ACCT11059 - ACCOUNTING, LEARNING AND ONLINE …



ACCT11059 - ACCOUNTING, LEARNING AND ONLINE COMMUNICATIONAssignment 1 - Step 2 to 6STEP 2 – MOODLE AND PERSONAL BLOGMoodle: Blog: 3 – MY COMPANYGooch & Housego“Enabling Photonic Technologies”Initial ImpressionMy initial thought of allocation of my company was like wow! Never heard of this company obviously had to be from overseas judging by the last names that make up the company name? Obviously then it was no surprise that the currency the firm trades in was not AUD but in British pounds? A currency I am not all too familiar with during my work experience. Another major concern was the fact that the company specialises in Science (a subject I had not touch based on since High School). I must say I was overwhelmed by this point as not only did I have to learn how to understand financial statements in a different currency other than AUD or USD. I then had to try to understand as best possible what the company represents in a science form with many scientific terms. After navigating my way around the website I did however find the website developers/marketing team were smart in having a back drop of many appealing scientific themed graphics. Did help also that the financial highlights within the annual reports were highlighted within hexagons to keep my eyes intrigued and read on. Not your average dot points or tables. I dare say Marketing have done well to lure current, future investors and most importantly maintain their employees interest in financials, to assist in maintaining the successful growth of the business.My FirmFounded in 1948 in Ilminster, United Kingdom by Archie Gooch and Leslie Housego. The foundation of the company is based upon research and manufacturing of photonic technologies. At current the firm has a total of 8 manufacturing sites across the UK and USA as per listed locations below:United Kingdom (UK)IllminsterGlenrothesTorquayUnited States of America (USA)CaliforniaFloridaMassachusettsOhioThe clientele/customers range from the sectors below:Aerospace and DefenceIndustrial Life Sciences Scientific ResearchThe products the firm produce are the following:Acousto opticsCrystal opticsElectro opticsFibre Optics Precision OpticsThe link below explain further details of what each product is used for as well as videos of employee feedback. awards and participation and ongoing participation of programs and project I found were further key factors of the firm’s continuation of financial growth. Made me think the company maintains the goal of global not just national but global awareness of the company’s existence in a positive and profitable way. ReportsThe company has been successful in operating sales offices further across the globe in France, Germany, Hong Kong, Japan and Singapore. With such global representation amongst multiple continents, it is no surprise that the firm has had been listed on the London Stock Exchange since 1997. The founders of Gooch and Housego have struck gold after commencing business back in 1948 as at present the company appears to be running at a profit producing high revenue dividend returns to shareholders.Major financial revenues were reported from the last three annual reports below. As you can clearly see the company continues to grow financial success within the photonic technology industry. = $78.7 million pounds2016 = $86.1 million pounds2017 = 112.0 million poundsI found it interesting that the dividend shares were also positive for long term and interested shareholders.2015 = 8.2 pence per share2016 = 9.0 pence per share2017 = 10.2 pence per shareChallenges and ResolutionsLike most large successful organisations customer demand is high. Gooch and Housego in the early days made use of the limited technology since commencing business back in the 1940's. Most customer service information was paper based. Over time as technology has highly developed and improved, the firm has successfully developed and maintained a centralised computer system to access customer history instantly. This has created decreased customer wait time to have services provided in full. Customers would be then likely to return and not source elsewhere in future. ThoughtsI must say I quite enjoyed entering Gooch and Housego PLC’s Financial Statements.I was tricked though, whilst entering the 2017 Income Statement as the Firm’s Accounting Policies must have changed in 2017. I soon found the operating profit totals were reported before income tax expense from 2014-2016. The 2017 operating profit totals were reported after income tax expense. All balanced in the end! I was glad!Just goes to show thorough analysis and efficiency in data entry is a key factor in Accounting 100%.I was happy though in the end I had been allocated this Firm, Gooch and Housego PLC as they continue to market their company well within their Annual Reports. The company continues to grow successfully year by year as anyone can clearly see the profits continue to grow on an annual basis.STEP 4 – FINANCIAL STATEMENTS 5 – IDEAS, REFLECTIONS AND REACTIONS TO CHAPTER 2 AND 3I had read chapter 2 and 3 before and after entering my company’s Financial Statements. After