ACCT11059 – Assessment 1 – Step 1
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KCQ 1 - Accounting is, at the end of the day, a model. Not a fashion model, or a model plane, but a business model. It is a model, or simplification, of each firm’s economic and business realities. It is an abstraction of all the complex activities of a firm.
When I read this, I felt a little confused. I don't know if I understand correctly what the author wants to convey in this article. The simplification and complexity of a business can be achieved through transactions that include receipts and payments. In addition, with this practical accounting model, I think it will require users to clearly understand its principles and limitations through analyzing company data, the environment and continuously updated trends of this industry customs. Additionally, one detail that comes to mind is that as these accounting models evolve over time through advances in technology as well as innovation and greater user demand for the purpose innovation as well as improving the reliability and accuracy of the company's data. Although, as the author said accounting is a model or simplification of each company's business reality, I think it is really not that simplification because it also plays an important role in maintaining the operations of a company. In addition, it requires a deep understanding of the accounting model as well as how it operates in order to properly capture and communicate financial information from which to make informed decisions then give the right decisions and understand the financial situation of a company. I think this is really not simple because it will lead to the success or failure of a company.
KCQ 2 - There will also be others who may feel they have little or no interest in accounting and who are only doing it because it is a compulsory unit in your degree.
This quote really resonated with me and how I learn. After reading the introduction, it is true that I am very worried and nervous about studying accounting because I don't know if it is really suitable for me or not. In addition, I raised questions in my mind about whether I could really study this field or not? After graduating, will I do well as an accountant? This took me some time to think about it. As a result, I want to overcome myself to seriously try and experience this subject because I have to try it to know if I am suitable or not. Because learning accounting requires time and effort so we can achieve it. I think that grasping simple accounting concepts and principles will help me apply my knowledge to real-life situations. Everyone has their own journey and milestones in learning, so I think having difficulty learning is a challenge that I need to overcome to explore and develop more in the field of accounting. I hope that I will have a lot of knowledge and experience after studying accounting to serve my future job.
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