Descirbe about the Reflective Report on Learning and Readiness of Working in Professional Accounting and Finance Jobs?
As rightly put forward by Zikmund (2010), a reflective journal provides a comprehensive understanding of the entire learning session carried out during a particular semester and gives improved information about the progression made in the overall course of the study. An insightful summary gives a precise view of the subject matters covered in the entire learning module, purview of the course along with the various evaluation and assessment procedure adopted to assess the assignments of the course, testing process used in various courses as a measurement procedure for the accountability. In addition to this, the current reflective summary also elucidates the impact of the internship undertaken as a part of the practical learning experience of the course.
Identification of the learning cycle with reference to the relevant learning logs and academic literature
The learning modules provide the knowledge base for understanding the debit, credit items and the journal entries in the financial accounts of enterprises (Schmidlin, 2014). The proficiency involved in the assessment of the financial declarations will thereby help me to develop the capability to understand the financial implications of the function of the business (Follett, 2012). Consequently, the theoretical concepts of the modules can be applied practically on job. The professional learning delivered a detailed impression of the working out procedures involved in the learning modules of accountancy. In addition to this, the detailed overview of the various techniques of accounting helped me to monitor the financial performance of the organization. Comprehensive understanding of the module and the thorough assessment procedure helped me to attain extensive knowledge in accounting processes that can in turn help me to acquire a job as accounting processor initially.
As rightly indicated by Benninga (2012), various practical learning experiences can be integrated with the theoretical concepts as well as notions grasped during the learning session. In the assessment section of the course, assessment tests contained quantitative questions based on the enumeration of diverse accounts under the learning module of general accounting that can assist the student to compute different accounts in the financial declarations, prepare and present corporate budget, statements of cash flows, accounts receivables and payables (Easton, 2013).
In general, understanding about the salvage value, economic life of the resources, and computation of depreciation were learnt from various learning modules. Successful understanding of the theoretical concepts as well as computational procedures of the general accounting concepts can help in building a career as an accountant. In addition to this, the learning modules on accountancy also highlighted the methods of computation of tax that can consequently help individuals understand various activities in the department of administration of tax in organizations.
As rightly suggested by Berry (2011), the treasury department in organizations work in collaboration with investment bankers assist companies in raising capital by selling shares. The learning modules in accountancy helped me in acquiring detailed understanding of bonds, notions of expansion through merger and acquisition. The theoretical concepts of accountancy and finance thereafter help in getting a job in the treasury department of the organizations as finance and accounts professional. The learning modules of accountancy also facilitated in gaining a comprehensive understanding of quantitative or computational aspects of the cash management. This helped me to develop knowledge of handling the cash in an organization by appropriately managing the cash used for operational purposes as well as allocation of the excess portion of cash for the apt investment options. The learning module also imbibed the knowledge of maintaining the cashbook required for monitoring the operations in cash carried out in organizations. In addition to this, the finance and accounts modules helped me to acquire business as well as financial proficiency that are required to work in enterprises and gain access and opportunities of working as a intern in top- notch enterprises and later on command superior positions as a senior accountant.
The knowledge outcomes of the module helped me to gain a position in the accounts section of a company. I started to work as an intern in the accounts processing section upon successful completion of the module. In that company, my job role was to administer and manage the accounts payable as well as receivables initially. However, my supervisor was much amazed that I was familiar with the different subjects as well as concepts of accounts payable as well as receivables and all other components and significant entries in the financial statements. However, once I also failed to balance the financial assets and the liabilities in the books of accounts and I was striving to get it right. After several attempts, I failed to execute the job correctly. Thereafter, my supervisor intervened looked into the matter. My supervisor who happens to be a senior accountant pointed out the journal that I passed wrongly and indicated it as the reason behind the imbalance. The practical learning experience on job that pointed out that I needed to improve my knowledge in that section.
During my tenure as an intern in the work place, I got familiar with the practical relevance of the diverse concepts of the accountancy as well as finance about which I acquired a detailed academic knowledge beforehand from the classes. For that reason, it is evident that the incorporation of the practical as well as professional learning experiences with the course is similar to integrating the learning outcomes from school with the working place.
Nevertheless, not everything went fine during the course as the issue of grasping all the notions of finance within the stipulated academic period proved difficult. However, the weekly projects based on different case studies facilitated in understanding vital concepts of accounting from a professional point of view. For that reason, elongation of the period of academic course could have facilitated in getting a good hold of the notions.
Benninga, S. (2012). Financial modeling.
Berry, L. (2011). Financial accounting demystified. New York, NY: McGraw-Hill.
Easton, P. (2013). Financial statement analysis & valuation. [Chicago, IL]: Cambridge Business Publishers.
Follett, R. (2012). How to keep score in business. Upper Saddle River, N.J.: FT Press.
Schmidlin, N. (2014). Art of company valuation and financial statement analysis. Chichester, West Sussex: Wiley.
Zikmund, W. (2010). Business research methods. Mason, OH: South-Western Cengage Learning.