Introduction and Chapter One Reflection.
Having completed my first year of a four year law degree, I took it upon myself to enrol into a dual degree in Law and Accounting, I’m still not sure why, numbers have never been my thing but I do know that my part reasoning was because of future job prospects – having a dual degree will give me twice the options? – and partly because I wanted the challenge.
Upon acceptance of the dual degree I was initially excited to get a head start, having prepared well for the introductory accounting units two weeks before semester started. I quickly realised that this was going to be a lot more work than I had anticipated, leading me to defer my studies for a nice little (10 month) break. Now here I am, accepting the challenge again.
Coming back to studies after a break is pretty intimidating, not only did I enrol into my three units late, but Moodle seems to have had an update. It took me a while to actually complete my enrolment and then locate the study guide, leaving me anxious and behind.
The first question I asked myself while reading through the unit content was “what is accounting?”. I had never really thought about what accounting is, when I hear ‘accountant’ I imagine numbers, a lot of paperwork, leather briefcases, and calculators. Clearly my assumptions are not completely accurate and apparently there is a lot more to accounting than the few select images. I’m hoping to have a greater understanding as I continue throughout the unit.
I am thoroughly enjoying PeerWise, back in March when I had first enrolled into this unit I knew this would be my favourite part. Trying to manage my time and juggling three units, a full time job and three children will be interesting, I am aiming to jump on Peerwise for at least 30 mins a night to get my scorecard up. I also believe this to be a very great tool for future examinations.
HOW WE LEARN
I found this section really interesting, while reading I was constantly thinking ‘aha, that’s me!’, I would describe learning as number 5: ‘learning as an interpretative process aimed at understanding reality’. I really feel learning on a personal level, not just a regurgitation of facts but something more meaningful that I hope I can pass onto to others in due time. I often find that I cannot recall facts I’ve learnt from past units without first refreshing my memory, I am making it my long term goal to actually retain information, there is no point spending hours upon hours studying each day only to walk away with a certificate. I want knowledge, I want to be confident in applying what I have learnt to real life situations – how I will do that is still undecided, maybe other students know the answer and can help me out? Maybe Martin has the answer? How I can watch a movie once and remember lines, how I can read a novel and recall the story years later is a mystery considering I struggle recalling information I’ve learned through university.
Here follows my somewhat understanding of accounting equations:
Each entity has assets – land, vehicles, inventory, accounts receivable, buildings, equipment.
Each entity has liabilities – accounts payable, loans, mortgage, debentures, debts owed by the entity to creditors (outside parties).
If I’m being honest, that’s about all my brain can handle at this point in time. The word equity is foreign to me and I am making it my goal for week two to really research and fully understand it. I am a visual and hands on learner, reading from a book or study guide rarely does the trick, I’m hoping in the upcoming weeks we get to trial the equations rather than just read about them.
In conclusion, I am definitely in two minds about accounting – a large part of me is intrigued and really wants to excel in this unit, but the smaller part is niggling as a constant reminder of the long haul I’m really in for.