Step
6
Peer
feedback
Peer feedback is so important. I
interact with people in all sorts of ways to talk about what I’m learning in
accounting but by far the most valuable conversations are with my fellow
accounting students. Reading people’s blogs is most interesting. Danielle
Bradley’s is one of my top 3, followed by Kate Edwards and Anna Towan. I have
incorporated there insights into my own. I raised the issue of trust with
Danielle and her response highlighted how companies build trust through
internal and external controls. I also have regular discussions with Anna Towan
about simple foundational definitions such as expenses are results in the
decrease in equity from decreases in assets and increases in liabilities and
revenues are resulted from increases in equity from increases in assets and
decreases in liabilities. Conversations in class discussing the different names
of statements such as consolidation reports and comprehensive income reports
that are in fact variations of the same thing. These help cement my comprehension
of what’s happening in the financial statements and ultimately the Trial
Balance. Revenue and expenses are matched for a period of time. It all comes
down to the assumptions and judgments a company uses when thinking about the
realization of future economic benefits. After all this the very reason they
are in business.
The feedback I received helped correct
errors and improve the way I wrote this assignment. Donna Condon suggested I
expand my company background and include pictures. I really think the pictures
help tell the story. I have also taken her advice to relate to my personal
experiences. My previous company, Contact Energy, is a completely different
industry to aviation and I find it difficult to relate, on some levels;
however, the concepts are similar, the strategies are different. So I have
included some comparisons at the last minute. This has been a grueling exercise
but I do like how it is broken up into manageable size pieces, much like the
Trial Balance organizes its accounts!!!
Feedback is so valuable, I realise how
much I have learnt from others just by interacting. My excel skills have
improved as has my use of social media and my accounting skills are
dramatically improved! I think I’m starting to have some fun with accounting
and it is not such a daunting task when there are peers to support you.
Anna Towan
2591 pts.
1 week ago
·
6
Just finished a few minutes ago from the
interactive session and learned quite a few valuable things. One thing I
learned is that when we understand how our firms interconnect e.g. Balance
Sheet connecting with equity and how the financial statements interconnect,
we'll be set. I think Lois or maybe Maria pointed this out. I find this
information valuable because it has solidified my thoughts that were all over
the place like a piece of the puzzle was missing and now it's found. Also,
revenue and expenses are temporary accounts while the others such as Balance
Sheet is permanent. Which makes so much sense. Anyways, what did you learn if
you joined this morning? (2 Aug)
1 week ago
·
·
We were put on the spot in the
tutorial and asked to define an expense. I'm embarrassed to admit my mental
recollection was vague at best. So the study guide definition, which I still
constantly refer to is ‘decreases in economic benefits during the accounting
period in the form of outflows or depletions of assets or incurrences of
liabilities that result in decreases in equity'. This is all subject to
assumptions and judgement we make as to how the item is use and how the cost is
incurred. I'm constantly amazed in the little foundational building blocks we
need to have a better grasp of in order to build on.
1 week ago
Some definitions are a mouthful. Found a shorter definition,
expense: An expense is the reduction in value of an asset as it is used to
generate revenue. https://www.accountingtools.com/articles/2017/5/6/expense
1 week ago
·
·
Brilliant! Just need to remember the definitions for the
other 4 elements
1 week ago
LOL! I wonder what exam week will be like. It's been years
since sitting an exam
1 week ago
·
·
Hi Anna, I've started looking over your step 5 and left some
comments on your blog. I absolutely agree Maria's videos are wonderful. Her
latest explains the Trial Balance in great detail, I found it invaluable for
completing step 5.
Feedback
From: Donna Condon
Feedback To:
Sharon Field
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My Comments
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Step 3
Background information on company
Comments/KCQs
Discussion with others
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I really enjoyed reading your Step 3 and I
was interested to read that they an Air Craft Engine Manufacturer. I think it’s great that you discovered that
your company is part of bigger group and how they fit into the bigger
picture. I found the background
information was written well and contained some interesting information but I
thought that you could expand a little more of the background of the company
eg: When was the company foundered and
by Who? You could talk about the products your company produces or
sells. Is you company on the
Australian Stock Exchange? And you could add few pictures or photos of the
company or its products to help your peers connect with your company. These are only suggestions
I like the fact that you took the time to
read the annual report and that you were honest about things you didn’t
understand or that confused you. You
could also expend on this part by comparing this term annual report to the
company you received last term and commenting on the differences or/and you
could compare you annual reports to some of your peers company’s and have a
chat about what you and peers have found.
I liked how you have interrupted the
financial statements and how you understood that the balance sheet and
consolidate statement of changes of equity are interlinked I also loved the
way you used the extended accounting equation to work out the consolidated
statement of change of equity. I am a
visual person so I need to see it to believe and understand it
sometimes. In regards to overall
financial statements I think you could expand on them a little more eg: What
was the balance sheet telling you about the company and their performance for
the year. You could also talk about
how you had compared your statements and other peer’s financial statements
and differences you found between them.
I could not find the discussion or links to your discussions with your
peers in your document and maybe you have not updated the document with yet
and don’t forget you need to include your thoughts on whether discussing with
others either helped or hindered you.
Overall
this a step is well written and is on the way to becoming a great step
3. Well done 😊
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Step 4
The recording process
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I thought that you had executed the
recording process correctly in your excel spreadsheet and you linked your
transactions to the income statement correctly. I could find any errors so well done. I enjoyed reading how you approached this exercise
and the fact that you used your nutrimetics in the transaction as extra
income and expenses that was great. I
thought that you answered that questions well. Overall fantastic job 😊
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Step 5
Trial balance
Discussion
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You have completed this exercise but I
found it difficult to follow your spreadsheet not sure if you have deleted a
few lines so I added new work sheet showing the correct way to presentation
the information as the version you gave me had the wrong figures against the
wrong headings but overall result was correct so I believe it was an error in
formatting your spreadsheet.
I could not find your key concepts and
questions and discussions with others on step 5 so made you just forgot to
send it to me.
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Overall
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I really enjoyed reading and learning
about your company and some of you concerns with the financial
statements. I think one you have fixed
up the error in the trial balance and included the discussions with others for
both step 3 and 5 will have an excellent assignment. You should be very proud
Well done.
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Comments:
ASPIRING
ACCOUNTAHOLIC Just a blog detailing my adventures of accounting
Sharon: “A company who is responsible for the major
infrastructure of a country must have engaged in some trust building exercises.
It will be interesting how these relationships are reflected in the financial
reports.”
My Reply: “It’s funny you should mention trust as
Martin highlights what an importance concept trust is within business. So I
would agree that you are correct. Breedon have obviously taken steps to ensure
they have the trust of both the employees within their firm, such as ensuring a
high level of safety standards, as well as the broader community. This is
evident through their interactions with the community and putting into effect
mechanisms to ensure their business does not have a significant negative impact
on the wider social, environmental and economic well-being of the areas in
which they operate. Moreover, due to Breedon displaying a continual growth in
their revenue from their daily operations, as evident in their financial
reports, I believe this is highly indicative of the trust they have built both
internally and externally.”
https://katherinemcgillcqumail.wordpress.com/2017/08/09/step-3-6-the-fulham-shore-plc/
https://onetwothreeaccounting.wordpress.com/2017/07/19/step-2-draft-ready-for-feedback/#comments
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