Accounting

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.