Week 4 Weekly Reflection

Student 1 For any organization, household, or business it is vital to maintain internal controls on procedures and records. Maintaining control of these principles once put in place permits activities to get the larger picture. Internal control principles include independent internal investigations or surprise inspections that are conducted by an outside source with no hidden agenda to the company. These inspectors follow procedures to reduce fraud and misuse and enhance accounting accuracy by examining documents of transactions received and performed. To balance accounting records bank reconciliation and adjusting entries are a necessary process to aid in identifying errors. The possibility of miscalculations deliberately or inadvertently can be distressing without the skill or the expertise to conduct proper control measures for a household or company. This week’s objectives can be easily understood providing managers apply applicable control types and keep the business accounting principles flowing correctly.

Student 2
In the first three weeks we have about a lot. How important we are required to follow GAAP instead of IFRS. Also we learn how to prepare certain statements to be accurate with our reports and records of financial statement. What these statement does give you an overall view of how much a company or yourself reporting for the year. Debit on the right, Credit on the left of T accounts. We prepared a few statements, which could show company ability to operating in the negative or positive. Liabilities were the most difficult part of the weeks for me. Learning how to grouping the different account that relates to the same account (classified balance sheet). The question solving was the most help with the preparing of the various statements. Week three was most interesting, learning ratios, working capital,