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  • Subject Name : Accounting and Finance

Personal Reflection: Accounting Practice

Table of Contents

Introduction

Capabilities Critical to Smooth Accounting related Operations

Developed Capabilities and Identified Gaps

Key Actions

References

Introduction to Accounting Practice

The present essay is set to reflect on my accounting capabilities and identified gaps in the same. Moreover, it incorporates a set of action plans and techniques to develop the required capabilities and perform effectively at the workplace.

Capabilities Critical to Smooth Accounting related Operations

Recently I learned accounting techniques that I find most valuable to perform extremely well at the workplace. I learned about these techniques from the lecture on areas of accounting by a well-known accounting lecturer. She then took us for a field visit to the Financial Services Centre at ECU to learn and develop effective skills and knowledge required for recording transactions in accounting books. All these techniques were somewhat new for me and have not practiced all that before. I now understand the importance to develop these capabilities to perform various accounting and financial tasks effectively and efficiently.

Initially, I felt nervous as I had less knowledge about the proper accounting treatment of accounts receivable, accounts payable, asset management criteria. However, later on, she arrived there to help us in gaining adequate knowledge about that. She told us the accounting principles followed while recording journal entries in the books of accounts, the procedure of posting the entries in specific ledger accounts, and the making of trial balance. Expenses and revenue items are then recorded in the income statement and balance sheet is prepared at the end. I analyzed that the income statement and balance sheet of the company play a major role in achieving the best idea about the financial performance of any organization.

Developed Capabilities and Identified Gaps

This experience has enhanced my accounting knowledge and skills required to do complex tasks effectively and efficiently. After knowing the criteria followed in accounting practices, I achieved a high level of confidence and get to know the importance to develop these capabilities in running the business operations smoothly. In contrast, less practice of accounting questions acts as a gap in drawing accurate results.

Key Actions for Accounting Practice

My new learning and understanding of accounting principles and techniques will helpful for me in many areas like in my studies of Bachelor's degree, for my future accountant career, and in my day to day life (Kieso et al. 2019). Practicing a large number of questions and joining various training programs are considered as an efficient way to develop these skills (Schaltegger & Burritt, 2017). I will join internships where I can practically apply my knowledge. These internships will help me in making myself more proficient in doing accounting work in less time and with more accuracy. After completing my bachelor's degree, I can opt for professional courses to develop throughout my career.

References for Accounting Practice 

Kieso, D. E., Weygandt, J. J., & Warfield, T. D. (2019). Intermediate accounting. John Wiley & Sons.

Schaltegger, S., & Burritt, R. (2017). Contemporary environmental accounting: issues, concepts and practice. Routledge.

Remember, at the center of any academic work, lies clarity and evidence. Should you need further assistance, do look up to our Accounting and Finance Assignment Help

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