Reflective Learning Journal 2017 S3
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| Order #: |
719246
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| Order Type: | Assignment | |||||||||||||||||||
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| Subject: | accounting | |||||||||||||||||||
| Order Topic: | lerning journal | |||||||||||||||||||
| Instruction: | please read the instructions attached to it properly and your work is to write learning journal only. essay will be done later on read all the instructions of learning journal and other material attached thanx | |||||||||||||||||||
Part 1 Reflective learning journal
Assessment criteria:
The reflective learning journal will be assessed based on the following criteria:
- You need to demonstrate critical engagement with the subject matter including (but not limited to):
- You should progressively build up an accounting glossary or list of terms used in this unit. You can provide explanations of accounting concepts in your own words.
- Progressively build up a list of definitions, equations, formulas etc. that need to be memorized and be aware of which will be helpful when recording day to day business operations.
- You can prepare a summary of the knowledge and skills you are developing from topic to topic. Your summary should demonstrate a degree of synthesis and integration rather than being just a list of points.
- You should show evidence of learning activities undertaken, demonstrating the
application of accounting principles to practice and/or reinforcement of technical
skills.
- You should demonstrate active engagement in learning experiences. This can include: self-evaluation of progressive assessment tasks completed, how you feel you could have improved your results in quizzes, and in the self-test questions, and how you plan to make best use of feedback provided for future practices.
- You can make meaningful reflections on the progressive learning experience, showing how the results of your reflection on learning in earlier topics improved your learning in later topics. Self-evaluation is designed to give you the opportunity to reflect and comment on the way you approach assessments, such as quizzes. Self-evaluations can be a critical part of your learning journey.
- Your thoughts and comments should be integrated and should be expressed clearly and concisely.
Content:
You should cover the learning materials introduced in weeks 2-6. However, you don’t have to cover every topic. You can choose to reflect on one particular topic that you are interested, such as cash management.
The topics covering in the reflective learning journal should include, but should not be limited to:
double entry accounting, accounting equation, accounting cycle, adjusted trial
balance, the use of special journals or subsidiary ledgers, sales and purchases
transactions, perpetual and periodic inventory system, inventory costing methods,
inventory valuation, internal control, cash management and budgeting, receivables
and doubtful debts management.
A list of reflective thoughts and questions:
- What am I learning in this unit and why am I learning it?
- How am I learning in this unit and how am I using what I am learning?
- What are my priorities as a learner in this unit?
- How can I overcome my learning weaknesses and build on my strengths in this unit?
- What are my greatest challenges as a learner in accounting, and why?
- What different skills are needed for different components of my learning in
accounting?
- How can I use the feedback from my assessment tasks to improve my learning?
- How are different parts of my learning connected?
- How is my learning in this topic affected by my learning (or lack of learning) in earlier topics?
- How well am I achieving my goals in accounting?
- How can I improve my learning process?
- How are my attitudes and ideas changing through the learning process?
- What are my strategies for achieving my goals and ambitions, and for overcoming my identified weaknesses in learning this unit?
Reference:
If there are any references used in the reflective learning journal, the references should
follow Harvard Referencing Style.
Submission:
- Please submit your reflective learning journal online via the link for Turnitin
assignment submission provided on the Blackboard site.
- You must use the electronic Assignment Cover Sheet provided, fill in details and then make this sheet the first page of your assignment. Do not send it as a separate document.
- The file name should include (in order) your surname and your student number. For example: ‘BParker1235456′.
- Your assignment must be submitted as a Word document. If you wish to submit in any other file format please discuss this with your lecturer before the assignment submission date.
Part 2 Essay
Objective:
The objective of this essay is to provide an understanding of the implementation of General Accepted Accounting Principles (GAAP) in financial reporting and business practices in Australia.
Assessment criteria:
The quality of this essay will be assessed based on the following criteria:
- Identify the implementation of GAAP in Australia.
- Explain why GAAP is crucial for financial reporting and business practices.
- Provide one example to illustrate the implementation of GAAP in the financial
reporting of an Australian company.
- Give one example when GAAP is not used by an Australian company and explain how this will impact on its performance from the perspective of investors.
- Use paragraphs from the Australian Conceptual Framework, AASB 101 Presentation of Financial Statements and AASB 15 Revenue from contracts with customers as guidelines to support your discussion if it is necessary.
- Demonstrate effective communication, logical presentation and integrated evaluation.
Content:
GAAP is accepted by many entities and business practices, which have set out fundamental accounting rules and principles to record and report business transactions in their accounts. GAAP provides guidelines regarding issues such as how and when assets, liabilities, income and expenses are recorded, what are the measurement and valuation methods used, and what are the requirements for disclosures of financial information.
GAAP adopted in Australian regulatory framework complies with International Financial
Reporting Standards (IFRS) and the Australian version of IFRS is prescribed by the Australian Accounting Standards Board (AASB). You can find Australian Conceptual Framework and a list of AASBs from the link of the website: http://www.aasb.gov.au/Pronouncements/Conceptualframework.
aspx and http://www.aasb.gov.au/Pronouncements/Current-standards.aspx. It is
a legal requirement for listed companies to comply with the AASB / GAAP (as per section 296 of the Corporation Act in Australia.
However, from the survey conducted by Coulton, J et al (2014), they found an increasing number of listed companies used non-GAAP in their earnings enouncement. More than 40% of the largest 500 listed companies on the Australian Stock Exchange (ASX) used at least one non-standard metric in the earnings announcement. Refer to the source:
To complete this essay, you should find a 2016/2017 annual report of a listed company on the ASX. Reserve your chosen company on the discussion board. You can’t choose the company if it has been chosen by others based on first come first serve.
You are required to answer the following 4 questions:
- Discuss how to identify an income of a company. Introduce what are the recognition and measurement requirements of incomes used by the chosen company. (150 words)
- Explain why GAAP is crucial for financial reporting and business practices in general. (250 words)
- Provide one example to illustrate the implementation of GAAP in the financial reporting of your chosen company, and explain. (250 words)
- Give one example when GAAP is not used by your chosen company. Explain how this will impact on the performance and valuation of the companies from the perspective of investors. (350 words)
Reference:
If there are any references used in the essay, the references should follow Harvard
Referencing Style.
Submission:
- Please submit your essay online via the link for Turnitin assignment
Submission, provided on the Blackboard site.
- You must use the electronic Assignment Cover Sheet provided, fill in details and then make this sheet the first page of your assignment. Do not send it as a separate document.
- The file name should include (in order) your surname and your student number. For example: ‘BParker1235456′.
- Your assignment must be submitted as a Word document. If you wish to submit in any other file format please discuss this with your lecturer before the assignment submission date.
Answer preview:
Word: 1,200