please the attached question
ACC00712 Reflective Learning Journal 2018s3 The purpose of this reflective learning journal is to record and analyses your experiences of learning business accounting as both a process and a product. In your journal you will need to document your thoughts and provide information about what you are learning, how you are learning and your reflections on what you have learned about business accounting concepts and principles. You also need to demonstrateyourunderstandingofthe Australian Conceptual Framework for accounting standard setting and the implementation of accounting standard in business practices. This is an individual assignment. Thisassessmentincludes two parts. Assessment Content Weight Word limit Due date Part 1 Reflective learning journal 15% 1000 words 5pm Friday, 11 January 2019 (week 8) Part 2 Essay 15% 1000 words 5pm Friday, 8 February 2019 (week 12) Part 1 Reflective learning journal (submission date @5pm Friday, 11 January 2019) Assessment criteria: The reflective learning journal will beassessed based on the following criteria: 1.You need to demonstrate critical engagement with the subject matter including (but not limited to): · Progressively build up a list of definitions, equations, formulas etc. that need to be memorised and be aware of which will be helpful when recording day-to-day business operations. You can provide explanations of accounting concepts in your own words. · You can prepare a summary of the knowledge and skills you are developing from topic totopic.Yoursummaryshoulddemonstrateadegreeofsynthesisandintegration rather than being just a list of points. 2. You should demonstrate active engagement in learning experiences and activities undertaken, demonstrating the application of accounting principles to practice and/or reinforcement of technical skills. · Evidenceofself- evaluation through progressive assessment tasks (suchaspracticequiz, weekly exercises or other exercises) completed, how you could have improved your results in quizzes, and in the weekly exercises, and how you plan to make best use of feedback provided for future practices. 3. You can make meaningful reflections on the progressive learning experiences, showing how the results of your reflection on learning in earlier topics improved your learning in later topics. Self-evaluations can be a critical part of your learning journey. It is designed to give you the opportunity to reflect and comment on the way you approach assessments, such as quizzes and other tasks. 4. You thoughts and comments should be integrated and should be expressed clearly and concisely. Content: Youshouldfocusonone week’slearningmaterialsintroducedinweeks2-6.Pleasenote:don’t try to cover every topic. You can choose to reflect on one particular topic that you are interested, such as cash management. The topics covering in thereflectivelearning journal may include, but should not be limited to: · Double entry accounting, accounting equation, accounting cycle, adjusted trial balance, the use of special journals or subsidiary ledgers, sales and purchases transactions, perpetual and periodic inventory system, inventory costing methods, inventory valuation, internal control, cash management and budgeting, receivables and doubtful debts management. A listof thought questions: · What am I learning in this week and why am I learning it? · HowamI learning in this topic and how am I using what I am learning? · How can I overcome my learning weaknesses and build on my strengths in this topic? · What are my greatest challenges as a learner, and why? · How can I improve my learning process? · What different skills are needed fordifferentcomponents of my learning in this topic? · How can I use the feedback from my weekly tasks to improve my learning? · Howaredifferentparts of my learning connected? · How is my learning in this topic affected by my learning (or lack of learning) in earlier topics? · How well am I achieving my goals in this topic? · Howaremy attitudes and ideas changing through the learning process? · What are my strategies for achieving my goals and ambitions, and for overcoming my identified weaknesses in learning this unit? Reference: If there are any references used in the reflective learning journal, the references should follow Harvard Referencing Style. Submission: · PleasesubmityourreflectivelearningjournalonlineviathelinkforTurnitinassignment submission provided on the Blackboard site. · You must use the electronic Assignment Cover Sheet provided, fill in details and then make this sheet the first page of your assignment. Do not send it as a separate document. · Thefilenameshouldinclude(inorder)yourfirstnameinitial,surnameandyour student number. For example: ‘BParker1235456'. · Your assignment must be submitted as a Word document. If you wish to submit in any other file format please discuss this with your lecturer before the assignment submission date. Part2 Essay (submission date @5pm Friday, 8 February 2019) Objective: The objective of this essay is to provide an understanding of the implementation of AASB Conceptual Framework, AASB101PresentationofFinancialStatementsandAASB102Inventory in financial reporting and business practices in Australia. To complete this essay, you should find a 2017/2018 annual report of a listed company on the ASX. Reserve your chosen company on the discussion board. You cannot choose the company if it has been chosen by other students. ‘First come, first serve’ is the policy for selecting your company. You are required to answer the following four (4) questions: 1. Explain and evaluate the measurement of inventory according to relevant accounting standard of the chosen company. 2. Identifytheinventorysystemappliedinthechosencompany.Explaintheadvantageforthe company in choose their selected inventory system. 3. Determinethecostingmethodapplied by thechosencompany andexplain thereasonthat the chosen company prefers this costing method. 4. Estimate the impact of the different costing methods on the company’s financial statements. Assessment criteria: The quality of this essay will be assessed based on the following criteria: · Identify and evaluate the implementation of relevant accounting standards in the chosen company. · Use paragraphs from the Australian Conceptual Framework, AASB 101 Presentation of Financial Statements or AASB 112 Inventory as guidelines to support your discussion if itis necessary. · Demonstrate effective communication, logical presentation and integrated evaluation. Reference: Ifthereareanyreferencesusedintheessay, the reference should follow Harvard Referencing Style. Submission: · Please submit your essay online via the link for Turnitin assignment submission provided on the Blackboard site. · You must use the electronic Assignment Cover Sheet provided, fill in details and then make this sheet the first page of your assignment. Do not send it as a separate document. · Thefilenameshouldinclude(inorder)yourfirstnameinitial,surnameandyour student number. For example: ‘BParker1235456'. · Your assignment must be submitted as a Word document. If you wish to submit in any other file format please discuss this with your lecturer before the assignment submission date.