ACCG101: Reflection Report - Problem Solving and Teamwork Skills

This report is a reflective analysis of a student's experience in the ACCG101 Accounting and Governance unit. The student explores the development of problem-solving and teamwork skills through a learning activity (tutorials) and an assessment task (MYOB assignment). The report details the student's understanding of financial and management accounting, the application of MYOB software, and the importance of teamwork in accounting. It covers the student's learning journey, including the initial setup of financial accounting systems, sales and purchase postings, interpretation of financial data, and report generation. The conclusion emphasizes the importance of problem-solving abilities and practical software knowledge for effective accounting practices. The student reflects on the improvement of their skills and knowledge, highlighting the practical application of accounting principles and software in a business context.

Running head: ACCOUNTING AND GOVERNANCE
Accounting and Governance
Name of the Student:
Name of the University:
Author’s Note:

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ACCOUNTING AND GOVERNANCE
Table of Contents
Diary..........................................................................................................................................2

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Diary
Week
/Day
How my Problem Solving Skills
Improved How my teamwork skills improved
Unit learning
activity Unit Learning Task Unit learning activity Unit Learning Task
Week
1
Financial
Accounting
Setup of Company
name and Details
Intrepretation of
Information Passing for Jornals
Week
2
Management
Accounting
Sales and Purchase
Posting
Application of
Management Accounting
Tools
Forming Bank
Reconciliation
Ststatement
Week
3
Decision
Making Payroll Treatments Analysis of Perfoamnce Generating Reports
Reflection
Introduction
In the field of accounting, most popular accounting structure which is used by most of the
businesses is financial accounting and management accounting process. I came across both these
topics in my studies and it is clear to me that financial accounting and management accounting
process requires problem solving ability so that the expert can handle any unexpected situation
which might occur in the business. In addition to this, I also came to know about MYOB
software which is used for accounting process and generation of reports for the business. The
practical application which is the case of MYOB requires sound knowledge of accounting
system and accuracy to apply different treatments.
Reflective Experience
As per the diary, I learned the basic concepts and building blocks of financial accounting
system and also what rules are to be remembered by the accounting professional while facing a
difficult situation. In order to acquire practical knowledge of the accounting treatment and

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posting, I started learning MYOB which is a renowned software. But the first thing which I
noticed that proper setup of the company name, conversion period is to be entered before the
software can record any transactions or generate reports. In terms of group knowledge, I learned
that financial accounting requires team work in big companies as there are lot of transactions and
different departments are given responsibility for maintaining their own records which would be
consolidated at the end of the year. Then I learned regarding the use of management accounting
and how the same is different from financial accounting. I learned that there are no such
standards in management which needs to be adhered to but there are certain tools which the
business can used. In addition to this I learned that the important decisions are taking on the basis
of the results which is provided by management accounting tools in a business. In MYOB, I
learned use of different sale and purchases in a business. While considering the group work
goals, management accounting tools are appropriate for collecting and analyzing information and
take decisions on the basis of the results which is shown by the management accounting tool. In
the third week, interpretation of the financial data and information would be used for forming
decisions which can benefit the operations of the business. On the other hand, the practical
knowledge is required for posting entries and ensuring double entry of transactions so that proper
processing of date is applicable. The above learnings and outcomes has convinced me that proper
problem-solving ability and team work is an important aspect of reporting framework in any
business.
Conclusion
The above discussion effectively shows the importance proper problem-solving ability is
essential for tackling difficult situation in the business. In addition to this, a practical knowledge

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of the software is also required in order to make the accounting process more effective and
accurate in terms of presentation of financial information.