Introduction
KCQ’s #1 – Running out of time
Don’t say you don’t have enough time. You have exactly the same number of hours per day that were given to Helen Keller, Pasteur, Michelangelo, Mother Teresa, Leonardo da Vinci, Thomas Jefferson, and Albert Einstein.
This is an interesting quote as often it feels I run out of time in the day specifically with work and studies etc. However, as this quote states, many “famous” people had the same number of commitments, same number of jobs/responsibilities, and they still had the same number of hours in a day.
KCQ’s #2 – Importance of accounting
About half of the Chief Executive Officers (CEOs) of listed companies in Australia have accounting backgrounds.
I did not realise that CEOs of companies, had accounting background. It didn’t even cross my mind, that they would have an understanding of accounting. I assumed that all they would have is some sort of business study and lots of experience.
KCQ’s #3 – Thoughts on Assessments
I love how the assessments are built into easy-to-understand steps and across the term so it doesn’t get too overwhelming.
Both assessments hold me accountable as it states that each step builds on the other, therefore, I can’t skip steps or fall too far behind otherwise the assessment won’t work well – and I like how they steps aim to continue to build and encourage further understanding of the topics.
KCQ’s #4 – Interacting with others
Interacting with others through online platforms does intimidate me because I am so used to doing everything on my own.
In other subjects, I feel like sharing my work was frowned upon because of the fear of other’s copying it. Specifically in school, we were all taught not to show anyone your work. However, I think sharing your work to gain feedback would be such a useful method to improving my work.
Creating the Facebook page will help me to interact with others in this unit. At the moment. I feel quite isolated and alone so hopefully I will be able to build connections with other students in this unit.
KCQ’s #5 – Making mistakes
You don't learn to walk by following rules. You learn by doing, and by falling over.
As stated in Richard Branson’s quote, I will make mistakes and that is okay. Mistakes need to be made so I can learn.
KCQ’s #6 – View of Learning
Learning in my opinion is memorising the facts that are given to us by experts. I do forget everything I learned in that topic, after I complete the final exam, because in my mind, I have completed what is necessary. Learning like this, is not fun. However, just reading the introduction of this Study Guide, I am already interested.
because what we have learnt has become part of our thinking, part of ‘who’ we are.
This statement here, stood out to me because of never considered learning like that.
Learning is changing as a person
This really stands out to me, I really like that learning forms part of me – forms part of me as human.
Learning information gains purpose – reproduction in exams and assessments. This is a very good point made because that is why I learn a lot of things. But I want to shift that learning experience and I want to learn because I am interested and engaged.
Passive and Active Learning – two very different ways that I did not think about.
Deep learning. I have never considered deep learning as i have always been taught to remember the facts, regurgitate them in an exam and then move on.
KCQ’s #7 - What is ‘rote learn’ (haven’t heard this term before)
KCQ’s #8 - Communication
You can be good at numbers or remembering stuff, but the most important thing is be able to communicate effectively.
Face-to-face communication is better – definitely agree with this and I feel like I have lost this a bit since studying online as I am too shy to initiate online interactions.
Understanding the emotional content of emails and posts – that is something I struggle with (struggle to understand and to also incorporate into my posts).
KCQ’s #9 - what is cloud computing?
Chapter 1
KCQ’s #1 – Accounting is, at the end of the day, a model.
My personal opinion of accounting is it involves numbers and calculations. This idea overwhelms me sometimes and that is why studying accounting can seem daunting. However, shifting the mindset to look at accounting as a model, makes it seem simpler and more manageable. Learning a model is much easier than learning/memorising calculation or some complex formula.
KCQ’s #2 – what does the term ‘realities of business’ mean?
I am confused what realities means to start with but more so with how it relates to business.
KCQ’s #3 – business
Business is where we can make a difference
I feel like business is often viewed as making money and not really worrying about others too much, as long as we can make a profit. Where this changes my perspective on business, and viewing it from being able to make a positive change and effect on other peoples lives. This could be through the customers experience or employment opportunities.
