BLOG AND MOODLE LINK BLOG LINK http://karenthepomhome.wordpress.com/ MOODLE LINK https://moodle.cqu.edu.au/user/profile.php? id=78727 STEP 3 MY COMPANY – JUMBO INTERACTIVE LTD First Impressions So, was I nervous about getting my company, only a little bit, but I was praying it was a company that I had heard of so that I wouldn’t be going in totally blind; coming from the UK, I guess I was hoping for one from my home land. Was it going to be a company I had heard of? Of course it wasn’t! But a little bit of research into my company told me that I did know 1 ACCT11059 ASSIGNMENT 1 STEP 3-6
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BLOG AND MOODLE LINK
BLOG LINK http://karenthepomhome.wordpress.com/
MOODLE LINK https://moodle.cqu.edu.au/user/profile.php?id=78727
STEP 3 MY COMPANY – JUMBO INTERACTIVE LTD
First Impressions
So, was I nervous about getting my company, only a little bit, but I was praying it was a
company that I had heard of so that I wouldn’t be going in totally blind; coming from the UK,
I guess I was hoping for one from my home land. Was it going to be a company I had heard
of? Of course it wasn’t! But a little bit of research into my company told me that I did know
Jumbo Interactive Ltd, I just didn’t know their trading name and that I had also put towards
their reports for 30th June 2019 as I’ve purchased several lottery tickets since being in
I chose my top 3 blogs as they are blogs that I can relate to easily and make me realise that
I’m not in this alone.
3. ANDREW TEASE
I found Andrews blog easy to read and also very helpful as we both have gambling companies. Andrews company is actual a major shareholder in mine Jumbo Interactive so I was interested in how their annual report compared to Jumbos.
Tabcorp Holdings
2. KYM HOFF
Kym provides a blog that I can relate to as we are both in the same stage of our lives. We both have the same self-doubts, but we encourage each other to just go for it. What’s the worst that can happen right?
https://acct11059kewcawtoouniblog.home.blog/
1. PAUL FEASEY
Paul is a great guy! We’ve never met but he is so helpful and positive and encouraging. Always gives great constructive feedback and his blog is great to read. One I always make sure I read when I log on. Paul is such a busy man, always on the go, always doing something, do you even sleep Paul?!
So, as I finally sit down to reflect on chapters 2 and 3.1/3.2, I’m wondering how good is my
knowledge of financial reports, do I really understand them and what they tell us fully?
To me, the reason that the financial statements of different firms are similar is so they can
understand each other’s reporting’s; you need to know what the opposition are up to, and
to appeal to future investors. If they can’t understand your report because it is a format
they aren’t used to scrutinising, they may be put off investing in your company. When I
ponder whether accounting is a game, to me, yes it is. You have to stick to the rules, play
smart, but be honest and trustworthy at the same time. Trust to me is the biggest factor in
any relationship.
So, being from the UK and completing some of my accounting studies back home, I’m aware
that the Financial Reporting Council (FRC) set the standards back home but who sets them
in Australia? Are they different or do they follow the International Accounting Standards
Board (IASB) too? Reading on I find that Australia follows rules similar to the UK which
pleased me, although I knew that the basics of accounting are the same no matter what
country you are trading from surely?
Look at the generally accepted accounting principles (GAAP), this reporting game started to
come across a little bit overwhelming. I agree that it would be impossible for anyone to
know every rule, even the people who have written them, but what happens if you break
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these rules and it has an adverse effect on someone’s investment? Can you be legally
punished or is it just a lesson learned for the investor who may lose everything?
There are around 2.2 million businesses in Australia, considering that the population is only
24.6 million, I found this quite astounding but then I thought about how many businesses I
have used today. Coles, for my shopping, World Gym at North Lakes to get my endorphins
going to finish my assignment, Costco to fill up my car. And that was all before lunch! As
we work through this assignment, I’m thinking more and more about businesses and the
size of them. At first when I thought of accounting, I only thought of big well know
companies but every business uses accounting no matter how small. I’m sure having to do
accounts can be quite daunting to some small business owners so I was glad to see that the
Australian Accounting Standards Board (AASB) provide structured documents that business
owners can use to help them, they aren’t just there to lay down the rules. To me this makes
good sense for the Australian economy, you want your businesses to do well, it improves
the economy whereas failing businesses cost the economy.
