Assignment Stage 1 (ASS #1): Getting Started



4000310515center12/14/2020330009500012/14/2020420003263900880008851265cjhorCQUniversity450000cjhorCQUniversity420003263900175001760220Assignment Stage 1 (ASS #1): Getting StartedAss#1 Step 1-6450000Assignment Stage 1 (ASS #1): Getting StartedAss#1 Step 1-6Assignment Stage 1 (ASS #1): Getting StartedIn this part of the assessment, I am going to identify and explain the Key Concepts in the Introduction and Chapter One of the Study Guide for ACCT11059. To further explain and clarify I will be attempting to draw connections to my own experiences if they are relevant. I will also be posing some questions that have come to mind while reading the above-mentioned chapters. As I sit down to write out the first step of this assessment piece, I can honestly say I am feeling apprehensive. I have always been what Martin has described as a ‘lone ranger’ when it comes to learning – well pretty much every aspect of my life, and this concept of active learning, expressing my thoughts and opinions of other people’s work and actually asking for help when I need it, well, it is a completely foreign idea to me. I know I am visual learner – show me something once and I can pick it up straight away. My work for example – actioning a recall/withdrawal notification in a timely manner, counting, and declaring a till (or eleven in my case) twice a day or even just processing a refund following the correct procedures. But this, this is whole new ball game for me, however, I will strive to do my best. By the time I have completed this unit, I will hopefully walk away with a new found confidence and a brand new set of skills to help me in all aspects of my life (not just my education and professional life). When reading the introduction of the Study Guide there are two main concepts that reach out to me other than the general introduction to the unit. Those are Learning and how we learn and Online Communication. I find “Learning” is a funny topic. Many different people learn many ways and for different reasons. Typically, as students, we see our studies as just learning and regurgitating facts and concepts from our teachers and other experts. This is commonly known as rote learning – we learn to simply empty our brains out into assessment pieces and exams, and once we finish the unit its simply wiped from our memories. An example of this was shown in a short video produced by Harvard University. They asked a handful of their graduates a simple question that they would have been taught in their first year, but most failed to answer correctly. At the end of the day, we need to learn how to learn effectively. So we can retain the information we have learnt longer than 5 minutes after the assessment has been submitted or the exam has been sat. I think, by undertaking this unit, Maria and Martin are striving to support us to change our way of viewing what learning is and effectively changing the way we lean. Learn actively, deeply and in such a real way as to potentially change out lives. As I said above, I am a visual and somewhat hands on learner, and I know from past attempts at higher education, I have a habit of rote learning. I undertook a partial med science degree six years ago, and while I can explain some concepts I learnt to you today, don’t expect me to tell you the mechanics on how the heart pumps blood throughout our body. I did and learnt enough to pass the subjects. On the other hand, I can show you how to do a basic lube and oil change service on a heavy vehicle or even just your car. I can show you these things because I was physically shown how to do it when I used to work in my father’s workshop during my high school holidays (which is now 11 plus years ago). By undertaking this unit, I am hoping to learn how to learn, so, in another six years I will be able to explain these concepts to you again.The second concept that jumps out at me is Online Communication. In today’s world a lot of our everyday activities and communication is moving online. Shopping, education, socialization, meeting new people, forming new connections, and even dating. So, it is fitting that a lot of business is now cultivated and maintained online. Being online and plugged into the cloud is eventually going to become the new norm, especially after the current global pandemic situation. To survive and thrive in these new situations we as whole need to learn how to be effective communicators online. Online communication can sometimes have disadvantages over face to face contact. Face to face is a lot richer and we can react to visual cues, such as facial expressions and body language. However, online communication can be very one dimensional, superficial and sometimes can lead to miscommunication unless one possesses the necessary skills to master it. Communication online is usually heavy text bases and requires the input of text, which can be tiresome for those who are not the best of writers and/or have poor keyboard skills. There is also a risk of overloading on information and becoming overwhelmed. On the flip side, communicating online can be beneficial. For one we can communicate with people across the country and even across the globe. We can share experiences and materials with more ease and can organize communication around our own schedules, rather than the other way around. Online learning is a prime example of this. We are currently are in the middle of a global pandemic and yet with the advantages of online communication teachers can still teach and students can still learn. It is particularly advantageous for me, as I can log into our learning platform Moodle anytime I want to do my work and can fit it around my full time work schedule. This unit particularly encourages us as students to reach out and communicate with our peers to help each other progress and learn. Bouncing ideas off each other and reaching out if we need clarification of any coursework. With that I am concluding this section based on the introduction with this reflection; in order to be somewhat successful and navigate through our lives in the present world we all need to participate in the practice of active learning and master the basic skills of effective online communication. I found that chapter two is the beginning of my learning basics of business and accounting. We often ask ourselves, what is accounting? The mental image that normally forms in one’s mind is a couple of quite hermit like clerks in a back room crunching numbers. I admit, the metal picture that forms in my mind is not that different to that. So, this chapter was quite eye opening as to what accounting really is. Don’t get me wrong, I haven’t come into this subject completely na?ve to what goes on behind closed doors. We were raised