11 Jun W1D2
This week, you were asked to access a number of videos and websites. These are great resources to help you learn the materials this week. Consider what type of resource you find most helpful in learning new materials (videos, examples, text, etc). Then consider which topic you struggled with the most this week. Complete an online search for a new resource that will help you with that topic. For example, if you learn best from videos and you struggled with the topic double entry accounting, then complete an online search for “double entry accounting videos”. If you learn best by examples, search for “double entry accounting examples”. Select one of the items you find in your search that you found particularly helpful in learning the topic you struggled with the most and post a summary of the resource and a link to the resource.
INITIAL POST
Cite and summarize the resource.
FOLLOW UP POSTS
As you review what your peers have posted, use your critical thinking skills to respond to their interpretations and conclusions. Seek clarification for points of interest to you.
Write at least 300 words
Post at least two replies to either peers or the instructor
Write at least 150 words per reply
Laban Ongeri
After reading through this week’s slides, one area I found challenging was financial statements (specifically balance sheets). I had to dig deeper to get an understanding on financial statements and how they are prepared. I understand best when I see examples. So I had to look for a source that would give a good explanation on financial statements and give examples on how to prepare them.
The balance sheet is a reflection of an organization’s financial position at a given point in time ( Gill, Osgood, & Chatton, 2009). A balance sheet would comprise; assets, liabilities and equity. What I found very useful and fundumental to understanding the preparation of a balance sheet was the equation:
ASSETS = LIABILITIES + EQUITY
This equation is very important in that it helps one balance out the corresponding accounts. To better understand the equation, it is important to know what assets, liabilities and equity are. Assets are what the organization owns while liabilities are what the organization owes. Equity is What the shareholders own in the organization. During the preparation of a balance sheet, there are two acounts that are opened: The assets account and liabilities accounts. The assets accounts go to the left side of the balance sheet while the liabilities accounts go to the rights side. These two accounts should balance out at the end of every transaction. It is worth noting that while the balance sheet reflects the market value of a property/organization, the market value might be diffrenet from the net value. For example, a property might have gained appreciation value over time, which might not be reflected in the balance sheet. in such an case, the net value would be higher than the market value (the value reflected on the balance sheet).
References:
Gill, J. O., Osgood, W. R., & Chatton, M. (2009). Understanding financial statements: Master the tools that help you succeed (3rd ed.). Rochester, NY: Axzo Press.
Nathan Javins
https://www.youtube.com/watch?v=uZRGdSju42E
ACCOUNTING CONCEPTS | MATCHING AND ACCURAL CONCEPT
As I completed this discussion I realized that I really struggle with one-sided learning (using one median) as well as with accounting in general, so my accounting courses should be interesting ones. Although I may struggle with accounting I realized that I learn better utilizing videos with examples.
As I worked through the matching concept attempting different types of learning (i.e. videos, examples and text) I learned the best using the above link coupled with the basic text definition of the concept. Initially I struggled with just reading and looking at examples, so I transitioned into a combination concept which provided me with an instructor who showed an example and worked through the matching concept with a mock company expense report.
The link above combines the matching concept with the accrual concept. It is at times hard to understand for a novice such as myself who primarily deals with absolutes. The instructor initially discusses the differences between the two and then moves on to explain using a problem that he solves using the absolute method and solves using the matching concept. As he works through the problem it was easy to follow, explained well and for the novice well understood.
Based on what I have learned with my learning ability and how I learn best in the future I plan to use a combination approach to assist in finishing all my courses. Additionally, I plan to use YouTube as a much stronger resource and couple it with my normal educational needs to ensure that I can maximize my learning and eventually fully understand the concept of the accounting principles to create a stronger organization both managerially and financially.
Finally, as I worked through the provided resources this week I found them to be somewhat confusing due to only applying one median of learning. I found that upon completion of the reading of the materials I benefited and understood more when I coupled them with a video like the one in the link I used above.
Thanks for the insight and I look forward to this class and learning a new topic for myself.
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