Accrual accounting is something that I have done for many years in my past career as a
Business Manager for McDonalds. Each month whilst completing our Profit and Loss
accounts, we would have to ensure that we had accrued money each month to pay for
services that we had already received such as window cleaning, refuse collection,
landscaping. Most of these were standard monthly charges but every now and again, they
would increase, and we would have to accrue this extra money too.
I also played the game of accounting sometimes with my accruals by increasing them even
though I didn’t have any bills to pay. We used to forecast our monthly P&L in advance and if
I knew I was well above my target, I would accrue extra money over to the next month to
give me a head start, and the boss would still be more than happy.
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We move onto the quality of the information that has to be reported and can relate to the
qualities. The figures I reported each month from my restaurant at McDonalds would be
verified a few days later by the accounting department at head office so accuracy was
obligatory. We had a deadline of 7am for our figures to be completed (timeliness), which
were completed in a companywide template (comparability) and as the manager of the
business, you had to understand what you were reporting and how it affected not only your
restaurant but the bigger picture of the company.
At a party, I’m not a shy person and will talk to anyone, awful remembering names, but
good at remembering details about people. Being introduced to financial statements to me
is not like meeting people for the first time, it intimidates me slightly. Maybe I need to start
having a bit more faith in my own ability?
Looking at my companies financial reports, they are easy to read, and all have footnotes
which are several pages long so I focus on the main reports, the consolidated statement of
profit or loss and other comprehensive income, consolidated statement of financial
position, consolidated statement of changes in equity and consolidated statement of cash
flows and what these tell me. I’ll be honest, when it comes to the annual report, I have
looked at the sections that I have needed for this assignment and not really looked at the
rest. I felt at one point that this module was taking over my life and as I’m studying 3 other
modules, I had to be strict with myself and ensure that all my modules were getting equal
attention. I was glad to read that I didn’t have to understand some of the items at this
stage, I felt that I wasn’t bypassing any important information at this point. I am looking
forward to learning more about the financial reports and actually using them in assignment
2. Bring it on.
STEP 6 PEER FEEDBACK
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ASS#1 Step 6 Feedback Feedback From Karen HowardFeedback to Emma Rizeman sent via email
My commentsStep 1 KCQ’s
Great how you relate it to your own experiences both in your work life and home life. I never thought about relating it to everything we do every day, and this is something that I will be doing from now on.
Step 2IntroductionPhoto & DescriptionLinks your blog/set up blog
You have used both Facebook and your blog to introduce yourself to the rest of your peers.Photo uploaded so we can put a face to the name, your boys are so beautiful by the way.Links to blog posts on both Facebook and the blog forum.Your blog is great to read, not too heavy, and I am jealous that you live near the beach on the Sunshine Coast, this is my life goal and where I spend most of my Sundays (my day off) to clear my head. Definitely my favorite part of Australia.
Step 3Background on the companyCompany KCQ’sComments on other’s blogs
Really informative introduction to the company. I like that you included links to articles that you found and used from your research. The information that the company is prepared for BREXIT, or not, is interesting to read. Love that you have discussed with someone else who has a UK company’s whose owner has a completely different view on BREXIT.I can’t find any links to where you have commented on others’ blogs, just the links to your top 3.
Step 4Input company’s financial statement All the formulas are in the right places and all the figures
match up. Your reports are slightly different to mine as they have different descriptions’, but it is easy to follow and understand.
Step 5 KCQ’s
Great how you linked it to your own personal experience with your husbands’ business and working as an insurance underwriter. You answered many of the questions you had and made clear the ones you were still unsure on. You related the chapters to your annual report well, I may come to you if I have any questions about my annual reports as you seem to have a great understanding.
