Week 2- Wednesday (Wednesday, June 30, 2010 / 8:52 PM)
Yo! Today's lesson was the 'Inventory', a new topic. Ms Fadlina briefly explained the inventory costs methods (FIFO, LIFO, WAC) and other methods to estimate the inventory.
After that, we were to choose and research on one of the two alternative methods of estimating ending inventory in retail industry for group presentation. We learnt about the Gross Profit and Retail methods that are applicable in our business.
Besides that, we were given the additional questions to discuss how our business manages the inventory and handles possible risks/threats in the inventory.
Interesting yet quite complicated because we have to spend time brainstorming what methods to use and suggesting internal control procedures & pricing policy.
At 2pm, we had an activity called Tangoes puzzles & "Guess what am I?" conducted by Ms Chew. We were split into 4 small groups and played the first game, Tangoes puzzles together. This allowed us to put on our own thinking cap and exercise our creativity.
Second game was guessing what each image of the pictures related to accounting and we were to write down the answers on a piece of paper. We learnt some names of companies and names that are related to accounting and this widens our knowledge on accounting.
We had enjoyed the fun, glad to be able to chill after the while we were focussed with our projects!
Woooootss..that finally ended our day!
Joe Eng
Week 2 - Tuesday (Tuesday, June 29, 2010 / 12:41 AM)
Today Ms Fadlina started off the lesson with flowcharting. All of us were listening attentively as she told just that it might be a little difficult.
After the break, the groups gathered back together to apply what we have learnt in flow charting to our narrations in our purchases and sales cycle.
This was done using the shapes in excel.
The teams spent the rest of the lesson thinking about how to integrate the flowchart along with their narrations.
It is not as simple as it looks because there are certain criteria to it.
For example, we for every step there is a particular shape and meaning to that shape.
In addition , we have to make sure that whatever input we have there must be a process in the middle and an output in the end.
Many of the teams were consulting Ms Fadlina on further advices on how to proceed with the flowchart.
I'm sure with teamwork , nothing is impossible! All the best to all teams in doing up the flowchart :) !
Valerie
Week 2 (Monday, June 28, 2010 / 4:35 AM)
Monday 28/06/2010
Another week begins. Ms Lim briefed us on the sharing of newspaper article.
We were told on how do we share the article and what to share with the class.
This coming thursday would be the start of the sharing by the first 5 friends.
After which, we were given some questions which we had to search from the
ACRA website. The quiz was given to us and we had to do the quiz without refering
to any materials. this was really testing whether we understand and remembered what
was taught in class the week before.
After the quiz, we went to sit with our groups so that we can register our business.
We gained some experiences when we start to register our business. All of us were so
excited!
Before we left the centre, we marked our friend's quiz and counted their marks.
Joyline
Week 1 (Thursday, June 24, 2010 / 6:48 AM)
Monday - 21/06/2010
Today marks the beginning of our second stopover-accounting services centre(ASC).
Twenty of us were informed by the teachers to meet at B202 at 8.30 am.
Some of us could not find the room, which we eventually did after a long search.
Ms Ivy Lee was already waiting for us in the room.
She introduced herself and her job scope in the past.
She told us the possible routes (e.g. ACCA and local universities) we can
take after we graduate from NYP.
She encouraged us to do better in this year so as to achieve better results.
In the first day in ASC, we were briefed about the things that we are
going to learn in this stopover attachment. After a 45 minutes break,
we had to do a short introduction about ourselves. We talked about our
previous stopover, things learnt in the previous stopover,
our secondary school, likes and dislikes and why did we choose to study accounting.
After listening to everyone’s reason why we chose accounting,
we knew we all had a common goal to achieve.
After the short introduction, we were divided into
different groups: administrative team, media team,
project team, blog team and the presenters.
These were people in their groups:
Admin team: shuxin, Sylvia, benson, jin wang.