KCQ’s #4 – markets
Markets are about exchanging value between each other – this is also a different perspective compared to my original view on markets. I saw markets as a bargaining and trade point where individuals sold/trade their good or service and they would continue without considering prices etc. Rather this new perspective, portrays markets in a more professional manner.
KCQ’s #5 – Accounting in business
use accounting information to engage with what is really going on in a business
I thought accounting was used to determine if a business was making money or not. My understanding of accounting is fairly basic prior to commencing this subject because I am an aviation student. But considering I want to get into airline and airport management, having an understanding of accounting will apparently help me understand what is really going on in the business model – which prior to this, I didn’t think I needed to do accounting.
KCQ’s #6 – Ownership and number of businesses
The list of businesses in Yeppoon really put into perspective the vast number and diversity of businesses. Also pointing out that some are government run, while others are privately owned by one or more people/shareholders. I also find it interesting the a business is not purely defined around selling an item or selling something, it can be an endless number of things, from providing Centrelink service (which I would not ordinally view as a business because it is more of a service), to gyms which allow people to use (that isn’t providing a service or selling a good but is still considered a business).
KCQ’s #7 – difference between a business and a company
I thought they were the same thing. However, a company has their own separate legal entity (different to the owners). This explains the difference between a business and a company because a business appears to be about the actual operation where a company is almost like a well-established business which has progressed to the next level.
KCQ’s #8 – firms accounts
a firm’s accounts come from the transactions and other economic events someone has recorded in a firm’s accounting system.
A business has accounts based on their sales and their accounts come from this which makes logical sense. However, I am unsure what other economic events may effect the accounts.
KCQ’s #9 – Double-entry bookkeeping/double-entry accounting
What is it – have never heard of it before.
Uses arithmetic, geometry and algebra – does this mean it is hard to use and understand.
Notes after reading further:
- System of recording transactions
- Bookkeeping is the systematic recording of transactions and economic events of a firm
KCQ’s #10 – Difference between knowing and understanding
There is a great difference between knowing and understanding: you can know a lot about something and not really understand it.
This quote resonates with me because I feel like I can retain a wealth of knowledge for the 12 weeks term at university, cite it in an exam and then forget about it. This means that my understanding of it was not strong. This is definitely an area that I need to work on, taking the time to understand a concept instead of just remembering it.
KCQ’s #11 – What is a proprietor?
KCQ’s #12 – for every transaction of a firm, there are two sides/aspects – debits and credits.
This concept definitely confuses me and I am yet to develop a full understanding of the difference between debits and credits.
KCQ’s #13 – trust in business
As stated in the study guide about those trusting firms with assets etc, trust is not something that I would have previously considered in this industry of accounting and business. However, it is very much a valid point because without trust, everyone would keep everything for themselves and there would be no market and no accounting really.
KCQ’s #14 – what does the term equity mean.
KCQ’s #15 – double-entry accounting is a way of looking at business.
Now that I have a better understanding of double-entry accounting, I can understand why it helps to look and explain a business. This type of accounting ensures everything is accounted for and explains everything within the business and how it operates.
KCQ’s #16 – five elements of accounting.
Assets, liabilities, equity, revenue, expenses.
While I have heard all of these before, I do not understand majority of them.
Assets – a present economic resource controlled by a firm that has the potential to product economic benefits.
Liabilities – a present obligation to transfer an economic resource that a firm has no practical ability to avoid (owing money).
Equity – what is left over after liabilities are deducted from assets.
KCQ’s #17 – Assets, liabilities and equity measure the value of a firm
Now that I understand these 3 definitions, I can see how these two elements determine the value. Because if liabilities exceed assets, then the equity is in the negatives, which portrays poor value of the firm.
KCQ’s #18 – value at a point in time compared to value over a period of time
I did not realise there was a difference between the value at different times. However, I discovered in the study guide that assets, labilities and equity are measures of value at a specific point in time. Whilst revenue and expenses are measures of value over a period of time. This has given me a much clearer understanding to the difference.
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