on a farm and as I grew up I began to not so much understand the basics of having a business but recognize that the farm was a business and that mum and dad were the owners and operators. I remember both sitting in the office going over ‘the books’, preparing end of month statements and even preparing our own BASS statements before sending everything off to their accountant.My parents having a business fortunately has given me a little basic introduction of double entry bookkeeping and the concept of ledgers and journals. In reading the study guide I found a better understanding of these concepts. For instance, I vividly remember my mother attempting to show me (at the ripe age of 12/13) how she entered each transaction from the business bank account into their bookkeeping software CashFlow Manager, and how she identified them into different expenditure accounts. I know understand (I think anyway) that what mum was doing was transferring the everyday transactions which are listed in a journal to the ledger and identifying them as different assets, liabilities, equity, expenses, or revenue. Which brings me to the five different elements of accounting: Assets, Liabilities, Equity, Expenses and Revenue. Each transaction and reality from a business can be placed or identified under one of these elements. In lay terms they can be defined as; Asset – an economic resource, Liability – financial obligation, Equity – what is left after liabilities are deducted from assets, Expenses – the decrease in assets or increase of liabilities and Revenue – the increase in assets or decrease of liabilities.These elements are used in the accounting equation which can be stated as. Equity = Assets – Liabilities Or all five elements can be used as the extended accounting equation, which follows. Assets = Equity + (Revenue – Expenses) + LiabilitiesNow, while I understand the mathematics of these equations, I am not quite sure I could successfully explain the concept to you to a satisfactory basis. I could quite easily summarize what as been written in the study guide to give you a correct definition but that will not help my learning.Concluding this, I am more confident in the concepts outlined in the introductory chapter than those in chapter one. Hopefully as I progress with the remainder of this first assessment piece, reading through the study guide and of course communicating with my peers I can reach the point of fully understanding these concepts. Step 2 – Personal Blog and Moodle ProfilePlease see below links for both Moodle Profile and Personal Blog associated with this assessment for Cynthia Horton. Moodle - Personal Blog - Step 3 – Company – Pegasus International Holdings Limited The company that I was assigned is Pegasus International Holdings Limited, below will be the link for the company’s website Pegasus International Holdings Limited is one of China’s largest footwear manufacturing companies for Original Equipment Manufacturing (OEM) customers. Pegasus produces a wide range of footwear anything from men to children’s shoes, as well as fashion, outdoor, athletic and leisure shoes. Their stock list is quite comprehensive.This company was founded in 1956, when the founder Mr Wu Suei (the father of 3 of the current board members) established a plastic shoe manufacturing business in Taiwan. The business grew immensely though the 60’s and 70’s both domestically and internationally, and as a result the Group relocated the entire business to China in the 1990’s. The Group was publicly listed in Hong Kong in 1996 and has been growing ever since. However, while reading the current Annual Report, it seems that the Group has been faced with uncertainties due to the trade war with the US in 2018 and 2019, and even more so with the current COVID 19 pandemic, and was expecting that 2020 would not be any easier. I am assuming it would be the same with many businesses and companies around the world, the year 2020 has not been easy on anyone. Despite the difficulties the Group are facing the Chairman, Wu Chen San, Thomas, wrote in his statement for the 2019 Report that the Group will continue to adhere to financial principles and seek potential business development and take an active attitude towards the future of the company. While going through this firms’ financial statements I can understand what the Chairman is/was concerned about, the figures are dropping each year from 2016 onwards (as seen in the excel spreadsheet attached).While researching the company I really could not find any more in-depth information other than what is listed on their website. I could only come across pages and articles that disclosed the basic information of the business, i.e. what they do, where they are located and persons listed on the board of directors and the fact that the shares have dropped on the market… In all honesty, I do not find this company interesting – sorry I tried, I would much prefer to have had an Australian company but hey, you work with what you are given. Below are links for the financial reports: Annual Report 2019 - Annual Report 2018 - Annual Report 2017 - My Top Three BlogsI am not that great at giving feedback or blogging for that fact (evident from my poor excuse of a blog) but here it goes.Gail Couch - I find Gail’s blog so easy to read and to relate to. She has kept us up to date with her thoughts and feelings throughout the first half of this term and the positive vibe is just so inspiring for me. I can also see that she is connecting with others throughout the assessment pieces. Gina – Keep it Balanced - From Gina’s blog I get the feeling that she is a sunny bright personality. She posts regularly and not afraid to say what is on her mind. I love reading her blog posts. She has kept me up to date with her progress with the assessment.Jess Mckay - Jess was one of the first people I started following at the beginning of term. I love her personality and her attention to details. I love that fact she gave such great detail in explaining her company in her blog. I need to point out that I didn’t use Studiosity so I really cant comment on that or give any feedback. Also, my communication and discussions with other students – not very good. I have a hard time reaching out to other, I am trying. I started off on the right track at the beginning of term but fell in a heap between life and work. However! I am striving to do better in the second half, especially after the craziness of Christmas has died down in the new year at work. Step 4 – Financial Statements. Please see attached excel spreadsheet for this step, which is by far has been my favorite part of the assessment and the most enjoyable. Step 5 – KCQ’s for Chapter 2 and Chapter 3 (3.1 and 3.2) ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download