Blog team/Media: Sara, Farah, Valerie, Joyline, Lindy, Joe Eng
Presenters: Kelvin, Daniel, Hanisah, Bhairavi
Project: Jasper, WeiRong, Hakim, Carel, Poh Quek, Jing Wen.
We were briefed on what to do in our small groups and gave us time to
discuss what we want to do in our groups. After the short briefing,
class ended and we looked forward to meet our new friends the next day!!
Tuesday-22/06/2010
Today was the second day of our attachment.
The smaller groups had to discuss on their roles in this attachment.
For example, presenters were given scripts to get ready to give a
presentation for guests that would be visiting us this Thursday.
We went out to choose our lockers to reset our password and
then we had to give the admin team our locker number.
We were also asked by the admin team for our email address
and our telephone number.
Ms Lee then informed us that there was going to be some
overseas exchange programme for students. This was a rare
opportunity for us to go to universities of other countries and
study there for a semester. Ms Lee then assured us that we
can apply for the financial assistance scheme and not to worry
about the cost of travelling there as we would only need to
pay for our daily expenses there.
The second half of the shift was the start of lessons introduction.
All of us listened attentively as there would be a short quiz after
every lesson. We were glad that there were short breaks in between
so that we can go to the washroom and take a break after the lesson.
Lesson ended soon and we had learnt a lot more from Ms Lee’s life experiences as an accountant.
Wednesday - 23/06/2010
Don't all of you think at Ms Lee has a superb memory? She was able to remember all our names within a short stint of 2 lessons with the class. I am sure most of us are impressed as it usually takes most teachers a few days to really remember all of our names. Furthermore, she did not pause and think for a moment for any person's names.
At the start of the day, the media team told us to dress a tad bit nicer on Thursday as there would be photo taking for our blog.
Moving on, Ms Ivy Lee taught us about the usage of MA (Memorandum)and AA (Articles of association). This is to give us some insights on some of the required documents when starting a business. After that, there was a break of 45 minutes.
Next we were divided into groups of 4. There were a total of 5 groups. Each group was assigned to either general partnership, limited partnership or limited liabilities partnership. Ms Ivy Lee then gave us the rest of the time to sit with our group members.
Firstly, all the teams came up with a group name and theme. For the teams who had discussed on their desired theme and name, they used whatever remaining time there was to search for rental locations, license etc (Stated in the project guidelines)
This concludes the end of our third day. Though it may be short but we all had an enjoyable day.
Through projects, it brings friends who were once strangers, closer to each other as we began to know each other better through the numerous discussion.
I am sure each and every one of you had made at least one new friend during the past few days at ASC right?
Thursday - 24/06/2010
Ms Fadlina taught us on Transaction Cycles & Internal Controls on Thrusday. After much explanation about the feasibility of our project plan, all groups gathered together to brainstorm and set the scene of the product that they are selling in their company. For example, they had to identified a target group of customers, decided on selling prices, location, size of store, rental fees, marketing strategy. etc. For some groups, they had to change their project plan as they realised that they might face difficulty if they were to proceed on. After much discussion, the teams came up with a PowerPoint on the general outline of their project. Next , we gathered back together again to construct our business process. Then, the 5 teams went up to present. Here are some pictures of our teams and their presentation.
After lunch, our class went for "The Dining Etiquette and Appreciation" conducted by Ms Jowena. It was an interesting and delightful session. All of us laughed at the many jokes that Ms Jowena shared with us with her past experiences of fine dining.We had learnt many valuable concepts. For example, b and d. Thus, we would know that our drink glasses are on the right and not left, the correct way to drink soup and the type of cutlery for different purposes etc.
Friday 25/06/2010
Ms Fadlina taught us about the importance of having good internal controls while setting up a business. Nobody can have multiple roles, the roles should be segregated. E.g. Partner A has custody of the stocks. Partner B keeps records of accounts and Partner authorize of the transaction. Thus, the teams implemented internal controls into their purchase and sales cycle.
With that, we concluded our day.
