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Date Submitted: 11/11/2010 12:47 PM
Unit 10 Final Assignment
AC114
1. Reflect and describe which key concepts and topics in this course have made you a stronger candidate to enter the business world.
To begin I have a better understanding of the accounting concept.
I have learned the following concepts this term:
• Income Statements, Owner’s Equity, and Statement of Cash Flow are all listed by a period of time
• On the “T” Account the left side is the debit side (which means increase) and the right side is the credit side (which means decrease)
• What a ledger is: A group of accounts for a business entity
• The 5 major accounting groups: 1- assets, 2- liabilities, 3- owner’s equity, 4- revenue, 5- expenses, the second digit indicates the location of the account within a particular group
2. Discuss how this course has affected you in your professional development as a student and as a person as well as encouraging you on your academic path.
As a business owner I have learned so much by taking this course. I am able to understand my Accountants reports in far more detail then I have been in the past. I can also see myself taking the time to actually learn how to use the skills that I have learned to manage my business’ finances properly.
If there comes a time that I am in the position to work in someone else’s office I will be in a better position because I have more knowledge.
Having the skill of accounting on my resume; which looks good and is a very valuable skill to have and to be able to offer to an employer.