Unit 1 Assignment Analysis

I have learned a great deal in Accounting 231. The class started out by reviewing and expanding on financial reporting concepts that I learned in my lower-level accounting classes. I feel like Unit 1 of Accounting 231 is where the income statement, balance sheet, and statement of stockholder’s equity really clicked with me. I feel comfortable with that material now and think it is much easier now than I ever expected it to be. Unit 2 started out with learning the conceptual framework of accounting. I remember briefly going over some of these concepts in lower-level accounting classes, but not as in-depth as we did in this class. These are definitely crucial concepts to know for both the CPA Exam and in my future accounting career. Unit 2 also went over how to value bonds and notes, how to report them on the balance sheet, and also the journal entries associated with bonds and notes. Some other important concepts were also discussed, such as time value of money, contingencies, and off-balance sheet financing. Unit 3 dove into almost completely new material that I have never seen in my …show more content…
I feel like I am more familiar with recognizing and understanding accounting in the media. One way this class has helped with that is through the news articles in the spotlight presentations. I also feel like I am starting to become more familiar with GAAP and how to account for certain problems. Both the FARS case assignments and course material have really improved my skills in these aspects. Other than that, I feel that I am now able to look at accounting problems and have a general idea of where to begin before even starting the problem. Lastly, I believe that the knowledge I gained of the basics of financial reporting in this class was able set me up to more easily understand the more difficult and demanding material from this class, along with material that I will learn in future accounting