To begin, reread the Course Learning Objectives we have covered in class which a

Question

To begin, reread the Course Learning Objectives we have covered in class which are as follows: Describe the nature and purpose of financial accounting. Record transactions and prepare financial statements (income statement, statement of owner’s equity, balance sheet) for a sole proprietorship. Implement the proper accounting procedures for a merchandising company that carries inventory. Implement the proper accounting procedures for current assets. Implement the proper accounting procedures for long-term assets. For your main discussion post, reflect on your learning throughout the course and answer the following questions: Of the above Course Learning Objectives, which has had the most and which has had the least impact on your learning? Elaborate your response. How will you apply what you have learned in this class as a foundation for learning in other courses? Explain. Do the concepts and skills learned in this class be helpful to you in your career? Describe.

Explanation / Answer

Of the course objectives learned, the objective “Describe the nature and purpose of financial accounting” had the most impact on my learning. And, the objective “Implement the proper accounting procedures for current assets”.

The reason is explained below;

Why the nature and purpose of financial accounting had the most impact on my learning:

Accounting is a language of business. It is the art and science of recording the business transactions and reporting of the same to various stake holders. It is the means by which the affairs of the businesses are communicated. Hence, the financial statement prepared should be useful to the decision making needs of the stake holders. “Usefulness is the most important criteria to be followed, while accounting the business transactions. This enables the users of the financial statements to make informed business decisions.

Another purpose of financial accounting is to record the transactions so as to provide true and fair view of the business.

For this purpose, the accounting theories are developed to reinforce globally, the information needs and usefulness of the financial accounting, such as;

The above concepts help in the measurement of the business transactions and its reporting.

The above learning about the purpose of financial accounting is fundamental to the overall learning of accounting principles and implementation of those principles in preparation of the financial statements, learning of accounting techniques, learning of presentation of financial statements.

For eg., while learning about inventory valuation methods, remember the core principle of the objective of financial accounting that information must be useful to the stakeholders and it should present true and fair view. Thus the inventory valuation shouldn’t result in over valuation of inventory as it would not show true and fair view of the inventory and it may mislead the users of the accounting statements to make incorrect financial investing decisions.

As explained above, the concept is integral to the learning of other accounting procedures and practices.

When managing the business, the concepts and skills learned will help in understanding the financial statements and interpret the results of the business transactions. This would help in taking appropriate, timely business decisions than a person who could not understand the financial accounting. The learning also help in conducting the affairs of the business in a disciplined manner, as financial accounting is all about disciplined recording of the business transactions.

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