...Governmental and Nonprofit Accounting, “State and local government is truly big business. I must admit, when I was enrolling for this semester and scrolling through the list of courses that I have left to complete my degree, Financial Accounting Theory did not jump out as one I was eager to enroll in. All have diverse merits and negative marks under distinctive situations. Analyzing the statements for specific information is common on my part, and I find myself comfortable interpreting what the statements are saying. Reflection paper Accounting to me is challenge as a whole; it is a good subject to learn because accounting knowledge is always in demand. At that time, merchants faced many of the same problems businesses face today. Accounting Reflection Paper; Accounting Reflection Paper. Reflection Paper Accounting. However, after attending the lectures and tutorials for a few weeks, I started to gain interest in this course as I learnt a lot of new things. Burdens of FIFO can be – amid continually rising prices FIFO can offer ascent to paper profits. 4.9 A chart of accounts (COA) is a 'financial organizational tool' that provides a complete listing of every account in an accounting system. Foundation in Business(CFPI). After reading the first chapter, I learned that who are the stakeholders or users of the accounting information. Reflection paper Accounting to me is challenge as a whole; it is a good subject to learn because accounting knowledge is always in demand. Mr Art Trujillo In later chapters I found out about different sort fixed assets like Property, Plant & equipment and depreciation methods like Straight-line method, units-of-production method and double-Accelerated declining-balance (DDB) method and so forth. you don’t cognize the fiscal wellness of your concern. From self-help or business growth to fiction the site offers a wide range of eBooks from independent writers. “The accounting equation is the basis upon which the double entry accounting system is... ...The formation of the debit and credit concept current ratio and debt ratio. Amid times of rising prices, FIFO makes higher net income since the costs charged to cost of goods sold are lower. This merely includes an essay that revolves around the student’s or writer’s communication skills experiences per se. We use cookies to give you the best experience possible. Download 8-page essay on "Internship as Part of My Accounting Education" (2020) ☘ … undertook an internship at the offices of a. Garza's Tax Service from August to November, 2010. Posted on July 11, 2017 by bros2qET1. Here I learned different strides of accounting cycle beginning from breaking down the transactions by looking at source documents. There total hours are added up at the end of the week and they are paid out the amount owed also through the internet, all the employees at Olive Garden are not paid through paper checks when we first start we are given Darden Debit cards where all of our checks go onto otherwise an employee can set up a direct deposit though Olive Garden as well. Your Answer is very helpful for Us Thank you a lot! If you use part of this page in your own work, you need to provide a citation, as follows: Essay Sauce, Reflective essay on my course – project management . Managerial Accounting Reflection Paper. Our team consists of Sr. Depreciation is a procedure of portion, not valuation. Reflection paper Accounting to me is challenge as a whole; it is a good subject to learn because accounting knowledge is always in demand. 706 Words 3 Pages. So something like heating and utilities is matched to the... ...Introduction to Accounting Over my twenty-three year career as a banker, I’ve always been the end user of financial information. However the cost allocation for the manufacturing overhead was explained to me as best as could be done. Accountant makes sure that she gets attendance report once a month from all the managers and enters into account system, this is how we get paid from the State, and due to clients... ...Reflection Paper Escambia County’s Comprehensive Annual Financial Report (CAFR) focuses on several factors that affect the financial statement such as local economy, long-term financial planning and major initiates, and relevant financial policies. Fiscal accounting is an of import factor in any concern ; big or little. Chapter 04 explained about use of work sheet facilitate the completion of the accounting cycle. Reflection Paper Accounting. Chapter 02 gave insights about strides in recording posting the effects of the business transactions. Luis Gomez Martinez Accounting Candice Correia May 8th, 2020 Reflection Paper During the past few months, countries around the world have taken different actions to contain the spread of COVID-19. At the beginning of the semester, I was not looking forward to this course the most. (457). These papers are meant to provide an in-depth reflection and synopsis of the work and activities you completed during your internship. Chapter 06 discusses the diverse methods of inventory accounting i.e. Since I am not in accounting department, but I do know their day to day processes or procedures since we are in one office, so we have daily interaction. ... FIFO method, LIFO method and Average cost method. ...THE ROLE OF ACCOUNTING IN BUSINESS Students looking for free, top-notch essay and term paper samples on various topics. In fact, this accounting course made me capable of establishing my own business. The 50 states and 87,000 local governments within the United States employ more than 17 million persons – almost six times the federal government civilian employment – and spend more than $1.8 trillion annually” (Freeman, Shoulders, Allision, Patton and Smith, p.32). For e.g. Accounting is the method we use to count our assets, determine our liabilities, and realize our worth. Writing and numbers would be not be invented for about another 5,000 years. This is my first reflection this second quarter. Resource records will regularly have charge balances and obligation records will typically have credit balances. 