Essay About Accounting Terminology And Specific Purpose

Semester Reflection Essay
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Nate MunozMs. EdgeAccounting, Period 18 December 2015Semester Reflection        My first impressions of taking this class was rather naïve and inaccurate. I thought at first this class was just limited to number, cycles and accounting terminology. However, the class expands way further than that and engages us to incorporate the skills we learn into real life situations and encourages connections. Thus the aim of this class is to utilize the skills taught to input them in our life choices so that doors of opportunity open to allow us to reach for success.        Nevertheless going back in regards to accounting, the cycle whiting itself play a major part of understanding the accounting world and begins our session of accounting class. We are first introduced to basic accounting terms such Debit and Credit. Then proceeding onto more difficult terms such as Ledgers, Join Partnerships and such. After this we are then provided with correcting and verifying source documents. This introduces the familiarization of a memorandum, receipt, invoices e.t.c. Each having a specific purpose, it incorporates the t-chart method and checks and balances. This is usually just a baby step part and only involves some math.        Next steps include journalizing, posting and having a trial balance for our transactions. All have a distinct order and correlate function wise. After analyzing transaction we then journalize them using the same t-chart setup but in specific formatting (date, number, description). After this we post this to a ledger which is more of a prettier rough draft but not final yet. It has more specific information and should have the right debit and credit amounts.        Overall the experience in the Academy of Finance has been an eye opener for me in just one semester. Although accounting curriculum is involved it also teachers us about life skills and incorporating them. This allows us to make connections and encourages us to grab opportunity.