Step 1

Hello, below is step 1 from assessment 1.
I haven’t posted it earlier as I didn’t see a requirement considering it is already graded.
However, it is in the peer feedback sheet so I am adding should anyone would like to provide feedback for me.

I started this unit thinking about why I chose to study a Diploma in Business Studies. Out of the eight units, this was one of the subjects I was most looking forward to exploring. Why? Because I like to understand why things are happening and how to fix them, and I believe having a firm grasp in accounting is essential in not only business but everyday life.

Like it or loathe it accounting is impossible to escape, businesses must use accounting principles to run a successful business. I have experienced basic accounting principles through our social club at work and through attempting to run a small business utilising MYOB account keeping the software without understanding its full capabilities due to a lack of knowledge and experience.

On first glance, accounting software appears to be a logical alternative to learning and understanding double-entry bookkeeping. Upon researching Luca Pacioli, I now understand that this method is essentially a language that can be followed regardless of the person’s native tongue. With everyone understanding the same language, we can operate businesses working out what equity, assets and liabilities we have and how we can effectively trade goods and services between other businesses and customers. With this knowledge, I believe it will guide me in making better decisions at home and in the workplace.
After reading the introduction, I understand where Martian is coming from in regards to memorising things, and then data dumps post-study.

Admittedly I can place my hand up and say I have been guilty of this. Completing a course purely to entertain the need or want of the company I work for only to never really understand or touch on the subject again. In the past few years, I have felt that method won’t work if I want to be the best that I can be. Hence why I set a goal of completing the tertiary study and better understand the business world in which I interact with.

I believe keeping on top of the study workload is not only important for your grades, but it also gives me time to soak in the information. I have found that having the time up my sleeve to walk away and come back to it generally means that overall I better understand the topic. This also reminds me of my prior history of leaving things to the last minute and doing poorly at high school.

Lastly, I would like to touch on the online communication component of this course. This is the primary way we communicate at my current place of employment. There are somethings we do well and other things that I think we do terribly. I learnt a lot from my last terms unit communication in professional contexts and looking forward to learning more and applying it in the workplace.
I believe that a firm understanding of accounting will not only assist me in achieving my career goals but also personal my financial goals.