My learning journey in Supply Chain Dynamics
Throughout my learning journey in Financial Accounting, I have gained a deep understanding of the principles and practices that underlie the management and reporting of financial information. From my earliest encounters with the subject, I have been fascinated by the ways in which accounting provides a window into the inner workings of organizations and the economy as a whole.
As I delved deeper into Financial Accounting, I began to appreciate the importance of accuracy, clarity, and transparency in financial reporting. Through coursework, reading, and practice exercises, I learned to construct and interpret financial statements, to assess the financial health of organizations, and to make informed decisions based on financial data.
One of the most challenging aspects of my learning journey was mastering the various conventions and standards that govern accounting practices. From GAAP to IFRS to tax regulations, there seemed to be a dizzying array of rules and guidelines to follow. However, I found that with perseverance and attention to detail, I was able to navigate this complex landscape and produce accurate and reliable financial reports.
Another important aspect of my learning journey was the development of critical thinking and problem-solving skills. In Financial Accounting, there are often multiple ways to approach a problem, and it was up to me to determine the best course of action based on the available information and the specific context. Through case studies and group projects, I learned to analyze financial data, identify trends and patterns, and make informed decisions based on sound reasoning.
Week 1: Balance Sheet Equation
- Week 1 of my financial accounting learning journey focused on the Balance Sheet Equation.
- The Balance Sheet Equation expresses the relationship between a company’s assets, liabilities, and owner’s equity.
- I learned how financial transactions affect the balance sheet equation, such as when a company purchases inventory on credit.
- We also discussed the different components of the balance sheet and how they relate to the balance sheet equation, including current and long-term assets and liabilities.
I found some problems quite interesting:
Part 1
At the beginning of a recent year, The Walt Disney Company’s liabilities equaled $32,940 million, during the year assets increased by $6,379 million, and year end assets equaled $81,242 million. Liabilities increased $171 million during the year.
What is the beginning amounts for equity?
Week 2: Accounts Receivable
Week 2 focused on the subject of Accounts Receivable. Here are my main takeaways from the week
- Accounts Receivable is a type of asset that represents money owed to a company by its customers for goods or services sold on credit.
- We learned about the process of recording and managing Accounts Receivable, including how to create and send invoices to customers, and how to monitor and collect on outstanding balances.
- I found it interesting to learn about the different methods of accounting for bad debts and how they impact a company’s financial statements.
I found some problems quite interesting:
Part 2a
Zolton Company analyzes its accounts receivable at December 31, 2017, and arrives at the following totals for its two customer groups along with the percentages for each customer group that are estimated to be uncollectible.
Week 3: Inventory-LIFO
In Week 3 of my financial accounting learning journey, we delved into the subject of Inventory and specifically the LIFO method. Here are my main takeaways from the week:
- Inventory is a type of asset that represents the goods that a company has on hand and available for sale.
- We learned about the LIFO method (last-in, first-out), which assumes that the most recently purchased inventory items are the first to be sold.
- I found it fascinating to learn about the impact of using the LIFO method on a company’s financial statements, particularly in times of inflation.
I found some problems quite interesting:
Part A
Analyzing Inventories using LIFO Inventory Footnote.
The footnote below is from 2017 10-K report of Whole Foods Market, Inc., a retail grocery chain.
Overall, my learning journey in Financial Accounting has been challenging, rewarding, and eye-opening. It has equipped me with the skills and knowledge to understand and communicate financial information effectively, to make informed decisions based on data, and to contribute meaningfully to the success of organizations. I look forward to continuing my exploration of this fascinating and ever-evolving field.
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