E Reflection Week5

I am finding I am a bit slower to catch on that some others in the class. I understand the theory of accounting and see that it is quite logical but when I come to the practical…….I find the text-book is not that helpful and can be confusing if reading after a class. I practised an income statement from the last semester exam and find it relatively easy with only a couple of errors which were easily remedied. I felt a lot more confident when tackling assessment 5 but found when doing the balance sheet (which I am told is the easiest) I came a little unstuck in my first attempt. I know the frustration of it not balancing!!!!!!!

Answer 3:
I agree that it is important for firms to have financial statements prepared. To collect, work out and show what all parties with interests in the firm whether internal or external need to know. The government wants to know how much tax to charge, owners want to know how their investment is doing and managers need to know if their methods and controls for running the business are sound.Week 5 Assessment 2


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