Reflective Report for Introduction to Financial Accounting

1527 Words Dec 10th, 2012 7 Pages
Reflective Report
During the last term, i have had learned some knowledge from the subject called introduction to finical accounting. For me, this is the first time I had chance to learn this subject, before that I just heard some information about IFA by reading the FT newspaper and watching the news. When I start learning that, this subject gives me the impression that it is difficult to understand. During the past few months, I can say I already mastered some of the skills in IFA. I can still remember the first lecture I had learned was the definition of the “Accounting Equation”, I can conclude that the most important thing you must master is you should try to distinguish the meaning of the capital, assets and liability. Assets are
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When I handle one transaction I should create one computer and write related information in detail, then start to prepare a journal according to the transaction. Write the date accordingly, when I use this software, I don’t know where to start. I find the significance of understanding double entry; you should know each transaction whether is assets account capital account liability account. If put it in a wrong entry, what we have done is all in vain. I ought to also prepare account for bank, purchase, sales and depreciation, this procedure is a little complex. When I prepare T-account at the same time I must recorded. Return back the main menu select the report, it shows the trial-balance, different statement of income and statement of financial position, all of that will appear automatically in place of preparing manually. Have ability to good use of MYOB project is very necessary, which will avoid existing of errors so as to save time and help you become professional.
Through MYOB project and prepare account manually, I am aware of the importance of numeracy skills to a future financial professional. Numeracy skill means have ability of counting correctly, distinguishing between sets of unequal quantities, operations such as subtraction and addition. So, numeracy is a foundation of the financial professional in order to make sure the transaction smooth going. Moreover, IT skills are playing an important role to the financial
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