Provide two (2) examples that demonstrate a change in your theories of financial accounting for managers since the beginning of this course.
Before I started this course, I was not as engaged and as informed about matters to do with financial stability as I am now. I am now more involved in the departmental budget and even the overall system budget. I got to learn various financial accounting theories that focus on the why of accounting, the supply and demand of accounting information, and the purposes of financial reporting (Warren, Reeve & Duchac, 2017) . I have also received a request to be a part of the division finance committee. I believe that this involvement will keep me ahead and informed n matters regarding the day to day financials and also the quarterly and annual budget goals for the organization. There is so much more to accounting than just crunching numbers; there are various procedures and policies that organizations are expected to adhere to. As I grow in my career, whether I will go to a new organization or remain in my current one, I plan on being more involved in the company’s budgeting process as this will greatly impact my career growth in a positive manner.
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Rate the three (3) most important concepts that you have learned in this course in order of importance (one [1] being the most important; three [3], the least). Provide a rationale for your rating scheme.
The three most important concepts that I learned in this course include:
Financial Statements and Reports: Financial statements and reports are number one in the most important concepts that I learned because they are a great tool for the evaluation of a company’s financial health. I used this tool multiple times as I was working on my project and I know that I will use them several times in the futures as I make my own investments.
Financial Analysis: Financial analysis is the second most important thing that I learned because it is also another great tool that I used throughout my project. It had an interesting experience analyzing companies’ stocks, and I believe that I will need this tool on several occasions in the future to gain a better insight regarding a firm’s management and prospects when investing.
Legal and Compliance is position three because it is extremely important to understand the laws that need to be followed when making any investment. Knowing the employee rights and laws is going to prove beneficial especially if you are involved in a lawsuit (Warren, Reeve & Duchac, 2017) .
References
Warren, C., Reeve, J., & Duchac, J. (2017). Accounting (27th ed.). Cengage Learning.
