Step 1: Step 1 involves you writing down some of your
ideas, reflections and reactions to reading Chapter 4 ‘Analysing Financial
Statements’ in the Study Guide
Below ideas, reflections and
reactions to reading Chapter 4 Analysing Financial Statements
- Just like any other
chapter of the study guide I do enjoy reading the quotes at the start of
the paragraph. For me this quote introduces what topic to be discuss in
the paragraph below it.
- The whole first paragraph
does not make sense to me at all, I was finding it hard to relate to the
text when Martin talked capital market and use the fish market as an
example. I’m confused and still confused. I think and I don’t know if my
understanding is right that what Martin is saying that in Capital market you
don’t know what to expect.
- Reading the first three
pages of the chapter 4 I find myself unable to relate to the text that I’m
reading, I just find it too long and full of information and as well maybe
because at the back of my mind this chapter is all about assignment 2,
that at this very moment I have no idea how I’m going to start hopefully
at the end of this chapter I will find answer that will help me clarify
questions I have in my mind about assignment 2.
- I find myself reading the
first few pages 3 to 4 times and still can’t understand what is being said
to me. How does this first few pages relate to restating financial
statements. I think I’m just really worried about assessment 2 and I have
to admit didn’t really started on this assessment earlier than I should
and panicking I won’t be able to do or present a decent paper.
- Maybe another factor
making it hard for me to understand the information is that while I’m
reading the study guide I’m also trying to complete step 1.
- When Martin kept talking
about past historian I get a bit more confused, I know his point is to
help readers to understand, and that to further back up his statement that
in order to understand and predict the future of the firm we need to know
about its past. But for me its just all to confusing because here I am
trying to understand and read about restating financial report then I get
to read about some historian. I mean if I want to learn about history I
would take a history lesson.
- When Martin explain about
capital I like the example that he used, I find it easy to understand and
able to relate with it. That capital can only be invested once and can’t
be use over and over again.
- When I finally got to the
section Operating and Financial activities, I love the part where Martin
uses kinder surprise as a metaphor when it comes to explaining the
operating activities and financial activities. I’m a big kid myself
chocolate is one of my weakness. Martin mentioned that restating financial
is just like learning to rip open a kinder surprise and discover the hidden
toy inside. Which is what you do when restating the financial statements
after restating you find out the financial status of the firm.
- I agree with Martin when
he said that if you are restating the financial statements for the first
time it is frustrating and time consuming. I truly agree with this, I was
so confused on how to do it I read the section on study guide on how to do
it over and over again but still finding it hard to actually get started.
I even printed the financial statements and started writing OA and OF next
to the asset and liability to help me just like Martin advice. But I still
get confused on the other item that does not clearly states if its assets
or liabilities. I just really hate accounting subject maybe that’s why I’m
really finding it hard to actually complete this assessment. I really
struggle at this assessment. I will be brutally honest, I was scratching
my head and don’t know which subheading I will put all the particulars. I
can not tell whether it will be under operating liabilities or operating
assets for some of them, honestly I just guess them.
- I think what I found that
help me to restate the financial statements is just by looking at my peers
on how they presented theirs and from there I was able to get the ball rolling
in restating my financial reports.
- What I also find and I
know that in the next assessment I will make sure that I will really start
on the assessment early. Not allowing myself enough time to really work on
the spreadsheets and research the three product lines.
- Now I can tell I’m really
doing an accounting subject when I saw all the formula needed for me to
calculate amounts on my restated financials. I was a bit dumbfounded with
this assessment.
- At this stage my mind is
just really confused and finding it hard to take in all the information
and formulas.
Step 2: Step 2 involves you restating your
firm’s financial statements
Issues and concerns, I have a lot of them. Like I have mentioned above,
this part of the assessment is the most challenging part of me. I really had a
difficult time completing this part of the assessment. I know it says to allow
about 520-600 minutes, I went way over that time guide. I think it took me
about 2-3 times longer than the guide time. Well it felt that long anyway. I
really had trouble moving the all the different items on the financial report.
