STEP 1 .com



ACCT11059 ASS#1 – KALANI MAHERSTEP 1AN INCREDIBLY ODD BUT HONEST preconception on accountingWhen I think of accounting I conjure and image of sad, balding, self-righteous men wearing sad brown suits, sipping sad brown coffee and muttering about sad things. I imagine them all in endless cubicles like the scene in Incredibles where Mister Incredible is at his accounting job. I suppose my vivid, intense and demeaning imagination of who an accountant is and what they do is thanks to how I have consumed pop culture? In any case, I’d like to say I no longer feel this way. Probably mostly due to not wanting to associate myself with the childlike image I’ve had for so many years. Though, I’d like to think it has more to do with my eagerness to learn and that this unit has peeked my interest. It is all about realityReading the first two paragraphs of this was overwhelming. Suddenly I’ve gone from an accounting class to a firm who interacts with firms and markets all over the world, who deals with taxes and I imagine myself small and scared an unable to do this job… but why? I’ve worked at Walt Disney World (an input market) and boy oh boy have I truly learnt a thing or two about marketing to the consumer (product markets). I’ve formed a solid understanding of where companies choose to put money and ask for money to be invested (by capital markets) and usually it is not into their staff… But Disney sells the idea of magic so well, even to their employees, you forget about the money and get lost in ‘The Disney Bubble’. And suddenly accounting (and marketing) has done its job. It’s invested in the perfect potion to keep their business running; a sprinkle of pixie dust in all the right places to grow their empire (firm).Businesses are everywhere/types of businessesBusinesses are everywhere. Places to take your money, spend your money, invest your money, save your money, and donate your money… I work in Westfield Chermside and the reality of capitalism enveloping us so completely is wildly terrifying. Keeping records/bookkeeping without the booksBookkeeping is a lovely nod to a bygone time, like the statement, “roll up the window.” A language passed down that slowly loses its original meaning but retains the intention. Beautiful, historical accidents… can you tell language is a love of mine?As someone with a late ADD diagnosis who struggled with maths most of my life, I’m incredibly pleased there are computers to quantify, save and spit out the data we give. Two sides to everythingI’ve had a rough time as a kid and I’ve always had to fake it till I became it. I loved that TEDxtalk… currently I’m faking till I become a perfect student!Journals and ledgers/proprietorshipIt’s easy to see how money laundering and mistakes would have been incredibly easy when everything was by paper. Bookkeepers could be the reason for pristine data or a business falling apart.The more I read through this article I am realising I should have made an index or key of All of these new terms and words and what they mean… like debit meaning money in the band and credit meaning owing the bank… Accounting and equation“…if the difference between a firm’s assets and liabilities are increased then the equity interests of the owners of a firm are increased; and if they are decreased, the equity interests of the owners of a firm are decreased.”Equity = Assets – LiabilitiesAssets = Equity + Liabilities“A key idea underlying this view of business is that the owners of a firm are completely distinct and separate from the firm they own.” I don’t understand why this is? To make sure that debited assets are not taken by the owner and that credited resources are paid back to the owner? Five elements of accountingAssets: Things that potentially create income and further reach for a businessLiabilities: Something a firm has committed to that they cannot avoid.Equity: Value of assets.Revenue: Money coming in and out of the business. Increased or decreased value in assets.Expenses: Money the business is losing. Asset value decrease or increasing liabilities or money owed by a firm.ConclusionI really enjoyed this article. It was, however, very wordy and I felt like the key terms were difficult to grasp as there were so many examples and analogies made that the content was lost to me at times. Maybe that’s just my ADD brain, when there is a lot of fluff I can’t focus, find and remember what I need to.However, I will definitely be rereading this and notarising the key terms and some of the analogies. Thank you for the paper!STEP 2Moodle Profile: link: 3Background on ELLEXELLEX was established 1985 and creates medial machinery to treat various eye diseases. They are a global distributor for their equipment and leaders in research within the ophthalmic field.Recently, ELLEX had a breakthrough in treatment for age-related macular degeneration (AMD). Whereby they have designed a laser which emits therapeutic benefits without the threat of thermal damage. This new treatment can be used in early stages of AMD to reduce the rate of degeneration whereas current methods and more invasive and aggressive. This method is done with 2RT? — Retinal. Rejuvenation Therapy — Ellex’s proprietary, patented laser. ELLEX has a long list of product available to the opthamologist market globally. They have several lasers to treat ophthalmic issues as well as various tools for surgery and ultrasound machines.Link to the global site: websiteAs someone with a strong background studying science based subjects I find to so hard to write reports, let alone a science based topic, so informally. However, here I am saying I and me in the second paragraph. I made the 1st paragraph an overview without my thoughts so it was easier to read through. Any who, ELLEX stumped me at first when I was looking at the website as I was confused if it was a research company or a store; turns out it was actually both. They sell incredible products for opthomologists and I’m assuming the reason none of the prices are listed next to the products is due to their price points. ELLEX annual reportAnnual report link: moly 88 pages? The colour, layout and font together made it easier to read which I am assuming ELLEX did on purpose… because they have the science to know what’s best for your eyes and all that good stuff. Reading the information in the table I was shocked to see that at the end of June 2018 the company had a $3,372 loss where 2017 had a $1,665 profit. Though, in 2017 the total balance was $56,933 where 2018 totalled at $75,260 so I guess though they had a loss they still made more money? I tried to look for a director’s report and had some trouble as my search kept showing the Directors Declaration and the Independent Auditors Report. Though I suppose it’s good I found that because we know the information provided has been double checked… what an accounting thing to do! And probably legal thing but you get the joke.Realizing the report was actually at the beginning of the paper and not the bottom I skimmed through the profiles of 6 men that made up the board of directors. There was a woman, Meera Verma, but she resigned May 15th 2018… I wonder why?Looking at the financial position I realized the net assets had actually increased by $18.3 million 30/06/17 to 30/06/18 totalling $75.2 million. The business saw whopping 47% growth in the USA alone and 20% outside of the USA. The report included a diversity table showing that out of their 301 staff 30% were female which I suppose excludes Dr. Verma. Not to mention the table only included women in the table… not a very diverse diversity table. Over the next few pages are spreads of information on the directors and executives, shareholders, audits and further reports by the directors. Honestly I found the financial statements to be very overwhelming. Numbers and tables scare me and it’s no secret I am struggling to complete my excel spreadsheet. I did make sense of and see the equity = assets – liabilities and inversely assets = equity – liabilities. I understood the loss and profits of the table and I think I figured out what the various terms in the table were about after referring to the readings. Overall I’m happy I learnt something in this exercise and I am keen to actually understand the spreadsheets.STEP 4EXCELL SPREADSHEET UPLOADED SEPARATELY STEP 5Reflections on chapters 2 and 3STEP 6Peer FeedbackPEER FEEDBACK SHEET: ASS#1Feedback From:Feedback To:. My CommentsStep 1KCQsStep 2Introductory words in Description boxPhoto and descriptionLink to your blog/Set up blogStep 3 Background information on companyComments/KCQsComments on other’s blogsStep 4Input company’s financial statementsStep 5KCQsStep 6Individual feedback with othersOverall ASS#1 ................
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