My name is Skye, I am 23 years old from Rockhampton, Queensland. Currently working a full-time job with a part time job on the side, while studying towards a Bachelor of Business Majoring in Marketing and Human Resources. To say I’m busy is an understatement, but there is a reason for the madness. I brought my first house when I was 20 years old and I am now motivated to find new employment with a greater work/life balance. During my limited spare time I am a major homebody.
This is only my second semester at university so I am still learning how to navigate the world of online studying. I am always open to bouncing ideas or studying with others on the same path and welcome comments on my blog, which is all about the journey of my learning from my accounting class ACCT11059.
Please find attached my draft for assignment 1 – It has been a crazy few days playing catch up but I have made it! I would like to add more detail as I feel like I have been quite vague. Not sure how everyone else is gathering their feedback, if you can complete it and send to skye.calvert@cqumail.com
2. Found Tyson’s blog though him commenting on mine and suggesting some feedback to my blog, which I then fixed. I then followed it back and was impressed by his blog. It was great, love his posts.
Unfortunately a little behind schedule, it has been a crazy few weeks trying to juggle work and study. Today I dedicated to entering in my companies information. I started to make some silly mistakes so I have called it a day on the inputting of data. I have had some trouble getting my formulas to work for all my work for some reason, so tomorrow I will check all my inputted data and check my formulas and fingers crossed! Tomorrow I plan to have a draft ready to upload.
What determines the value of a firm? Assets & liabilities determine that value of a firm. “Changes in value” in chapter one explains that firms are never standing still, and the value of the firm is forever changing. Due to business activities such as changes in the markets in which it operates and in the world around it. The realities of business are always shifting and changing and affecting the value of a firm (and the value of the interests of its equity investors) at different points in time. The value of a firm is determined and measured by a firm’s assets and liabilities.
What are the key/keys underlying accounting that is important to understand? Journals & ledgers, proprietorship, accounting equations are all vital in understanding accounting. Chapter 1, “Two Sides to Everything” section 1.3 defines all above as concepts that require understanding. Not just memorised and reproduced but to be fully understood as they underpin accounting.
When do a firms accounts provide guidance and an insight into the business activities? Chapter 1 – 1.2 Keeping Records. Discusses the importance of keeping records and states once the figures are first recorded and somewhat entered into an accounting system that is the point they will then give guidance understanding about economies and the business reality.
There is a variety of people interested in the firms accounts? True. Chapter 2 study guide states that many people are interested in how a firm performs for a variety of reasons. Although some access is restricted to outside parties.
GAAP stands for? GAAP. Generally accepted accounting principles (GAAP) are the rules of the game that accountants need to follow when preparing financial statements. They can vary from country to country and only apply when we are preparing financial statements to go to certain outside parties. They do not apply to accounting information used within a firm (management accounting). However, as we mentioned earlier, these rules will often be followed by accountants preparing accounting.
Which best describes accrual accounting? An accounting method that records revenues and expenses when they are incurred, regardless of when cash is exchanged
How many general-purpose financial statements are firms required to provide? There are four general-purpose financial statements that business is required to provide. They include balance sheet, income statement, statement of change in equity and statement of cash flow.
All financial statements and reports must follow strict guidelines as to there layout? Within reason companies are free to change the layout and names of financial statements.
The firm’s annual report is considered to be a marketing document? Yes, a firms annual report is used as a form of marketing as it represents the performance of a company. Management of a firms are looking at ways to tell a story about there firm.
London Security provides fire protection all over Europe. Boasting over 233000 customers within the United Kingdom, Belgium, the Netherlands, Austria, France, Germany, Denmark and, Luxembourg founded in 1933. As soon as I accessed the website, I investigated the company’s “about us” section to gain a better understanding of what business London Securities PTY LTD partook in. I was surprised it was fire protection and not security guards and cameras. While it may not be the most interesting company, it is not a foreign business to me, I deal with companies who perform such duties in my current workplace all the time. Their main duties include servicing fire extinguisher, hose reels and fire alarms while beginning to expand into training and employee development programs. Their corporate statement reflects its ability to recognise and adapt to the current economy. Proven by this statement. “The Group continues its evolution from being solely an extinguisher supplier to the customers’ safety partner. At the same time, the Group will continue to concentrate on its cost base to maintain profitability during the difficult economic environment.” One could assume they are adapting and looking at ways to branch out understanding the current economy. However, i guess my investigations into the firms accounting in the future will reveal the truth! Furthermore, from my research my company has a parent company, I did suspect from reading the website but it was confirmed in the annual reports of the company.
Check out the website for yourself, you will find the annual reports there too!
JUST WORKING MY ASSET OFF 