Reflection Paper

1806 Words Jul 13th, 2016 8 Pages
ACC 321 Reflection Essay
After I take ACC 221 and ACC 222, this semester I decide to take ACC 321. The name of the class is intermediate financial accounting. Before I took the class, I heard the class is the most difficult class among accounting class because of there is a lot of materials to cover in very short time. There are around 15 chapters to cover in a semester so that we have to learn a chapter in a week because we have to use some classes to take the exams and quizzes. And if I want to learn this course well and get a good grade as what I did in ACC221 and ACC222. I will have to read the book, listen to the teacher carefully, do the quiz well, prepare for the exam well and finish all the homework online. It is very important to
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In chapter 3, we learned the adjusting entries in the end of an accounting period and we also kind like review the content of accounting 221 class. A lot of the materials were covered in accounting 221 class. But we also learned a few new account names such as prepaid insurance, income summary, and so on. And we also learned how to make an income statement given a trial balance and some other information, which is very useful.
In chapter 4, we learned a lot about net income, comprehensive income, other comprehensive income and accumulated comprehensive income. Comprehensive income is the sum of net income and other items that must bypass the income statement because they have not been realized. Including the items like an unrealized holding gain and loss from available for sales securities and foreign transaction gains and losses. We also learned earning management, which is “Earnings management is often defined as the planned timing of revenues, expenses, gains and losses to smooth out bumps in earnings. In most cases, earnings management is used to increase income in the current year at the expense of income in future years. For example, companies prematurely recognize sales in order to boost earnings. Earnings management can also be used to decrease current earnings in order to increase income in the future. The classic case is the use of “cookie jar” reserves, which are established…

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