Step 6 Individual feedback with others N/A
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Overall ASS#1 I really enjoyed reading your assignment, it made me think about how I use accounting in every aspect of my day to day life and I will be making a conscious effort to do this to help me understand accounting more.
ASS#1 Step 6 Feedback Feedback From Karen HowardFeedback to Elizabeth Gomez Lopez sent via ASS#1 (steps4-6) Forum post
My commentsStep 1 KCQ’s
N/A
Step 2IntroductionPhoto & DescriptionLinks your blog/set up blog
Your blog was new to me, but I love how simple your blog is, it’s easy to navigate and love the pictures to make it fun, accounting is fun right? (Or that’s what they tell us!). It’s great that you have shared your studiosity experience, I agree a great tool that I will be using more often.
Your Moodle and blog profile tell us all about you and I feel like we are similar people with similar concerns about the course, so you are not alone! I am now also following your blog.
Step 3Background on the companyCompany KCQ’sComments on other’s blogs
The layout is really professional and the information on company tells us what we need to know and like that you have put links in to expand on topics you discuss. I agree, financial reports are daunting when you first look at them and I had just as many questions as yourself! Your KCQ’s are relevant to your company’s report, hopefully the lectures will assist you in answering some of them. I’m just wondering if the company has any view on Brexit and what will happen to them after it happens? You have put your top 3 blogs but haven’t put links to where you have commented on other students’ blogs, maybe you want to add this in.
Step 4Input company’s financial statement
N/A
Step 5 KCQ’s
Good how you relate what you have read back to your firm’s annual report and that you have been honest about how you feel about the company report and the explanations in the study guide.
Step 6 Individual feedback with others
You have given some great constructive feedback to your peers which I’m sure they will find useful. You have gone into detail and you can tell you have taken time to read their work thoroughly before giving your feedback.
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Overall ASS#1 Well written and easy to read, I could relate to lots of what you said and parts of the financial reports that you questioned so please don’t worry, you are not on your own when you say you don’t understand it all! I’m sure as we get further on in the course, it will all become a lot clearer to us.
ASS#1 Step 6 Feedback Feedback From Karen HowardFeedback to Caitlin McCarthy
My commentsStep 1 KCQ’s
I can completely relate to your first thoughts on starting this module, mine where exactly the same! Loved how you related it to learning to drive a car. Your KCQs are formatted well.
Step 2IntroductionPhoto & DescriptionLinks your blog/set up blog
Loved your introduction, love the pictures on your blog too. The wedding photo is fab and made me smile (love a good wedding!). Blog link and Moodle link both work.
P.S. Just to let you know, you aren’t alone when you think you are behind. Some people are way ahead, this had me stressing out, but I gave my head a wobble, realized we still had plenty time till deadline so I’m on track! We both have other things going on in our lives that need attention, yours is two young children, mine is three other units. You are doing great
Step 3Background on the companyCompany KCQ’sComments on other’s blogs
In know your firm, not sur if you’ve missed a word out? You’ve put ‘they are a winning global financial transaction software &…’ should they be an award winning financial…?Something I picked up from my PEER sessions is that if you have something important to say in your assignment, don’t use a blog link as the assessors are too busy to look at links, copy and paste it into your assignment.Not sure of you want to explain what the iAwards are.Love how you related back to your own business.I agree about studiosity, a great tool and I will also be using it every time I have work that needs checking before submission. I too haven’t written essays for a long time (ten years longer than you!) so it is a great tool.You have rated your top 3 blogs (Paul’s is also my favorite!) but haven’t included where you have commented on other’s
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blogs.
Step 4Input company’s financial statement
On you statement of equity, you need to copy the closing figure from the previous year to the opening balance of the next year cell so when it is clicked on, it comes up with a formula not a number. Also, G20 should be a formula, just copy and paste the one from next to it. You might need to put zeros in your cells with no data, I did this on mine and the formulas worked fine.
