ACC 321 Reflection Essay
After I take ACC 221 and ACC 222, this semester I decide to take ACC 321. The name of the class is intermediate financial accounting. Before I took the class, I heard the class is the most difficult class among accounting class because of there is a lot of materials to cover in very short time. There are around 15 chapters to cover in a semester so that we have to learn a chapter in a week because we have to use some classes to take the exams and quizzes. And if I want to learn this course well and get a good grade as what I did in ACC221 and ACC222. I will have to read the book, listen to the teacher carefully, do the quiz well, prepare for the exam well and finish all the homework online. It is very important to
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In chapter 5, we have covered a lot of materials so that we had to divide the whole chapter into a and b. In general, we learned how to prepare for the balance sheet. We would know how to distinguish the difference between current liabilities, long-term liability, intangible assets, equity investment and so on. Besides, we also got how to prepare for the cash flow statement. We had to have the ability to know how to separate cash provided by operating, cash provided by finance and cash provided by investment. Especially, the loss/gain on sale of an equipment or land should be included in the operating activities, which makes me a little impressive. “And the purpose of a statement of cash flows is to provide relevant information about the cash receipts and cash payments of an enterprise during a period. It differs from the balance sheet and the income statement in that it reports the sources and uses of cash by operating, investing, and financing activity classifications. While the income statement and the balance sheet are accrual basis statements, the statement of cash flows is a cash basis statement—noncash items are omitted.” From a company’s cash flow statement, we can know the operation status of the company and the how the company invests in its area.
In chapter 7, we mainly learned how to do the account receivable. The basic