Sunday, December 29, 2019
Reflection Paper - 1790 Words
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 toâ⬠¦show more contentâ⬠¦In chapter 3, we learned the adjusting entries in the end of an accounting period and we also kind like review the content of accounting 221 class. A lot of the materials were covered in accounting 221 class. But we also learned a few new accou nt names such as prepaid insurance, income summary, and so on. And we also learned how to make an income statement given a trial balance and some other information, which is very useful. In chapter 4, we learned a lot about net income, comprehensive income, other comprehensive income and accumulated comprehensive income. Comprehensive income is the sum of net income and other items that must bypass the income statement because they have not been realized. Including the items like an unrealized holding gain and loss from available for sales securities and foreign transaction gains and losses. We also learned earning management, which is ââ¬Å"Earnings management is often defined as the planned timing of revenues, expenses, gains and losses to smooth out bumps in earnings. In most cases, earnings management is used to increase income in the current year at the expense of income in future years. For example, companies prematurely recognize sales in order to boost earnings. Earnings management can also be used to decrease current earnings in order to increase income in the future. The classic case is the use of ââ¬Å"cookie jarâ⬠reserves, which are establishedSho w MoreRelatedReflection Paper1317 Words à |à 6 Pagesused to struggle with forming my thoughts into writing, let alone a paper. I was never confident with what I wrote. My writing had no greater purpose other than the assignment. My writing process included: writing my paper, proofreading it, and turning it in. Once the paper left my hands, it also left my mind. Throughout this course we worked with others, visited the writing lab, wrote critiques, and we were able to revise our papers. I believe that all of this is has caused me to grow greatly as aRead MoreReflection Paper836 Words à |à 4 Pagesand integrating quotes. 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