To be honest I am entering this unit with no prior knowledge or experience of accounting. This may have you thinking, why study accounting then? Well, I’ve always been interested in business and initially I was only going to study business until I realised the potential of what accounting could offer me. I have recently developed an interest around the fundamentals of accounting and how accounting and business relate to each other. As I have just began the course I haven’t yet had the opportunity to grasp an opinion of accounting. Although while I gain knowledge of accounting and understand what it means to me, I am going to ensure that I don’t fall into the trap of thinking numbers are always the answer. I will ensure to look past that side of the field. I am focused on looking at accounting as a way of reading insights into different areas of business.
After reading chapter 1 ‘A Way Of Viewing Business’ I have already began to realise the accounting is an extremely broad and useful tool. I now realise that accounting is needed in every area of business, big or small. Throughout reading Chapter one there were a couple of different terms I hadn’t heard of before. Two of which were simple accounting records such as Journals and Ledges. I felt as though after reading what they were the chapter instantly helped me to understand their relation to one another. I felt as though I really connected with the author throughout the chapter, personal stories throughout the chapter also made the readings very interesting. Although I didn’t understand a lot of the terms in this chapter, I did recognise a couple. Terms such as MYOB I quickly recognised, blatantly because my Mum is a bookkeeper and I had heard her using this term before. I feel as though asking her to show me bookkeeping programs like MYOB and QuickBooks in the future might help me to further understand the world of business and accounting.
There was defiantly one key concept that stood out and caught my eye in this chapter. It was the concept around Self-confidence. I found this speech so interesting that I plan to write a blog post summarising it, a link will be featured in the appendix.
A video within this section of the chapter really stood out to me. The video was called Your Body Language Shapes Who You Are. The entire video was based around a quote at the beginning of the chapter “Fake it until you make it.” This quote was said by a Social Psychologist named Amy Cuddy. Throughout this video she recaps over a past story of how she didn’t feel in place and how she faked her confidence until she was confident. I really enjoyed this chapter because I felt I could somewhat relate to her situation. I feel this way because I have entered this course with not a lot of prior knowledge in comparison to other students, I’m not a whole lot confident in this course as of yet because of this. The Ted talk of this speech can be found in the chapter.
To summarise the readings from chapter 1, I have already gained a lot of new knowledge about simple concepts such as Input Markets, Product Markets and Number markets which were briefly discussed in the readings. If I had to take one key element away from Chapter 1 it would be the fact that, numbers aren’t always the answer, Business reality and numbers seek to represent. As weird as it may sound I feel as though I have already changed the way I look at business, and I must admit I never knew how much of a vital tool accounting could be. I always stereotyped accounting as a boring field with people sitting, hunched over their desks the entire day. I honestly didn’t think my views upon accounting could be changed so quickly. I believe that finding out unexpected knowledge such as a lot of successful CEO’s have accounting backgrounds, helped change my opinion. This is astonishing information to me and my horizons have been broadened about the possibilities and places an accounting background could take me. Martin, the author of the Chapter was very good and relatable, I felt as though he was telling a story rather than just dishing out new information I couldn’t quite grasp. I find that I learn extremely well when I am given an example, the author did a very good job at providing informative, in-depth examples. I am now looking forward to extending my knowledge of the unit.