Reflective Essay of Basic Accounting

I did not learn about accounting before, because it looks so complicated and strange, which I never thought that it is actually fun to learn. I studied many new things I have never learned in secondary school. Like the first topic I learn, accounting is known as a language of business. It is a tool which is used by stakeholders.

The P&L Statement is my most favorite topic in the module. It this topic, I have to state the revenue, cost of goods sold, and the expenses used in a business. Revenue is the money we earn in the sales, and it is necessary to be placed at the highest position; while expense is the money we spend in the business, and it is necessary to be placed at the lowest position. After that, I have to find the net profit the business got. I found it easy to understand and master it as I just have to follow the question given.

The Balance Day Adjustment is my least favorite topic in this module. It is difficult to handle the accurate position of the revenues and expenses into the double entry. Depreciation is also hard for me to understand. I always forgot that depreciation expenses do not involve in cash payment to the suppliers, and it confused me.

The Basic Accounting is useful in the future if a quantity surveyor. This module is the most tricky one I ever had in Semester 2. I need to understand and master it well so that I can use it in business.