There is some item that obvious on where it subheading should be under. But for
some items I really struggle and just guess it. For example, Pension scheme
surplus and derivative financial instruments, I really don’t know where it
should go under.
Step 3: Step 3 involves you identifying
three products or services of your firm and estimating/guessing their selling
price and variable cost. You will also comment on the contribution margins you
calculate as well as identify constraints and briefly comment on them.
Remember, do not spend too long on Step 3 (it is worth just 4 marks). If you
have trouble easily identifying three specific products or services of your
firm, then quickly make some assumptions about what specific products/services
your firm might have. You will also likely need to guess the selling price and
variable cost of each product/service. Try to make your assumptions reasonably
realistic.
Step 4: Step
4 involves you providing (and receiving) feedback to three other students in
our
course on their draft ASS#2. These will
(usually) be the same three students you provide feedback to in ASS#1.
Feedback for Mia
Step 1: Like you I did find the
introduction long as well, and find myself disinterested. You presented your
KCQs pretty well and raised concerns that bothered you while reading the
chapter. I pretty much have the same concerns, I find it hard to connect with
this chapter and relate it or share more of my past experience.
Step 2: Your excel spread sheets presentation
looks good, don’t know if it is done correctly as I myself having trouble with
presenting mine. I like how you have a blog started again to help you with step
1 and step 2 and also to get interacted with the other students. Who may have
the same concerns.
Step 3: Just a suggestion if you
can find picture of the products and like I said to Suzzane a small
introduction on what your company does I know it’s not part of the task but it
does help person like me who’s looking over your draft and have no idea or
can’t recall what company you are assigned.
Overall Assessment:
Overall
your draft is a nice read and just like your previous assignment 1 it’s a nice
and easy paper to read not too much big fancy words. Like you, and I also
struggle to get my head around the study guide and restating the financials
statement. It clearly demonstrated that you took time and understood what the
task is.
Feedback for
Suzanne
Step 1: Like how you open up with
the quote from the study guide and able to relate it to your own life
experience. I also like that you were able to talk about your company, and able
to see the connection and use it as an example to help you understand free cash
flow. This is good as to show that you really understand your company and able
to use it.
Step 2: Your excel spread sheets
presentation looks good, don’t know if it is done correctly as I myself having
trouble with presenting mine. Like how you stated your concerns in restating
the financial statements.
Step 3: Your three products of
choice are good but I think just an added information for the marker maybe have
an introduction of the company and their business. Just me I guess because just
by looking at your three choices of product I wasn’t able to quickly recognise your
company, luckily I remember you did mention your company in Step 1 and was able
to say to myself “ah ha that’s it”. I had my ah ha moment J.
Overall Assessment:
Overall
happy with what I read and you clearly demonstrated that you understood what is
the task for Assessment 2. Nice read not too much big words and you really
express and share your experience and able to relate with the study guide good
job.
Feedback for
Hannah
Step 1. Like you I also enjoy
reading the quotes used every other paragraph in all the readings. It does
captures my attention and most of the time it’s an introduction of what topic
is going to be talked about in the paragraph below. I like how you were able to
share your life experiences from how your parents buy shares and from your work
experiences. I really enjoy reading your KCQ’s. It may have look a bit long
reading it from the blog but that just prove to say that you are really
connecting with the study guide as you were able to share so much of your own
experiences.
Step 2. Unfortunately, I wont be
able to give you a detailed feedback on this part of the assessment, as I’m
having so much trouble with my part of the assessment, I’m sure with your
accounting background and you mentioned in your step 1 that your confident
enough that you will be able to reinstate the financial report without too much
trouble. I trust your judgment that you did justice on your reinstated financial
report.
Step3. Good choices of everyday
product that is widely use and known to consumers. You have presented and
explained your contribution margin really well.
Overall Assessment:
Nicely
done and well presented assessment. I do enjoy reading your draft as I feel its
full of information that I needed to read since I’m not so familiar with
accounting compare to you. Help me question what Martin wrote on the study
guide and gave me a different prospective of the study guide. I have to admit
I’m still confuse at this stage with this assessment and study guide.
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