The paper "Analysis of the Acquired Cognitive and Abilities and Generic Skills" is an outstanding example of a finance and accounting assignment. Self-reflective assessment report has been a very vital tool for analysing the progress of accounting students. Based on the acquired cognitive and abilities and generic skills, am going to provide accounting benchmark statement basing on one of the modules covered; introduction to financial accounting. My accounting benchmark statement intends to serve a number of purposes like being a tool to be used as an internal and external source of reference for advanced or higher education in accounting.
It will also attempt to bring out overall guidelines achieving the intended outcome for students taking accounting as a programme. Lastly, it will help this institution in pursuit of internal quality assurance. Analysis of the acquired cognitive and abilities and generic skills Capacity for the critical evaluation of arguments and evidence Taking the module sections such as Cashbook and bank statements has enabled me to develop a superior and critical analysis of arguments and evidence within any given context. This has been done within thorough critical appreciation and evaluations or various materials presented in class and recommended further studies.
While reading on my own, I have been able to evaluate relevant theories and researches and thereafter drawing a systematic and creative attempt to relate it to the topics we covered within the modules. A good example of such a case involves Financial Statements While on my research, I further proved that I could critically evaluate and argue from a wide range of appropriate sources while also being careful with the awareness of their statuses but still achieving a significant element of originality. An ability to analyse and draw reasoned conclusions concerning structured and, to a more limited extent, unstructured problems from a given set of data Due to the rise in the context of companies and even household from accounting statements I have been able to gather enough knowledge to analyse and even draw sound inferences with regard to any set of problems from whatever set of data.
I have been also endowed with the ability to tackle a lot of theoretical aspects regarding accountancy. I can also relate these theories to practice by solving issues like arbitrage and examples of its use.
Other issues within my ability are analysing the cost of capital principal agency relationships and Fisher separation and capital budgeting criteria. Ability to locate, extract and analyse data from multiple sources, including the acknowledgement and referencing of sources For academic progress, I have been able to gain vast knowledge in locating various data from various sources such as company reports, newspapers and financial journals among others. Whenever I do this I have always been able to acknowledge the author or owner of these materials so as to avoid plagiarism. Recently as I was doing research on some references we were given as further reading, I realised that many scholar have different views regarding the roles of financial accounting.
These divergent views were expressed by different reading materials and sources I could locate and extract data from and even give them a reference. For instance, Robert et al. (2001) in the book ‘ Financial Accounting’ explains that one role of financial accounting is used to help the managers to manage the business more efficiently by preparing regular financial information like monthly management accounts showing sales, costs and profits against budgets, forecasting cash flows, cost investigations.
On contrary, Zeidenberg, M., Jenkins, D., and Calcagno, J. C. (2007) states that it provides stakeholders with legal or and vital information regarding financial accounts, trading account, profit and loss, and balance sheet.
Robert K., Magin, D., Nightingale, P., Andresen, L. and Boud, D. 2001. Financial Accounting
SCED paper 77, SEDA.
Zeidenberg, M., Jenkins, D., & Calcagno, J. C. 2007. Principles of Financial Accounting
CCRC Brief No. 36. New York: Columbia University, Teachers College, Community College Research Center.