1530 Words 7 Pages. Accountant, accounts payables and account receivables. Accounting Internship Reflection Paper If you keep a track of books by new authors and love to read them, Free eBooks is the perfect platform for you. January 12, 2015 By continuing we’ll assume you’re on board with our cookie policy. I figure out how to build up internal control through control of cash receipts and cash distributions, fitting utilization of the bank checking account, readiness of the bank reconciliation, and protection of petty cash funds. I think the concept of working capital management is important to the company as it is to the chief finance officer (CFO). Despite having to worry about being appointed by my tutor to answer questions, I had funs there. Reflection Paper In Accounting 843 Words | 4 Pages. Inability to implement adequate internal controls can bring about frauds or robberies. This lesson is about Preparing Chart of accounts. The module chosen from this course is Financial Accounting and Reporting (U50035), delivered in semester two of the 2011-2012 academic year, and Financial Accounting Theory (U50081), delivered … For Natural resources rather than depreciation we utilize consumption. Billions of dollars exchange hands every day, in millions of separate business transactions. The Act was passed as one aftereffect of the huge misfortunes to the employees and investors from accounting fraud circumstances including organizations, for example, Enron and WorldCom. Records are balanced so that income statement reports fitting income or cost and to make the balance sheet report the best possible resource or risk. I’ve learned how accounting affects business and how it allows organizations to identify cash inflows and outflows. They are different assets and liabilities records utilized for recoding the exchange as a part of journal, t-records and ledger. In our accounting department our Chief financial Officer (CFO) is vacant position as of right now; we were using one of our board members as our Controller, as he has experience with our finances, he is older gentleman and he was set in his ways so sometimes our Sr. accountant and him would butt heads, because he wanted the financial reports done his way, even if the accountant would say it’s not correct way of doing accounting, still she had to do it his way. Amortization is the systematic write-off of the cost of an intangible resource for cost. Ruth Kawai For servers there is a different case, because most of our wages are made in tips our taxes are deducted from our checks, (we enter our tips we made for the day into the computer after every shift) and we only get paid $2.33 an hour so with the tax deductions most of our checks are $0 making it easier for the payroll. Accounting is an important factor in any business; large or small. Reflective essay on Accounting. These are recorded and reported on using a comprehensive set of guidelines, referred to as Generally Accepted Accounting Principles (GAAP). If you have any type of complicated requirements By clicking Send Me The Sample you agree on the. In addition, I need to give a speech in front of my classmates which made me worried and nervous since those are my weakness. Important Steps in competing accounting cycles are preparing adjusted trial balance after posting adjustment entries, Extend adjusted balances of from the Adjusted Trial Balance columns to the Income statement, Statement of retained earnings and Balance sheet. This course has helped me to comprehend numerous essential ideas of accounting. Land is considered to have an unlimited life and is in this way not depreciable. An account… Organizations ensure their benefits by different internal control procedures like – segregating employee duties, assigning specific duties to each employee, rotating employee job assignments, and using mechanical devices etc. So far, I am on a good path learning the basics of accounting.I’ve learned how accounting affects business and how it allows organizations to identify cash inflows and outflows. This knowledge is going to help me to comprehend and investigate financial statements and will empower me to take great business choices in view of accounting data. We have a complete accounting department that works as a team. the merits of FIFO methods are-(1) Easy application, (2) the expected flow of costs relates with the ordinary physical flow of goods and (3) the balance sheet sum for inventory is liable to surmise the current market and so on. Reflection on Financial Statements Essay Type of paper: Essays Subject: Accounting Words: 491 IAS 1 requires that at the minimum, any business should prepare four types of financial statements . I’ve learned how accounting affects business and how it allows organizations to identify cash inflows and outflows. I would say that mankind has always used accounting in some form, ever since realizing that the sun went down creating a day. 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