ASS1 Draft.

INTRO AND CHAPTER 1

"I feel the best way I learn something is explaining what I learnt to other people, because when they ask me questions about what I'm explaining to them, I either answer them with what I know or restudy what I don't know"

Reading this quote from the previous student, I found it very relatable. When I learn new things that I find interesting or relatable I like to explain them to people around me who have not been studying with me. I also find this technique as a great way to study as I find it not only helps me memorise content but also helps me fully understand and remember what I am learning even after I have finished learning about it. As someone who lived in Victoria and did majority of their year 11 and 12 high school online, I got used to independent learning very quickly so I would sometimes find myself talking to the wall to recite my knowledge however the wall does not provide feedback or ask questions. I found it equally helpful when I would explain my knowledge to someone who did not know what I was talking about and some who did as both people would have different questions, thoughts and ideas around the topics.

Reading the quote by B.B. King: “The beautiful thing about learning is nobody can take it away from you.”. I felt like it was such an excellent quote and can be interpreted in many different ways. I feel this quote is telling us that we are all here in this ACCT class together and we all have the opportunity to do what we want with the class. We can learn, engage and interact with the class or we can sit back and just get through the assignments to pass and then forget everything, the choice is entirely up to us. I also relate to the quote as I have had three years off from school/studying however in those years working I have learnt so many skills, life lessons and gained some much knowledge that I feel I never would have if I didn’t do what I did in those years. Learning can’t be taken away from you, you do not have to be studying to learn every day. If you interact with life, you will learn new things every day, no matter what you are doing.

I am reading and learning that most people in business and high-ranking roles have an accounting background. Along with the idea that accounting is more than just numbers, we can actually “use accounting information to engage with what is really going on in a business.” I believe that both concepts imply that accounting is more than sitting at a desk all day working on other people’s accounts and the numbers for their business, accounting and the knowledge behind it can open so many more opportunities for myself and everyone in the future. Reading these ideas makes me wonder where I could end up with my accounting degree and what it could do for me. It also makes me excited to learn more about accounting and all the different roles that it can have in the business world. I am very eager to learn how I can apply accounting to the different areas of business that I love to work in, for example, agriculture.

Accounting was developed long ago in a very different time. This concept is about how many people have lived before us and the way the world and accounting works continues to develop over time, however we still use methods that were created hundreds of years ago. This idea was quite interesting and made me think about how we do things and how the past has influenced that. I think it is interesting that we still say ‘bookkeeping’ even though it is majority completed on computers or laptops now. It is similar to how we all have these sayings that we repat all the time, but we never really know where they come from, for example the saying ‘bite the bullet’ meaning to accept something difficult or unpleasant. This saying actually comes from a time when doctors had very little to no anaesthesia the patients would bite a bullet to distract themselves from the pain or surgery or battle wound, and we still use the saying today many decades later. It am interested to learn about how accounting started, why they still use the same methods today and maybe explore or think about how accounting may look today if it wasn’t the way it is.

CHAPTER 2+3

All the rules, regulations, principles, and corporations that govern accounting provide accountants with knowledge on what to do. I am surprised how many different companies are used to make up all the accounting principles. I did not think that there would be so many rules.

I think rules are a good thing and can provide structure and a guide on what can and can't be done however I believe that rules are not always the answer. I think that when faced with real people and problems, not everything is black and white and in the rule book. When working with people there is room for human error, if you or someone else is to get something wrong there is no rule book on how to fix it. In other cases, it may not be the human's fault something in general could go wrong and then there is a grey area on what to do and how to fix the situation because the rule books never account for those possible situations. Further into the chapter I read the section: you cannot have a rule for everything. I agree that "there are too many 'shades of grey' in the real world". Everyone has their ideas, experiences, and different ways of doing things, so not everything can apply to the rule book. We are all different, every company is different and so the rules aren't able to cover everything and they are not able to predict what happens in the real world.

The concept of quantity vs quality refers to if someone or something has a large quantity(amount) of something or if they have quality things. I believe that quality is better than quantity. If you are writing an essay for an assignment and it meets the word length, that is good however, if there is no quality about it, such as having no relevance to the topic of the essay or the information is false, then the essay is not helpful and does not answer the question or the topic. When I was working on properties there would be some people who would boast about having a large number of stock compared to everyone else so they were striving for quantity however they usually produced a poor quality of stock compared to the people who had less stock but focused on the genetics and the quality of the stock. I believe in having better quality items rather than a larger quantity which, is a concept I can take with me in my business and accounting degree when reading and analysing a company's accounting information.

The financial statements that businesses release, what they mean and what they are required to do with them, are important. These require all the information about a company's assets, expenses, equity, liabilities and revenue. I enjoyed reading about these different financial statements and what they mean and represent. I think understanding this information is helpful not only for accounting but also for my personal use. I am someone who owns shares and has for a long time however I have never really looked at my companies and their financial statements. I think this information will definitely help me in the future and I will be able to have more knowledge and understanding of the workings of the companies that I have shares in.

CANN GROUP

Cann group is a world-class Australian medical cannabis company that aims to produce excellent medical cannabis products for Australians to help improve their quality of life. They currently have two facilities running: one in Melbourne, Victoria and the other in Mildura, Victoria. Cann Group was established in 2014 and was the first company to receive a Cannabis Research Licenses form the Australian Government.

KCQ's:

• The CEO/Managing Director has a bachelor in accounting and bachelor in business - he has an accounting background. The only director with the an accounting degree.

What's difficult to understand?

• The loss after tax

• Majority of the terminology in the report

• Why and how the different aspects of the report affect the business.

What's most important or critical?

• From the first report: Key Financial Metrics it shows that they have made a greater revenue from the previous year however thing such as loss after providing for income tax, net assets and basic and diluted loss per share are all less of than the year before. However I do not yet fully understand what those 3 things are referring to.

• Oil sales have dropped however there has been a significant increase in flower sales showing a change in consumer preferences.

Key challenges?

• Producing a quality crop with a high yield regularly as well as keeping disease, mold, insects and other pests out of the crops. 

• Dealing with any rise of coast in labour of for utilities and reducing the factor of human error.

• Continually securing enough funding for the operations to go ahead.

• The operating price is growing and the increasing operating losses.

How successful it appears to be meeting these challenges?

• Their new site in Mildura has allowed them to increase their ability to harvest the crop more effectively where they have recently been able to have the glass house fully planted and improving their harvesting rate.

• Sufficient training for their employees and a maximum amount of employees to minimise the risk of human error in the harvesting process.

Apparent strategy?

• NAB has extended its loan for May 2024 to May 2025 and they are

• 7th May 2024 received a $5 million credit lender.

• Exploring short term funding options. 

I am happy with the firm I have been given as have never heard of it so I enjoyed learning about the firm and what they do. It is also a bit out of the usual, as medical cannabis can be a controversial topic, but I am enjoying learning about the different aspects of it. The company also relies heavily on funding so it does not just work from its own revenue.

My concerns about this assignment are my key concepts and questions that I have written, as I have never done them before and am not sure if I have completed them correctly. 

I submitted my first draft of my key concepts and questions into Studiosity, I found their feedback useful. I found that it not only told me areas that I should fix but also why they needed to be fixed so I am able to learn and fix those errors in all my writing. I also like that it does not just rewrite your work for you again it explains what changes I could make to improve my writing. I would defiantly use this again as I am always needing help with my spelling, grammar and sentence structures.