ACC00712 Reflective Learning Journal: Business Accounting Insights

This reflective learning journal documents a student's learning experience in business accounting, focusing on cash management and accounting treatment. It highlights the importance of cash balances in business, the application of cash management principles, and the challenges faced in accurately recording cash transactions. The journal also outlines strategies for improving learning, such as watching interactive videos and practicing regularly. The student reflects on how mastering cash-based transactions is crucial for understanding cash flow statements and preparing budgets, ultimately aiming to improve accuracy and expertise in accounting practices. The student aims to apply the acquired knowledge in future topics, enhancing their understanding of accountancy.

Running head: BUSINESS ACCOUNTING
Business Accounting
Name of the Student:
Name of the University:
Author’s Note:

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Table of Contents
Cash Management and Accounting Treatment................................................................................2
Application and Importance of the Topic........................................................................................2
Challenges faced during this Assessment........................................................................................3
Measures to Improve my Learning..................................................................................................3
Application of the Concept in future Topic.....................................................................................4
Reference.........................................................................................................................................6

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Cash Management and Accounting Treatment
Accounting is subject which requires precision and accuracy in matching entries and
balancing various ledgers and trial balance. There is various topic which have to be covered in
order to master the subject and recently I came across a topic which forms an integral part of the
accounting process which is cash management (Balance et al. 2015). From the point of view of
business, no business can survive without having appropriate cash balance with them and it is
also a known fact that any new project would require proper cash balance for financing the
project in the first place. Therefore, it is clear to me that cash balances form a major part of the
financial records of the business.
Application and Importance of the Topic
The importance of learning the cash management in accounting process is mainly
because it is a link with all purchases, sales, income and expenses which have been undertaken
by a business during a financial year.
In order to learn and get used to the treatments of cash balances, it is important to identify
the nature of the account which is a real account. I learned that after identifying the nature of the
account we can apply golden rules to the same and appropriately deal with various cash related
transactions. I had to learn the treatments and posting requirements which is necessary in cash
book which mainly records all cash transactions (Fourie et al. 2015). The trick which is
associated with cash book which I learned is that all entries are on cash basis which in simple
words means that only those transactions are to be entered for which cash is either received or
paid. The cash book is an effective way for managing the cash and I figured that I can also apply
the concept in saving and maintaining my pocket money in a more appropriate manner. In

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addition to this, the cash management also can be successfully applied to managing the costs of
households and keep a track of the expenses of the business.
Challenges faced during this Assessment
The problem which I faced in this topic is related to appropriately recording of entries
which are related to cash and also the balancing of ledger accounts. The cash book entries are
enormous in any accounting problem and therefore in my case, I often make accuracy mistakes
which may be due to double treatment of an entry or omission of a transactions or any other
cause. This makes the tallying and matching of accounts difficult and thereby complicates the
process. However, I am confident that I will be able to tackle this issue by regular practice and
also by attaining appropriate knowledge for various transactions which are related to cash
account or cash book. The greatest challenge for me is to master the cash book transactions and
move on to the next step which is the cash flow statement and preparing budgets. Both the topic
requires through knowledge of cash based transactions and posting for the same. The cash flow
statement forms part of the financial statements and therefore, it is the most important part which
I need to learn for getting a better understanding of accounting practice.
Measures to Improve my Learning
I can improve my learning process in an efficient way by watching interactive videos
which shows classes of cash management and also reveals special tricks which can ensure
accuracy and proper time management in an exam situation. In addition to this, I can always take
assistance of books which I can access from library or even from online sources. The most
important step is regular practice of cash book and transactions relating to cash. The practice
would enhance my accuracy in posting and matching of accounts which is a major skill that I

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currently lack. In addition to this, the practice would also widen my expertise and make me more
comfortable in future while deal with same or similar transactions (Moran et al. 2013). In order
to test my skill, class test and even mock tests are efficient ways which would allow me to
identify my progress in the topic. This is done so that I can move on to next topic without
looking back. The feedback which I receive from such test would enable me to make further
improvements in my learning methods and thereby take me one step closer in achieving mastery
in the topic.
Application of the Concept in future Topic
I understand now why emphasis was provided to first learn the basis which are very
important in this process and I am now sure that whatever I am learning will be applied in final
accounts as well. Therefore, it is better, if I take time and appropriately master the topic. I can
say that I am satisfied with my progress as of now but I think with more time, I would be able
improve further and at that stage would not make mistakes while dealing with cash based
transactions. I was able to recognize my faults and simply work on the same while I was learning
this topic. I have also developed a certain level of accuracy and can now get correct answers in
most of the accounting problems which I come across.
I have planned to carry on with my schedule and watch regular videos of transactions
which are related to cash and try to make application for the same. I am also determined to
continue with my regular practice which would sharpen my skills and accuracy further and allow
me to have a better chance at final accounts. The videos and practice would be enough from my
opinion but to be on the safe side, occasional help from my teachers can also help me
considerably. Finally, I would test myself by solving mock test papers for which answers are

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available so that I can rate myself and measure my performance. This would also enable me to
appropriately identify my weak areas and help to make plans for making improvements in the
same. Therefore, it can be said that the topic of cash managemen5 has helped in considerably and
I now see a better situation for me in accountancy.

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Reference
Balance, D., Receipts, T.C., Receipts, F.T.C., Disbursements, T.C. and Disbursements, F.T.C.,
2015. Cash Management.
Fourie, M.L., Opperman, L., Scott, D. and Kumar, K., 2015. Municipal finance and accounting.
Van Schaik Publishers.
Moran, N., Glendinning, C., Wilberforce, M., Stevens, M., Netten, A., Jones, K., Manthorpe, J.,
Knapp, M., Fernández, J.L., Challis, D. and Jacobs, S., 2013. Older people's experiences of cash-
for-care schemes: evidence from the English Individual Budget pilot projects. Ageing &
Society, 33(5), pp.826-851.