My KCQ's regarding the Study Guide

Many of the people that I have discussed topics with in the forums find accounting so interesting and have a strong passion for the industry, I however struggled to read these chapters as I simply do not share the same love for accounting. I have to admit however, I did find some of the points in the study guide intriguing.

Chapter 1 – A Way of Viewing Business

What jumped out at me was the style of writing, it may just be me and my lack of interest for the topics however I found it was unnecessary and at times eccentric. Also, I noticed that the same point was made repeatedly, perhaps to emphasize, however I found it to frustrating more often than not. Chapter one did however force me to some extent to picture accounting as figures that tell a story as opposed to just big and boring number on a page as I thought accounting to be, a common misconception I would imagine. However now I view accounting differently, and for that I am thankful. When I was reading the paragraphs which listed numerous businesses I wanted to fall asleep, I found it to be over the top and I think that an emphasis on a small number of companies may have been more effective and engaging.

The information from ‘Two sides to everything’ and onwards I found to be useful, and while it was still quite dry to read to my liking, I understood the information and it started to blur together for me from this point onwards. The main thing I took away from this chapter was the thought that how a company could either build the value of their company or totally diminish it by making the wrong changes in investments or sales in the right or wrong sector.

 Chapter 3 – Introducing Financial Statements

I made a connection with the party scenario and my company’s financial statements; it was daunting and intimidating at first. I had no idea about the company or financial reports and this made it hard to share my work in the forums as I knew most people would have at some background information about this part of accounting… As time went on though, I stated to feel more comfortable both with my reports and discussing in the forums.

I found chapter three to be easier to follow to a certain extent, which in my opinion goes a long way to making the content easier to comprehend and to follow in your head. ‘Trust Relationship in Business’ I found very helpful in regards to step 3 of the assignment task when I was inputting my financial statements. This part of the study guide just clicked with me and I was able to follow the process of my company’s reports to a more effective degree with I loved.

Conclusion

The study guide has reinforced the concept of accounting being about more than just numbers and the fact that, based on these numbers, companies make decisions about how to further their profit, or possibly hinder their profit. I have found that in accounting their isn’t one set way you must operate, the same outcome can be reach through a number of different scenarios depending on the company and how they approach them.