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ASSIGNMENT STAGE 1: GETTING STARTEDRochelle BurneySTEP 1: INTRODUCTION AND CHAPTER ONE REFLECTIONI have a million thoughts running through my head and yet not a single one on how to kick things off and hopefully capture my reader so they want to stick with me in my journey. Where to start, I guess the first thought that popped into my head was what an interesting and unique approach to learning. I am feeling completely overwhelmed as I start my study term having been absent for such a long time. Jumping right back in, and I can’t help but think, I found the deep end with this one! In saying that though, the first page of the introduction really grounded me, I certainly feel reassured in knowing I am not alone on finding this subject quiet intimidating. I particularly like all the little inspirational quotes along the way. "Any difficult task seems easier if you break it down into manageable steps". This one seems to speak directly to me. I am taking no part of my study lightly. My knowledge of accounting is extremely limited, and as I am not currently working in the industry I am very concerned how much I will be taking from this unit when I am not practicing it everyday. There is even more pressure to really 'learn' and absorb all the knowledge available and for this reason reading of the six categories of learning really hit home. If I am completely honest I have struggled to really absorb the knowledge presented in previous units I have completed. Don't get me wrong, I have done very well in these units, as I am quiet good at what I suppose you would call 'regurgitating' information when the occasion calls. I recall one of the previous units I studied 'Marketing Fundamentals', there was so much I hoped to take from this subject that I thought would be useful in the business my husband and I had planned to start up. I remember thinking I will keep this text book and read it again to really learn these principals. Three years later, and twelve months into the commencement of our Electrical Business and that book sits covered in dust on my shelf, still untouched. While there is pieces I can recall, majority of what I 'learnt' has left me. This is evidence enough to suggest that my approach to learning would fall into the 'passive' category. Thinking back now, it would have made more sense to take the time to really understand this text book the first time.As I continue on through the study guide I find myself making notes on processes I can put into place, thinking back to my school days and how I found I really absorbed the information. I find the paragraph regarding retaining learning and understanding it for ourselves very interesting. This is so true, makes me think how and what can I do to change the way I learn as I progress with my study? How do I learn best? What helps me to understand the information? How do I best absorb knowledge? Taking notes, reading out loud, numerous times till it starts to make sense and really sink in. Perhaps I need to change my approach to learning. What is accounting? I would like to think I have a basic understanding what Accounting is but if I had to write down an answer to this question, it suddenly hits me, I have absolutely no idea. Perhaps if I could make a list of dot points of what comes to mind when I think of Accounting.NumbersDebits and credit Business income and expensesFinancial statements Trial balancesRetirement PlanningTaxSuperannuationYou get the idea... The above mentioned certainly comes to mind when I think of Accounting but does not define what Accounting is. I look forward to being able to answer this question.Sharing and discussing assessment pieces is always challenging for me as there is a worry that someone may copy my work and turn it in as their own. I think it is a stroke of genius for every student to have their own company for this reason. Really allows me to communicate and discuss my company freely and talk about issues and interests that arise. I am very keen to find out my company and start my investigation. I would not say that I am confident in any means of online communication. I have never written a blog, nor have I ever followed anyone who writes in this context. I have used forums as a means of research however never actively participated, not on a regular basis anyway. For this reason as I sit here reading about Peerwise and interacting with others through the various avenues, I am feeling quiet nervous. Interact or Perish! I am one of those people that probably excel working independently. Putting my thoughts and ideas out there is not something I do a lot. These days everything is done online, I have been wanting to challenge myself in this area. Get out of my comfort zone and start interacting. I'm sure I am not alone in these feelings, and I am excited to break through this barrier and see the impact that interacting and communicating online has for me throughout this unit.As I explore Peerwise, I am really very surprised. I am enjoying the questions, and as I sit each night talking with my husband over dinner I am even more surprised on what I have learnt. These questions are really making me think about what I have read that day, the day before etc. Not only is it a great learning tool, its very addictive. I am really enjoying the challenge of gaining my badges and feel a sense of empowerment every time I comment or make suggestions on a fellow student’s question.The Facebook page is another clever tool in learning and online communication, having such a massive presence with most people these days. I have also just recently learnt that you can search previous discussion links in group pages and I think this will be of great use later in this unit. I am surprised to see Facebook being using in conjunction with learning, I cant say that I have seen this before. Since adding the group to my Facebook account there have actually been more posts from this group in a day then any of the others I follow. Excited to join in.Blogging is an entirely new concept to me, first question I have is how do you get your blog out there? How will people find me? How will I find them? I have found the Facebook page to be helpful here, and the forums in Moodle also. I wonder if there is a 'blogging for dummies' that I should be looking at before I begin? Am I the only one new to this? Like most things I am sure once I start the process I will feel much more confident. Having already viewed a few blogs I see there is some people that share my inability. We are surrounded by markets everywhere..... That is a very powerful thought. It amazes me that one small business, and its everyday transactions can make such a big impact. One small business can affect so many others. As I mentioned my husband and I run a small business, I know the people I deal with day to day and the ways in which my business contributes to theirs. Banks, wholesalers, customers, even the occasional international transaction, however I have never thought of my humble little business and the ripple affect it has on so many others. The various business structures is another interesting topic to me, trusts in particular. The way in which Martin described the business structures was very clear and easy to understand, which I really appreciated. Although it does raise questions such as, why is it that a person or a company can be a trustee, but not a partnership? My understanding is that there can more than one trustee in a trust? I am guessing this has something to do with the Partnership Agreement that would be in place for this type of structure? It doesn't make a lot of sense to me. Chapter 1 really only touched on this topic briefly and I would love to read more, hopefully later in the study guide. My husband and I are actually in the process of creating a Trust for our business that is currently operating as a Sole Trader entity. The reason for changing our business structure was initially to protect our personal assets, however I have since learnt a Trust is more beneficial for our small business for tax purposes also. I find it intriguing the differences between business structures and the benefits they can have. I enjoyed learning about Journals, Ledgers and Trial Balances. The differences between them, and what order they are done. 'Learning is the abstraction of Meaning', I find I am better able to understand the 'meaning' if I can first know 'the how' and 'the why', if this makes sense. Reading of the meaning and origin of Journals, Ledges and Trial Balances made this very clear and easy to understand. The way in which Martin has worded and broken down these processes really makes is very straight forward and easy to grasp. I have never worked with Journals or Ledgers and as these processes are mostly automated these days, this knowledge has helped to fill in the gaps. Reading about Double-entry Accounting was fascinating, in particular how the limitations of technology has shaped the way in which we do things. By this I am referring to Debits and Credits. It seems very strange to me and opposite to everything I know that an increase of an Asset Account would be recorded as a Debit, while an increase of either Equity or Liability Accounts would be a Credit. This one is tricky. I think some practice is required for this to really sink in for me. However once again Martin has explained this beautifully. I have no difficulty in understanding this process, my struggle with the Debit and Crediting of Accounts is that it goes against all that I know. To summarise, I found these first two chapters completely inspiring. From my time with University I hope to take knowledge and understanding as I progress. I find each subject that I selected very interesting however somewhere I get lost and it becomes a chore, a much dreaded task. From the moment I picked this study guide up I have been engrossed, and furthermore it has me thinking and questioning what I take from this 'learning' and what goals I have. Wow what a lot to take in. Food for thought most definitely. ................
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