Personal Reflection On Accounting 203

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The concept within Exam #1 of Accounting 203 that I seemed to struggle with the most was the interrelation of each financial statement. I was conflicted in the task of defining which specific account and/or topic appeared on each financial statement. In addition to this, I also seemed to struggle in the condensed definitions of the financial statements. However, I did feel that I performed adequately in the section of the exam that dealt with the concept of expenses and losses and gave a fair performance as I journalized transactions.

Before delving into how I feel that I may address my problematic concepts in the future, I must admit that I believe that my utmost struggle with this first exam was the way in which I prepared and
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I do in fact realize the way in which the financial statements depend and grow off one another. As I previously mentioned, due to my belief that the exam would be one big financial problem that would involve journaling, I assumed that I would be able to refer back to my work with the individual financial statements when answering questions that dealt with the interrelation of the financial statements. Even though it was the first exam, I now understand that this reliance is not going to benefit me in this course and I need to work harder to overcome this reliance that I still hold. I plan to achieve this by continuing to attend tutoring as it sincerely helps …show more content…
I did not miss any points in this section of the exam. I believe this to be because I went back to the online activities to practice differing expenses and losses. For this reason, I know that I also need to further utilize my online resources that this course offers. I also was fairly successful in analyzing transactions and journalizing them. At points, I was thrown off in the labeling of “increase”, “decrease”, or “no effect” in the assets, liabilities, and owner 's’ equity categories, but that was in the harder problems only. For this reason, I feel that I have firmly grasped the concept of transaction analysis and only need to work on finely tuning my skills. In this case, I believe that our Monopoly Lab can be extremely useful as we work on transaction analysis often. Overall, although I was not happy with the grade that I received on this exam, now realize what I can do to improve my conceptual knowledge of the course. I am also aware of the study tactics that will help me improve my understanding of the individual concepts that I struggle with. At this point, I am very hopeful for my future in this course and how it will be able to push me in terms of gaining ultimate knowledge for my International Business

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