Key Concepts & Questions

After struggling with Accounting in year 11 and 12, I originally dreaded the thought of enrolling in Accounting, Learning & Online communication for my Diploma of Business Studies; however, once I read the Study Guide introduction saying - “It is not difficult, but rather an opportunity for you to gain an introduction to what accounting is.” I took a sigh of relief! Once again, I was taken back when I realised in order to successfully pass this subject, I am required to communicate with my fellow peers. Generally, I consider myself introverted and prefer to work as a lone ranger but after reflecting on this I have come to realise that I am not the only person who is probably feeling this way, now I see it is a good opportunity to come out of my shell and meet people in the same boat.

I was interested to learn that about half of the Chief Executive officers in Australia come from accounting backgrounds. I have always known accounting is a fundamental part in business, but I was unaware how important it is to have knowledge on this subject to successfully understand the business world. I am intrigued to understand why and even potentially turn my focus on future studies towards the accounting industry.

I have always struggled to learn things when I am not particularly interested in them and in those cases I am guilty of regurgitating information. When I am fully engaged and interested in a subject, I find it quite easy to learn and retain the information. I am looking forward to learning how to learn efficiently in both scenarios and possibly learning how to enjoy the subjects I previously wouldn’t have looked twice at.

The idea behind double-entry bookkeeping or double-entry accounting still seems a bit confusing to me. It makes sense to why they do it, but why is it necessary to record information in this way? What is the meaning behind double-entry bookkeeping recordings, why and how is this the best way to understand a business’ financial position?

“Fake it till you make it” I say to myself quite often; so now I am ready to let this subject not only teach me about basic accounting concepts but to also teach me to grow as a person.