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How might being able to analyze Financial Statement benefit you in the future?

Answer: It could help on determining a companys health and stability by making it as the
summary of the accounting process and provide the organization of account title and amount
of money to make it easier to make the decision with most efficiency in business. It also help
to communicate the decision and the impact after it is decided.

What account numbering system might be used by a larger business?


Answer: Large company uses an unique number and name which contain 5 or more digits,
so it can abridge the work to record an account by separate into different sections. Then, the
section will mainly focus on their own work so it will be more easy grab all account together.

Three things I want to learn on my set field trip.


Answer:
- The reasons why the stock price is going up or down.
- Get to know how to invest in stock market wisely.
- Know how to calculate the risk of investment in any stock.

Reflection on SET field trip


At The Stock Exchange of Thailand, My friends and I had a field trip on learning
about stock market. SET has a very big building and has been built around 5 years as the
staff told me. After we went down from the bus, we had to walked through the way to the
meeting room inside the building. Subsequently, there was the speaker who would be the
one that describe about the agenda throughout a day at SET. She started to describe about
the highlight inside the building such as library, game zone, VTR and more. Then talked
about type and risk of investment by introduced the crisis from the past which is
TOM-YUM-KUNG crisis in 1997. After that, all students were separated into 4 groups so it
would be more convenient for SETs staffs to manage the field trip orderly. I was in group 4
that contain only 2 student from grade 12 so my only friend there was Owen. We went to
library that has over 20,000 books inside and also having silent zone for people who need
high concentration or dont want to be bother by the noise outside. Then we went to
downstair and watching the cartoon about 4 specialist who killed the monster that cause
money problems, VTR enjoyed me very much on introducing how to invest properly. After
finished on watching, we had to register a card that we had received from the staffs on the
machine so we were able to play business game at the next zone. At the big battle, I had a
competition against other in my group by we were playing to check on the news and invest
on the stock market where I got third place at 232.54 percents at the end of the competition.
All students and teachers had a photoshoot together as memorial. Going to SET was very
fun day for me, I had a lot of opportunities to learn and received knowledge about
investment, mistake in the past, and know about business economic also how to follow the
news in one day. To conclude, I was very appreciated to learn while having fun with my
friends and juniors with game which it also teach us how to invest correctly in itself, know
new things like stock market, it really made me want to invest in market and also teach me
that investment is risky if I hadn't gather the information about that company well enough.
SET is a very great experience on learning new things which I couldn't imagine that i would
have these opportunities in my entire life thank you for this great trip.
Can you suggest account titles other than Sales that could be used for a revenue
account?
Answer: In my opinion, if there are account titles rather than sales I would be the account
like Rent income that earn by renting out from the commercial space or Interest income that
the revenue usually earn by lending money.

Correct the following entries


- For the month ended 31st August
- Accounts Payable - A. Karn
- Sales
- Accts. Rec. - J. Chin
- Totals
- Carried Forward

Global Awareness
1. Current exchange rates change constantly. Do an internet search and report
the current exchange rate for the chinese yuan?
Answer: Yes, google show the graph of rate of exchange for the chinese. By in 2014
1 yuan worth 0.16 dollar while currently, 1 yuan worth 15 dollar.
2. If the exchange rate for one Mexican peso is 0.08142, what U.S. dollar amount
would be recorded for a receipt of 5,000 Mexican
Answer: 1 / 0.08142 = 12.2819945959 peso per dollar
5000 / 12.2819945959 = 407.100000001 dollars
3. If the exchange rate for one European euro is 0.73320, what amount would be
recorded in U.S. dollars for a receipt of 200 euros?
Answer: 1 / 0.73320 = 1.36388434261 euros per dollar
200 / 1.36388434261 = 146.64 dollars

Look at Nikes financial statements starting on page B5.of your Textbook


1. When does Nikes fiscal year end?
Answer: It ended at 2011 of May 31
2. Why do you think Nikes management feels that this is a good time for a fiscal year
end?
Answer: The reason is because it is a low period of business activities while in high
period of itself there are low inventories.

How might you journalize to show you have used supplies and prepaid insurance?
Answer: Right now have only debited supplies to show the value of these assets have
increased and value of the asset will be decreased. Prepaid expenses may need to be
adjusted at the end of the accounting period. The adjusting entry for prepaid expense
depends upon the journal entry made when it was initially recorded.

ACCA Code of Ethics


- Explain what ACCA means by Professional behavior
- learning the technical aspects of your chosen profession, and may not have
spent much time thinking about your own values, how you make decisions,
and how you may be influenced in making those decisions.
- How would applying the principle of professional behavior
- Faced with a difficult decision and find yourself applying the fundamental
principles of your profession
- Help accountants in making ethical (good) decisions.
- Make accountant do not do illegal thing.

Why are adjustment are necessary?


- Single transaction can affect in revenue in more than one accounting period.