Step 5 KCQ’s
Really easy to read. Flows really well. In your first chapter there’s a grammar error. You’ve wrote ‘Moodle have both been both a great help’ Like how you’ve related asking for financial reports to your mortgage provider, I wonder why they are so shy to show you their figures! Big Mummy and Big Daddy made me smile!Great explanation of how you understand the financial reportsAnd how you relate these to real life.One-minute bliss is a fantastic addition, I loved this.
Step 6 Individual feedback with others
Your feedback is thorough (and appreciated!) you are constructive but also appreciative, how I was taught feedback should be in my management days.
Overall ASS#1 I really enjoyed reading your assignment. It flows so well and the fact that you can relate it to your own business and personal experiences means that the reader can relate too. A top effort well done!!
ASS#1 Step 6 Feedback Feedback From Karen HowardFeedback to Monique Hudson
My commentsStep 1 KCQ’s
N/A
Step 2IntroductionPhoto & DescriptionLinks your blog/set up blog
N/A
Step 3Background on the companyCompany KCQ’sComments on other’s blogs
You give a good introduction to the company and explain your KCQs really well.You need to put in links to the company website and the annual reports.Have you found any news related articles/ videos that you could include?
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Don’t forget to put on about your discussions with others, our PEER session was awesome!!
Need to put links to where you have commented on other people’s blogs.You need to put links to your top blogs on.
Step 4Input company’s financial statement N/A
Step 5 KCQ’s N/A
Step 6 Individual feedback with others
The feedback I received from you was really useful, as was the feedback from the PEER session
Overall ASS#1 Good for a first draft although you have lots of information to add. Can’t wait to read the finished article.
ASS#1 Step 6 Feedback Feedback From Karen HowardFeedback to Kellie McDonaugh
My commentsStep 1 KCQ’s
N/A
Step 2IntroductionPhoto & DescriptionLinks your blog/set up blog
Both links work to your blog and Moodle.
Loved your introduction on Moodle, you go girl!!!
Step 3Background on the companyCompany KCQ’sComments on other’s blogs
Flows really well. Thorough background on your company, I am intrigued! Like how you have explained the ‘jargon’ used by your company to make your report easier to read.Due to the current takeover of your company, you have lots of KCQs about this, as would I if I was an investor.
Step 4
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Input company’s financial statementN/A
Step 5 KCQ’s
You relay your KCQs back to your company’s report. Again, this flowed really well, and I was wanting to read more and more of your thoughts on accounting and the reports that we have looked at so far.
Like how you look at your learning style as you make your way through the assignment, it’s great to know that you are learning.
Step 6 Individual feedback with others N/A
Overall ASS#1I really enjoyed reading your assignment Kellie, it flows really well, like a story and the more I read on, the more intrigued I became. I also found this task challenging as it’s not something that I am used to doing but from what you have done so far, you’ve done a great job!
ASS#1 Step 6 Feedback Feedback From Karen HowardFeedback to Sophie-Lee Pickering
My commentsStep 1 KCQ’s
Really easy to read as it flows so well. Enjoyed how you could relate it to your current job role and how it has cleared up what your actual job role is!
Step 2IntroductionPhoto & DescriptionLinks your blog/set up blog
Both links work for Moodle and your blog.
Loved your introduction on your blog about yourself. I’m envious that you’ve always lived by the coast, that is a dream of mine that I am determined to fulfill one day.
Step 3Background on the companyCompany KCQ’sComments on other’s blogs
Great introduction to your company. Looks like they are working hard to continue their growth. I used to be a customer back in the UK as I had the Mecca Bingo app on my phone! I too was daunted by the number of steps in this part of the assignment, I used the checklist that Elizabeth Lopez did and
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posted on the blog forum.
You have raised some great KCQs about your company and their reports and what their plans are for the future.
Step 4Input company’s financial statement
N/A
Step 5 KCQ’s
N/A
Step 6 Individual feedback with others
N/A
Overall ASS#1 I really enjoyed reading what you have done on your assignment so far and reading about you. You have gone into depth about your company and clearly have a good understanding of the annual reports.