the first read I was eager to read on as I found Martin’s sentences throughout the study guide flowing enough to keep me intrigued. The chapters balanced out the important facts and history of Accounting and tied them into up to date scenarios of understanding my introduction to the Accounting world. I am thankful the chapters weren’t just a read about the history and why Accounting is important for all business’s big small. The fact that even Facebook and going to parties was mentioned made me want to read on more and enabled me to let the information given sink in.Chapter 2 “understanding the game” really has given me insight on how people have climbed the corporate ladder to management or leadership positions within my workplace. I’ve worked with people that have moved into higher positions with that “fake it until you make it” attitude. The thing is I’ve now learned these people within the company will only be able to climb the corporate ladder so far. In order to climb the corporate ladder I’ve since learned from Martin’s teachings that gaining a Bachelor of Accounting degree isn’t the end of studying a higher education. If I wish to onto an ultimate goal of one day becoming a Director of an organisation, then it would be crucial to further study and become a “Certified Practicing Accountant” through the CPA organisation. After all it does now make a lot of sense to me as to the how and why people have reached to these levels within large firms. They would’ve had to 100% justify their existence within the company and display a high level of experience and knowledge of the national or global Accounting standards for the company to further grow financial success. At tough times within any given time within the economy, how does the company fight back to produce profit and recover from reporting an annual loss?When I initially reviewed my company Gooch and Housego’s annual reports my first thought was how professional the layout of the report was put together for the reader. I found my firm’s reports and financial statements were not boring at all to read as not only the graphics and pictures kept my eyes wanting to read on, the fact that the report also displayed straight to the point financial highlights. If I was a potential investor, it would definitely catch my eye and wishing to read on as the company is already showing me they are boasting about their continued success. As I read onto the financial statements I wondered “how do the Accountants know how and why to report particular financial figures”. I then felt relief that terms such as equity, income, liabilities, revenue and profit just to name a few were all mentioned within the statements and how they all tied in with one another. Why do the statements need to be laid out the way they are for the reader? After reviewing Martin’s study guide it made perfect sense then that there have been Accounting boards and organisations around for over 30 plus years to dictate various polices, principles and guidelines for Accountants to report the compulsory financial position of the company. All money made and spent must be accounted for not just any old way, but the right way “uniformed” across the board for every large firm to acknowledge and follow. I appreciate even more now my attempt to memorise the acronyms of GAAP (Generally Accepted Accounting Principles), AASB (Australian Accounting Standards Board). These organisations set the bar for all firms to process their financial reports. It’s great to know nobody is alone, there is a set process to always follow. This also got me thinking maybe this is why Martin had allocated quite a few students companies from the United Kingdom? Why not just allocate companies from Australia? I was anxious then to find out that “yes” the United Kingdom also does have similar if not the same organisations with principles, policies and guidelines for firms to abide by. FRC (Financial Reporting Council) has been around in the UK since 02/07/2012. Prior to this date the UK had ASC (Accounting Standards Committee) established in 1990. Prior to this was ASB (Accounting Standards Board) as per the companies act 1985.I totally understood then that each company allocated would be most definitely professionally following their national Accounting Standards. This being said I then I could then reflect the fact that “no wonder I was then able to complete my financial statement template to the fullest”. I had all the facts and figures nicely reported within my company’s annual report ready to go!I also appreciated the fact that Martin made mention the terms comparability, verifiability, timeliness and understandability. Each term pretty much reflects how previous reports are cross referenced and analysed so the Accountants know how to produce each annual report of the company. The terms also reflect the how crucial annual reports need to be reported effectively to the reader following the relevant Accounting principles, polices and guidelines. 