Question

To begin, reread the Course Learning Objectives we have covered in class which are as follows: Describe the nature and purpose of financial accounting. Record transactions and prepare financial statements (income statement, statement of owner’s equity, balance sheet) for a sole proprietorship. Implement the proper accounting procedures for a merchandising company that carries inventory. Implement the proper accounting procedures for current assets. Implement the proper accounting procedures for long-term assets. For your main discussion post, reflect on your learning throughout the course and answer the following questions: Of the above Course Learning Objectives, which has had the most and which has had the least impact on your learning? Elaborate your response. How will you apply what you have learned in this class as a foundation for learning in other courses? Explain. Do the concepts and skills learned in this class be helpful to you in your career? Describe.

Answer 1

The course learning objective which had the maximum impact on me was the recording of transactions and preparing financial statements (income statement, statement of owner’s equity, balance sheet) for a sole proprietorship. This is because the course concept augmented my notion of starting my own business and educated me on how to prepare the financial statements for the same.

The   course learning objective which had the least impact was the implementing of proper accounting procedure for a merchandising company that carries inventory. This was because of the fact that I found the topic slightly complex and difficult to comprehend compared to other topics that were not so complex in nature.

The learning from this class will serve as a good foundation and base for my learning in other courses. For instance I have now I good grip on the topic of preparing financial statements. This will now enable me to properly project financial statements for a company and value it using different valuation models in my advanced finance courses.

Yes, the skills learned in this class will be certainly helpful to my career. I intend to start my own sole proprietorship business in the area of consultancy. This I plan to start after a couple of years of work experience in the field of consultancy. The skills learned in this class will help me to manage the accounting and finances of the sole proprietorship business in an efficient and proper manner.