I’m presently an accounting student with the ardor and zeal of being a Certified Public Accountant after of entirety of my coursework. As a platform of my professional ambition, I even have taken one Accounting Unit and presently pursuing the second one withinside an identical vicinity. The preliminary paper changed into ACC 122 which changed into quite diffused in understanding, application, and overall performance too. Though the previous unit changed into smooth in studying and application, it did now no longer assure my overall performance in Accounting II (ACC 222). As such my interplay with the 2 papers are as mentioned below;
Experience in Accounting I (ACC 122)
The contents of this area have been the number one foundation of accounting. The unit carries the principles and concepts of accounting and introduction to Financial Statements preparation. I excelled well as I was able to grasp very fast how to prepare the Income statement and Statement of Financial position, Bank reconciliation statement, etc.
In the course of my study in the unit, I was able to define most of the basic accounting terms and also give a breakdown of the contents of the Financial Statements. During my study, I was able to differentiate Incomes vs. Expenses, Assets vs. Liabilities, etc. The accounting unit concentrated on ensuring that I among the dominant class, I can be able to discuss the accounting cycle, the principles guiding it, the stakeholders and prepare some simple accounting statements. Under this unit, I learned the different types of Financial Statements presentation which are the Horizontal and vertical format.
The unit was not complicated, and as such, I was able to attain a good grade.
Experience in Accounting II (ACC 222)
Accounting II involves more of reading, internalizing and interpreting data stated as additional information in the books of accounts. Transactions that make part of this section include giving, more contents on what the Trial balance carries and explains how they are supposed to be treated. Though, am excellent in Debiting and Crediting, it took me long enough to understand some concepts of how they are treated and their alternative ways of handling the same. Through the help of Professor Carroll, I have managed to improve my grade from failing in the initial paper across to the third exam that I have achieved better credits. The Professor assisted me in quite some areas that led to my improvement. The areas we reviewed together include:
The partnership businesses is one of the specialized business where more than one partners own a firm with the sole goal of making the profit which they share the agreement on board. In this area it was hard for me to handle the liquidation (process of terminating an existing partnership) admission process of a new partner, distributing the profit made by the organization, etc.
Cash flow statements preparation and analysis is a summary that shows how cash was built and used within an organization. The area incorporating some sophisticated division of cash inflows and outflows from Investing, operating and Financing gave me difficultness. As the Professor reviewed together with me, I was able to know that changes in sources of capital be it equity or long-term debt made up the Financing section, Changes in working capital made up the operating cash flow items while changes in long-term assets made up the Investing subsection. Currently, I can state I can prepare one without the assistance of anyone.
Cost and management Accounting revolves around analyzing the prime (direct) and overhead costs in assistance of making decisions. Currently can apply different costing techniques in cost accounting such as Absorption costing, Variable costing, etc. in analyzing the costs per unit and also deploying the marginal costing and assumptions in advising the management. Were it not for the professor; I couldn’t differentiate the role of management and cost accounting and financial accounting.
Financial Statement and Ratio Analysis, among others, this is an area where I learned how to compare the performance of different years at any one point and also at the same time undertake the primary common size analysis. In the chapter, I learned different types of ratios that companies use to know the direction of the company in achieving its vision and goals. Liquidity ratio is one of the rates that I learned where it’s used to evaluate the strength of the company to meet its immediate obligations. The ratio is further broken down to cash and quick acid ratio which take different dimensions. There other ratios such as profitability, operating, etc.
Professor Carroll takes all the credit in my successful learning on how to apply the necessary accounting techniques in a more sophisticated way as portrayed in partnerships, calculation and provision of depreciation, and financial statement analysis among others. As a mark of sign off, I say Thanks, Professor as I continue pursuing my dream confidently with the guidelines you gave me.
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