3.1 “a view of business at rest” really had given me more understanding as to why Balance Sheet reports are required. I understand even more as to why every transaction needs to be accounted for. People can’t just go ahead and make purchases within the company without having a purpose. All revenue needs to be accounted for. Firms need to spend money to make money. The balance sheet clearly then outlines everyday transactions to justify the total equity for a period of time. Balance sheets I find truly states the business is legitimate. Chapter 3.2 “business on the move” made me think even more about the company I work for as it is a subsidiary company owned by a global parent company. I now understand the background of why my role and many other employees within the firm have remain secure. I endeavour to review the parent company’s recent annual reports just to see exactly how financially stable they are to continue to own and keep the subsidiary companies operating.My understanding of the purpose of Income Statements within the business is to display the justified expenses and liabilities for revenue to be made in order to make profit. If the expenses and liabilities outweigh the revenue, then obviously the company is going to produce a loss. I understand even more now as to why all purchases within my workplace remains crucial to seek approval from management before the purchase is made. Of course there are times where the goods are received before an order was produced, but the aim is still then to account for the expense in the accounting system so the accounts balance. If more employees are required for the business, will it suit the current budget of the firm as a liability? I once worked for a company where I was also made redundant, obviously the redundancies had to be scheduled for a particular time period, so that the business didn’t have to close its doors for good. Less business being produced – less employees required.Statement changes in equity are laid out nice for the owners and investors to review how well or bad the company had operated for the year. It’s nicely laid out for the owners and investors to view the company’s current equity financial position. I got excited about the fact my company’s figures were flowing through nicely from statement to statement. Figures were totalling the same under the same headings in each statement such as comprehensive income, assets and equity totals. I knew then I was on the right track with my data entry of the accounting elements so that all figures balanced as per the accounting equations.With large and small companies that have failed in the past got me thinking did they have enough cash before starting the business? Did they develop growth too fast and the business was poorly managed? Were they following set Accounting policies and procedures or a set of rules in order to operate effectively? Companies that have been established many years ago and still thrive today, tells me over time they’ve invested in the right people and services to continue financial growth into the future.STEP 6 – PEER FEEDBACKFeedback From: Candice Bohmer To: Sharissa NahowMy Comments Step 1 KCQs N/AStep 2 Introductory words in Description boxPhoto and description Link to your blog/Set up blog You’ve added some good background information about yourself and a nice photo.Step 3 Background information on company Comments/KCQs Comments on other’s blogs Your entire step 3 was very well structured and written. I found your use of dot points a fantastic idea as it made you content easy to follow. Heading were also a great addition, helped break it all up. I can clearly see that you understand what is going on in you feature company as you have identified from their media releases and report areas of growth and concern. You’ve also gone to the extra effort of finding lots of articles and information sheets to assist the readers in understanding the goings on of your firm. Like that you have hyperlinked them too, much easier to go to!Step 4 Input company’s financial statement You have obviously used Excel before, as your work was perfect!Step 5 KCQs You have given a very personal and honest reaction to reading chapter 2. Sounds like you have had some firsthand experience in your workplace with the content of this chapter. However, I’m not sure if Martin is looking for us to speak more about the actual content, as I’m concerned that you haven’t addressed much of it.You do go into far more detail in sections 3.1 and 3.2 and show a great understanding of financial statements. Very good.Step 6 Feedback to others N/AOverall ASS#1Well done!Feedback From:Feedback To:My Comments Step 1 KCQs Step 2 Introductory words in Description boxPhoto and description Link to your blog/Set up blog Step 3 Background information on company Comments/KCQs Comments on other’s blogs Step 4 Input company’s financial statement Step 5 KCQs Step 6 Feedback to others Overall ASS#1Feedback From:Feedback To:My Comments Step 1 KCQs Step 2 Introductory words in Description boxPhoto and description Link to your blog/Set up blog Step 3 Background information on company Comments/KCQs Comments on other’s blogs Step 4 Input company’s financial statement Step 5 KCQs Step 6 Feedback to others Overall ASS#1 ................
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