Reflective Journal on Double Entry Accounting - ACC00712

This reflective journal provides an in-depth analysis of a student's learning experience within the double entry accounting system. The journal reflects on weekly tutorials, exploring the application of accounting principles, strengths, and weaknesses in understanding key concepts. The student disc...Read More

Running head: REFLECTIVE JOURNAL
Reflective Journal
Name of the Universitty:
Name of the Student:
Authors Note:

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Table of Contents
Introduction..........................................................................................................................2
Reflective Learning.............................................................................................................2
Conclusion...........................................................................................................................5
References............................................................................................................................6

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Introduction
The objective of this reflective journal is to analyses the learning outcomes gathered
through the weekly tutorial on the double entry accounting. Moreover, through explaining this
reflective journal I will explain critical engagement with the subject matter that is being
discussed. This reflection will also be focused on developing a summary of the gathered skills
and knowledge on the topics covered in the weekly tutorial.
Reflective Learning
Weekly Learning and Reasons for Learning- From completing weekly learning on the
double entry accounting systems implication in companies, I have gathered that double entry
accounting facilitates in maintaining better management of assets and liabilities within the
organizations (Bassot 2016). Moreover, I have decided to attain knowledge on topics covered
regarding accounting based on the double entry system for the reason that it can increase my
knowledge base in order to work as per the laws and regulations within the industry along with
maximizing profits and losses of companies.
I have attained a detailed learning about topic and gathered that double entry system of
accounting facilitates in maintaining every business transaction by involving two accounts and
this an also facilitate me in maintaining my accounting equation in balance. I have also attained
learning that accounting equation is important in making sure that a company’s assets amount is
always equal to the liabilities held by the company (Givoly, Hayn and Katz 2017).
From accomplishing the weekly tutorial I have realized my weaknesses and strengths on
attaining detailed college regarding accounting topics covered in the tutorial. I have realized that

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I have weakness regarding competency development so that I can put my knowledge into
practice (Mintz 2016). I have also certain weaknesses in critical thinking process developing
which can support me in managing, evaluating and making necessary judgments on the
accounting process. I have also gathered that the learning has revealed my strengths that includes
I have strong determination to attain goals with time along with attaining constant feedback on
the learning course. This has facilitated me in robing for concrete examples regarding all the
accounting explanations covered along with obtaining relevant suggestions on improving my
own existing knowledge on the course (Krahel and Titera 2015).
I also faced certain other challenges as learner that has persuaded me to attain necessary
skills to deal with such challenges. I have dealt with issues related with acting as a facilitator,
through which I gathered that I am not that conversant. I have also faced challenges in
understanding the complex adjusted trial balance, use of subsidiary journals and special journals,
sales and purchases transactions. Through observing the challenges, I have focused on improving
learning process through developing my interpersonal skills. Developing such capabilities can
facilitate me in analyzing the concepts related with double entry accounting (Loeb 2015). I
needed different skills in attaining detailed learning regarding various components in the topic
selected. I attained detailed feedback from my weekly tasks that have facilitated me in improving
my learning process. In analyzing the weekly learning’s on double entry accounting in the
companies I have considered to develop my self-management competencies as personal
resilience can analyze the ability to face threats and pressures. Moreover, I have also focused on
developing the self-development competencies in setting attainable goals, receiving feedback
and increasing self-disclosure while learning (McGuigan and Kern 2016). I have also attained

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learning that double entry accounting is important in making sure that a company’s assets
amount is always equal to the liabilities held by the company.
After attaining learning on various weekly topics covered I have gathered that distinct
parts of my learning are connected. I have found the connection among the double entry
accounting and sales and purchase transactions. Moreover, I have also been able to establish a
connection between the accounting equation cycle and double entry accounting. I have gathered
knowledge that double entry accounting involves developing two accounting equations and in
attaining knowledge on the same I have obtained better grasp on credit, debit and chart of
accounts. Double entry accounting persuades a company’s investment decisions associated with
the fact that transactions are recorded in terms of credits and debits in which sum of the credits
equals debits which can facilitate me in maintaining accurate financial statements depiction. I
have also attained detailed learning regarding the fact that the accosting equation and double
entry accounting process are linked. I have established this link through obtaining knowledge
that the fundamental accounting equation is also referred as balance sheet equation which
maintains relationship between assets and liabilities within a double-entry bookkeeping system.
Moreover, I have also realized that my learning in this topic has impacted by learning in
previously covered topics in accounting and more specifically double entry accounting. I have
developed effective ideas and attitudes within the learning process on the selected accounting
topics. I have attained better idea regarding implementation of accounting knowledge within my
future learning courses on accounting (Taylor, Ryan and Pearce 2015). I have also developed
effective strategies in attaining the set goals and ambitions that has facilitated me in weaknesses I
have identified in my learning unit. I have attained detailed goal setting strategy through
realizing the ways in which double entry accounting affects business and the ways in which

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companies can identify the cash inflows and outflows. Moreover, I have also developed goals in
attaining further knowledge on the accounting aspects related with developing financial
statements that can further empower me to attain better business choices in view of accounting
data.
Conclusion
The objective of this reflective journal is to analyze the learning outcomes gathered
through the weekly tutorial on the topics focused on double entry accounting system. I can
conclude from the reflective learning’s that I have decided to attain knowledge on topics covered
regarding double entry accounting for the reason that it can increase my knowledge base in order
to work as per the laws and regulations within the industry along with maximizing profits and
losses of companies. I have developed effective ideas and attitudes within the learning process
on the selected accounting topics.

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References
Bassot, B., 2016. The reflective journal. Macmillan International Higher Education.
Givoly, D., Hayn, C. and Katz, S., 2017. The changing relevance of accounting information to
debt holders over time. Review of Accounting Studies, 22(1), pp.64-108.
Krahel, J.P. and Titera, W.R., 2015. Consequences of Big Data and formalization on accounting
and auditing standards. Accounting Horizons, 29(2), pp.409-422.
Loeb, S.E., 2015. Active learning: An advantageous yet challenging approach to accounting
ethics instruction. Journal of Business Ethics, 127(1), pp.221-230.
McGuigan, N. and Kern, T., 2016. CreActive Accounting Education: Visioning Future-Oriented
Accounting Programs through a Reflective Unlearning of Current Practice. Journal of University
Teaching & Learning Practice, 13(2), p.8.
McGuigan, N., 2015. The impact of journal rankings on Australasian accounting education
scholarship–A personal view. Accounting Education, 24(3), pp.187-207.
Mintz, S., 2016. Giving voice to values: A new approach to accounting ethics education. Global
Perspectives on Accounting Education, 13(1), pp.37-50.
Taylor, S., Ryan, M. and Pearce, J., 2015. Enhanced student learning in accounting utilising
web-based technology, peer-review feedback and reflective practices: a learning community
approach to assessment. Higher Education Research & Development, 34(6), pp.1251-1269.