Description
Reflection PostDescribe in a paragraph form (for each prompt) your reflections.What did I learn from the course that I did not know before?What connections did I make from my studies to the workplace?How can I use the knowledge I have gained from this course in the future?Reflect on the Jesuit values and how the content you have learned in Intermediate I allows you to implement the Regis University mission as you progress through your education and career.
1 attachmentsSlide 1 of 1attachment_1attachment_1
Unformatted Attachment Preview
S. Murphree – Week 8 Reflection
Contains unread posts
Susan Murphree posted Mar 4, 2022 10:59 AM
Subscribe
Throughout the past 8 weeks, I have gained a deeper understanding of many accounting
concepts. Some of the most challenging for me were the time value of money and the project
costing/revenue recognition covered in Chapter 7. Perhaps even more valuable to me than the
actual accounting concepts learned, was the re-introduction to being in classes. It has been some
time since I last took a course and this was a great group for me to get back into the routine of
studying, managing my time and meeting deadlines. Perhaps most importantly, rediscovering my
enthusiasm for learning.
I was able to relate many of the concepts we studied to former positions that I have held. Like
many of my classmates, we have learned much of what we do daily by being “thrown into the
deep end of the pool” and figuring things out on the job. It was great to be able to put some of
the theory and understanding behind what we are doing. It also makes it easier to learn the
concepts when you can relate them to real-world experiences. I think that if I had taken this same
course prior to having any business and bookkeeping experience, I would have had a much more
difficult time comprehending them.
This course has been the re-initiation of my education, and I look forward to diving into the
remainder of my accounting courses. This gave me a solid refresher of the basic concepts and
how to apply them to multiple types of businesses, not just what I am currently involved with. I
am excited about where my expanded knowledge can take me and the new options available for
career choice.
One of the Jesuit values that speaks to me is “Unity of Mind and Heart: Our hearts and minds are
not divided; they are congruent when the whole person is educated and engaged. This speaks to
the diversity of people who go forth to set the world on fire with the Ignatian mission all across
the world.” As I progress through my educational journey, I gain a greater confidence in myself
as well as an understanding of the world around me. Although accounting as a profession is a
very “left-brained”, it is a profession that is necessary in any sort of business, non-profit or
mission. As accountants, we can involve ourselves in any business and cause that are meaningful
to us and can support the greater good of the world.
Week Eight-Soila
What did I learn from the course that I didn’t know before?
In each chapter that we covered I learnt about a lot of things, and the topics I was aware about I
got the chance to have a better understanding of it. Among all the topics we went through the ones
that I was really new to were OCI and revenue recognition, also the differences between GAAP
and IFRS that were mentioned in each chapter.
What connections did I make from my studies to the workplace?
Learning more about U.S. GAAP and IFRS it made me reflect all the times I have heard the term
IFRS in my department and try to figure out what exactly was being discussed about. When journal
entries are sent to me for processing, I now usually take some minutes to read through it and try to
picture them in T Accounts and see how each transaction is affecting the account that is being
posted to.
How can I use the knowledge I have gained from this course in the future?
Everything that I have learned in this course will be of use in my work, this will help me understand
everything that is going on around in my department and give more input within my department
and be able to help persons outside my department that needs assistance with a outage problem or
an entry done error without having to go to my boss to see what is best solution. I feel like I would
be able to assess the situation and provide my solution independently.
Reflect on the Jesuit values and how the content you have learned in Intermediate I allows
you to implement the Regis University mission as you progress through your education and
career.
I feel like the two values I can relate to is Cura Personalis and Magis. For me personal development
is very important because that is how one grow as time goes by. That is how I can improve myself
in anything I want in life that can be improvement in my personal habits, work relations or my
education. If I didn’t prioritize personal development, I don’t think I would be here pursuing my
bachelor’s. We should all value taking care of ourselves because if we don’t who will? Throughout
my lifetime I will always want to aim higher when I have accomplished a goal and would never
want to just stop and settle at some point because I think I will always need to put in work even if
it is minor things. By upholding myself and lifestyle I would be able to help others around me
when I can, to encourage positivity and encouragement to those around me too.
I enjoyed attending this class and looking forward to Intermediate II.
Soila
Soila
Week 8 – Derrick Mims
Contains unread posts
Derrick Mims posted Mar 3, 2022 8:15 PM
Subscribe
What did I learn from the course that I did not know before?
Among the many things I learned, the concept of Other Comprehensive Income
and its accumulation was a new and interesting topic for me. I have never really
considered how a company handles its own investments when reporting a value
at the end of the year. I vaguely knew about market adjustments, but the
methodology did not make sense before now.
What connections did I make from my studies to the workplace?
The handling of uncollectible debt had an immediate application for me in
working with 2021’s books at my job, since we had to write off a large
Receivable when that company went out of business. Since we are generally a
cash-sale business, I have not faced this issue before. The good news turned out
to be that the amount written off was less than the revenue we claimed for 2021
from that client. So it did not cause issue with previous years’ totals.
How can I use the knowledge I have gained from this course in the future?
I have a number of tools I will put into place immediately in my daily work. For
one, I will make sure the bank accounts get reconciled more regularly than they
are now. (I saw that as one of the methods of cash control.) We don’t have
issues with money disappearing, so far, but the more time that passes, the
messier accounts can become to fix when something is wrong.
Also, I need to be applying some of these lessons about revenue recognition, as
we do sell packages and subscriptions now and then.
Reflect on the Jesuit values and how the content you have learned in
Intermediate I allows you to implement the Regis University mission as you
progress through your education and career.
As accountants, we have opportunities for Cura Personalis, caring for people in
mind, body, and spirit. Recently, I was able to use a skill I learned in this course
to help my dad calculate what kind of life insurance annuity he would need to
purchase to secure a certain payment monthly for 20 years. I even put together a
simple spreadsheet so he could play with the numbers himself. Knowing his
target gave him some peace of mind, even if he isn’t ready yet to put that much
money aside. I would not have been able to help him with that question before
now.
less
0 Unread
Purchase answer to see full
attachment
User generated content is uploaded by users for the purposes of learning and should be used following Studypool’s honor code & terms of service.
Reviews, comments, and love from our customers and community: