ipl-logo

Self Reflection In Financial Management

1051 Words5 Pages

Self -Reflection on Module 8.2a Financial Management Before the commencement of the sub-module 8.2, we were supposed to choice either 8.2a (Financial Management) or 8.2b (Investing Social Security Reserves), because the sub-module is divided into two. I have decided to take the sub-module 8.2a, and during online VC sessions, I have had gained some basic knowledge from this subject (Financial Management). For me, this is the first time I had chance to learn about the subject, before that I have just heard some information about financial management only from a friend who studied Accounting and working as Auditor at Association of Chartered Certified Accountants (ACCA) consultancy in Ethiopia. From the beginning I am so much eager and impressed …show more content…

In my day to day studying times, I can prepare accounts manually with the assistance of some videos on youtube and I am also planning to use a computer package to prepare restaurant accounts in near future. Moreover, I am lucky enough to have some basic knowledge about methods and principles of financial planning, instruments and mechanics of accounting, procedures and documents required for financial reports , methods and techniques of controlling finance, principles and instruments of auditing and methods and techniques of fraud prevention in financial …show more content…

 Income data (experiences, estimates of sales, fund rising, membership etc and planned activities).  Data come from previous budgets, estimates, experience of others and public available statistics. I was also able to identify the main uses of accounting and these are as follow:  Information All organizations need to keep records of their financial transactions so that they can access Information about their financial position, including: summary of income and expenditure, the outcome of all operations, assets and liabilities.  Legal requirement There is often a statutory obligation to keep and publish accounts and donor agencies almost always require audited accounts as a condition of grant aid.  Future planning Although financial accounting information is historical (i.e. happened in the past), it will help managers to plan for the future and understand more about the operations of the NGO (Lewis, T. 2013. Mango’s Handbook for NGOs: page

Show More
Related

  • Pension Plans: GASB Vs. FASB

    740 Words  | 3 Pages

    Pension Plans By Tay’veun Glenn Introduction Pensions are known as a retirement account that most employers maintain to give employees who have stayed with the company a payout upon retirement. Most employers give recipients of pension accounts a choice between a lump-sum payment or monthly annuity payments that are based upon the amount of time that the employee worked and their final salary prior to leaving the company. There are different types of pension plans and the use of each one is dependent on the employer. The Governmental Accounting Standards Board and Financial Accounting Standards Board both have to report pensions and have designated different ways to account for it.

    Read More

  • Hcs/531 Week 4 Health Care Paper

    1417 Words  | 6 Pages

    When being placed in the role of a manager, it is important to understand the finances of the organization and how to read and understand the recording of finances. It is also important to understand how all the different parts of the records fit together to give us the knowledge of where the business is financially. Knowing also the different responsibility centers related to financial recording and how they function is important as a manager. Once a manager understands what and where items belong on a balance sheet, they will better understand the state that the business is in. “It provides you with a picture of the financial health of your practice or organization on a certain date.”

    Read More

  • Hrm 300 Week 3 Child Care Center

    423 Words  | 2 Pages

    Child Care Center is a business. Not only you must know grow and development of the child, but you must also know how to keep the business financially viable. To do so, Tameka needs to know why the Effective financial management practices are important to run a child care center. Also, how to maintain a financial management system that includes budget, management of revenue and expenses. A)

    Read More

  • Wgu Audit Task

    529 Words  | 3 Pages

    I need go through last year audit file and report to gain understanding of the entity, its nature, the principal activities carried on, accounting policies, and critical audit area And test checked trial balance, balance sheet and profit or loss statement to general ledger to ensure they are agree to each other because there is possible clients make changes in general ledger after financial statement has been prepared. I also need checked the opening balance of balance sheet items with last year audit report to ensure the amounts are agreed with last audited figure. Before do the audit, I need fill in audit control sheet then do audit planning and planning materiality

    Read More

  • Acc 201 Final Project Part 1 Accounting Cycle

    1187 Words  | 5 Pages

    The life accountant life cycle has 10 steps involve to acknowledge Peyton financial strengths and

    Read More

  • External Environmental Issues In Financial Services Organizations

    1759 Words  | 8 Pages

    The changing regulations and the market operations will impact highly the financial planning, Investment, taxation and superannuation. The future skills which would be critically required by the financial services organizations would be: • Supervision and

    Read More

  • Accounting Information System Literature Review

    1372 Words  | 6 Pages

    This data can be used to preparing the accounting statement and reports. (Fontinelle, 2017).Accounting Information System is used for to produce the external stories related to the financial statement, supported through routine activities, Decision Support and Planning and Control, Implementing internal control. Accounting Information roles are classified into External Auditor, Tax Accountant, Consultant and Internal Auditor, Business Analyst, Budget analysts, Financial Analyst, controller and Accounting Clerk. It is discussing the future, and current role of Accounting Information system is analyzing by accountant responsibility and financial

    Read More

  • Reflection On Strengths And Weaknesses

    726 Words  | 3 Pages

    In this part I will review myself, about what have I done and what can I do, so I can be closer to my vision. As I have mentioned in my current situations I have strength, weaknesses, opportunity and threats. My strategy is that I want to maintain my strength, overcome my weaknesses and threats and take advantage of the opportunity. My strengths are my calm and observant personality.

    Read More

  • The Importance Of Accounting In Personal Finance

    748 Words  | 3 Pages

    According to Averkamp (2016), “accounting is the recording of financial transactions plus storing, sorting, retrieving, summarizing, and presenting information in various reports and analyses”. Therefore knowing how to carry out these tasks

    Read More

  • Why Is Financial Management Important In Business

    1436 Words  | 6 Pages

    Thibodeaux, Wanda. “Advantages & Disadvantages of Financial Management.” Chron.com, Accessed 17 Jan. 2018,

    Read More

  • Importance Of Mathematics In Accounting

    972 Words  | 4 Pages

    While, some of the functions that can be done in accounting are the recording of business transactions, preparing the payrolls, keeping the track of profit or loss, studying the industry trends and so

    Read More

  • Reflection About Investment

    856 Words  | 4 Pages

    REFLECTION PAPER IN INVESTMENTS AND INVESTMENT PORTFOLIO As they say, "Money isn't everything, but happiness alone can't keep out the rain. " It is often said that money is not the most important thing in the world. Despite of this, we still need to understand the true value of money. Money, in and of itself, is not very spectacular.

    Read More

  • Essay On Importance Of Financial Management

    812 Words  | 4 Pages

    • Accomplishment of funds Financial management involves the accomplishment of required fund to the business organization. Accomplishing needed funds play a major part of the financial management in an organization which involve possible source of finance at minimum cost. • Proper Use of Funds Financial management systems help to proper use and allocation of funds which leads to improve the operational activity of the business organization. If the funds use properly, so it helps to reduce the cost of capital and maximizing the value of the firm. • Financial

    Read More

  • Importance Of Accounting Information System

    925 Words  | 4 Pages

    The main important purpose of the accounting information system is to promote the activity of the enterprise and to form a reliable and real picture of it. In addition, the accounting information system promotes the activity of the enterprise effectively by preparing up-to-date information statements, providing as much information as possible so that the data should be understandable all users not only for the experts(bookkeepers) and tracking liquidity. Nowadays accounting software is a programme which makes accounting work processes easier and faster and which makes it possible to meet the information demand of the management. It also can support the accountants’ work, helping to compile reports by in helping to compile reports by recording and processing the events concerning the

    Read More

  • Reflection On Communication Management

    995 Words  | 4 Pages

    However, not all managers have a background in finance. This one-day workshop targets these

    Read More

More about Self Reflection In Financial Management

Open Document