MY ASSIGNMENT FEEDBACK FROM MY PEERS
ASS#1 Step 6 Feedback Feedback From Sophie-Lee PickeringFeedback to Karen Howard
My commentsStep 1 KCQ’s
N/A
Step 2IntroductionPhoto & DescriptionLinks your blog/set up blog
N/A Couldn’t find a link to your blog, unless I was looking in
the wrong place. Not 100% sure if you need to include it but it might be good to just include it in your word document
Step 3Background on the companyCompany KCQ’sComments on other’s blogs
Great to see that we both have similar companies, in the gambling industry!
Found answers to KCQ’s Great understanding of company Able to relate to the company with experience Great discussion about peer feedback
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Step 4Input company’s financial statement
N/A
Step 5 KCQ’s
Great use of KCQ’s
Step 6 Individual feedback with others
Well written KCQ’s for others
Overall ASS#1 I thought your assignment was written very well. You have gotten me intrigued in the PASS sessions now and I thought it was great to be able to compare our companies. The Jumbo company is only still so young and is continually increasing, meanwhile The Rank Group are from the UK and are gradually decreasing after being established in 1937.
PEER FEEDBACK SHEET: ASS#1
Feedback From: Caitlin McCarthy
Feedback To: Karen Howard .
My Comments
Step 1
KCQs
I found your blog link on Moodle. Step 1 was very enjoyable to read, you have very good writing skills, and I feel I am in your story with you. You have done really well with relating personal experience to your KCQ’s especially about rote learning. A great start to this assessment and welcome to Australia!
Step 2 Not Provided
I couldn’t find your Moodle profile or Blog Profile, just a quick link to the assignment could be a great help into locating more easily.
I found your Moodle link via a Studiosity Blog, it wouldn’t allow me to open.
I found your blog link on Moodle, this link worked great! I loved the layout of your blog, you have a wonderful description and it was great to learn about you! You are a great natural writer. Your blog is very easy to navigate, top efforts to you, to do this within such a high standard when
Introductory words in Description box
Photo and description
Link to your blog/Set up blog
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you are studying 4 subjects. I’m envious!
Step 3 You have great detail into the background of your company. I completely agree, ticking a box to say you are over 18 is not acceptable. There needs to be more security put into place.
This company is not an easy foreseeable future, for its uncertainty and many age differences I can see why it has gone into voluntary administration.
Great inclusion of comments on other people’s blogs. Great to see your interaction within likeminded companies.
Maybe you could also add a couple of videos, or news articles about your firm that can give us more of an insight about your company
Background information on company
Comments/KCQs
Comments on other’s blogs
Step 4 I couldn’t find your Blog Profile, just a quick link to the assignment could be a great help into locating more easily.
Upon looking at Moodle I found it, Great layout. I am no professional at being able to judge these, looks great!
Input company’s financial statements
Step 5 Your KCQ’s reflected great within your prior experience as a manager. They are all very easy to read and understand. The most interesting part I read was how you would increase your accruals even with no bills to pay. It’s a great little image of what playing the game looks like.
I know you’re on a time limit with 4 subjects (Top efforts) and due to your background experience in accounting you have a greater understanding of these accounts.
Having this experience has proven within your writing that you have a natural ability to divulge in these areas with the audience. It flowed very well, and I want to know more! I have a greater understanding especially of accrual accounting within your relation to your prior experience and quality of information. Now Maybe your thoughts on Double entry accounting and Dividends 😊
KCQs
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ACCT11059 ASSIGNMENT 1 STEP 3-6
A couple of minor grammatical errors. On page 13 you might like to change the word Obilgaatory.
Step 6
Individual feedback with others
You have given great feedback to others. Both Very detailed and supportive. I Also noticed you have the ability to look over the formulas used and to see if figures match up in our inputs of our company’s financial statement. Please feel free to do so in mine 😊
Overall ASS#1 Overall you have a beautiful start to your finished assignment. It was great to see your natural ability within relating KCQ’s to your prior experience. Your assignment flowed naturally, and I really wished you continued, as it was just great to be able to follow your easy reading. Great Work!