CHAPTER 3: INTRODUCING FINANCIAL STATEMENTS.

Since I study Principle of Accounting, I have learn about some Financial Statements.The financial statements are part of the annual report that usually comprise a balance sheet, income statement, statement of changes in equity and a cash flow statement.

I realized I need to remember elements that will appear in each report.
Balance sheet have Asset account, Liability account and Equity account.

Income statement just only have Revenue and Expense account

Why we do not combine all in 1 report?

Moreover, Balance sheet is divided into 2 sets: The balance sheet of a group of companies and the balance sheet of the parent company by itself.

Secondly, there is a Income statement, A firm’s income statement shows how things are changing in a firm over a period of time, usually one year
In my company's annual report about income statement, I am very confuse why the data for 2013 in the report of 2013 and 2014 are different? I thought it need to be the same. What change the data?
Which data I will use to put in the Income statement?

The third report that I have done for my Annual reports is statement of change in equity.t. It shows opening equity; the profit (or loss) for the period ;other comprehensive income and payments or transfers between your firm and its equity investors, such as dividends or share issues.

The value of anything, Price is what you pay and value is what you get. In the market, most customers  will buy more when the price is lower. I usually do that too even though I do not need it.

This chapter is so clear about balance sheet and Income statement, It also remind me the equation of accounting that is very important for my study.

CHAPTER 1: THE WAY OF VIEWING BUSINESS

CHAPTER 1: THE WAY OF VIEWING BUSINESS

I am studying bachelor of accounting, the first question when I just read in the first second is what actually is ACCOUNTING? the question make me wanna read through all this chapter 1 to get an answer for that.

First key I have learn is Accounting is a business model.The meaning of Accounting is very clear in a title. After that is the meaning of Business, I never learned deeply about definition of the word, I can see "Business" is about creating value, serving people needs. The need of people is different. Therefore, business have to make a different to satisfy people want.That is a big opportunity to expand the business. A firm need to invest more, create more and it also is the challenge in Business too. I have stayed in Australia for more than 2 years, I must say it has a lot of businesses even though just in small area. Each business do own activity and make the diferrent to others

The second thing I need to understand if I wanna go higher and professional in Accounting is know and understand the key "building-blocks" of it:

• Journal: The daily transaction of a firm. transaction entered into a journal each day.

• Ledger: contain these same transactions but arranged not in the order in they occur each day but individual accounts

• Debit( to owe) and Credit(to believe) are also important in Accounting

From the meaning of these words, I know I debit Asset account, credit Equity and Liability account.

The most important in this chapter I need to remember all the time is the Accounting Equation:
 Asset = Equity + Liabilities

Double-entry accounting is a way of looking at The business. According to Charlie Munger, double entry book keeping was a hell of invention. In my opinion, double entry likes we add or subtract something, after we need to give it back to make the accounting equation balance all the time.
Double entry is a system of recording transactions of  a firm in such a way as to ensure the relationship between the different elements of the business model that underpins accounting is kept intact.

It also has some elements to expand the equation are Revenue and Expense.
Revenue are additions to equity as a result of increases to assets or reductions in liabilities of a firm but not those changes to assets and liabilities that relate to transactions between a firm and its equity owners. I am confusing about revenue and Income. Are they different or similar?

The basic of Accounting is very important and I must say this chapter is very useful for me.

step 3

studying at midnight....done the job!

This is the link to success my Annual Reports page:

https://moodle.cqu.edu.au/mod/forum/discuss.php?d=25978

MY COMPANY: FUNTASTIC

• I have given the company and I really excited to discover it. My company names Funtastic. You can see the logo of this company above.

• Funtastic is publicly listed Australian company. The head office is in Melbourne, We have some offices are in China and Hongkong. Funtastic brands is supplied across the country, and over the world with an array of leading products for kids of all ages.

• Funtastic is one of Australia's leading distributors of toys, sporting and confectioners products. It have some products are popular around the world such as Chill Factor, LeapFrog,Razor,Pillow pet, Air Hogs.....

• Funtastic proudly nurture brands and products as experts within the Children and Family Consumer Goods arena. It develop and deliver world class product development and global fulfilment across an exciting range of brands and products for families.

Let see some pictures of Funtastic brands:

• Funtastic has been a proud supporter of the STARLIGHT CHILDREN'S FOUNDATION: which has started since 2004. The company has many ways to do it include regular deliveries of the latest new toy for Starlight to use in wish granting across the country, and participation in numerous fundraising events. The support of Starlight is designed to help them continue their very important work.

• This is a link to visit the website of Starlight: 

https://starlight.org.au/about-us/our-partners/national

• And we have a lot of video which shows our activities in many working  years

https://www.youtube.com/user/StarlightAus/videos

• This is one of those video to introduce who we are:

https://www.youtube.com/watch?v=-sfp1u5V3co

MY TOP 3 BLOGS

hello all,
I have gone through and look many blogs of friends in blog forum. I must say these 3 blogs are very good and I really wanna share with you guys:

1. Kaylie Hudson
Here is her blog link: http://hudosaccountingblog.blogspot.com.au/

The reason is her blog is quite clear, It tell us about the comany that she does is NRW Holdings and she also gave us a lot of information about that. I love the way she perform as well.

2. Georgia Fordyce
You can access to this link to see how wonderful it is: https://geefordyce.wordpress.com/

The structure is so good, the owner also give many link to introduce her company. And I can see how friendly she is in the post "A bit about myself" 

3. Monica Mallory
Let click and see this blog: https://monicamallory.wordpress.com/

Wow, I must say that blog is so impressive. every step is so clear, in order and easy to understand what the owner is doing. I think she is enjoy and spend so much time for this subject.