ACCT13017 ASS#1 Step 1 General Feedback

“This task is daunting as typically my university assessments require me to present findings and comments in an academic manner. They do not normally require me to state what I think, whether I agree or disagree, what my reactions are and what questions I have. So, this Step 1 for me is a whole new experience.”

Hi

I am enjoying reading your ASS#1 Step 1.

Some people have previously had the opportunity of reading material critically using our Key concepts and questions (KCQ) approach; and many have not. For those for whom this is new, it can seem a little bit daunting at first.

Describe a few key concepts in your own words

Some people have got the idea of first describing some of the key concepts in their own words:

“The first key concept [I] identified from the Study guide was … fundamental analysis. Fundamental analysis is about drilling down into the data and factors associated with an opportunity (or even an idea) to tease out the information on which you can develop opinions and base judgements for decision making.”

However, some people did not do this and went straight into their responses and opinions about some of the key concepts. This meant their responses were not clearly focused on their understanding of what the key concept was.

Communicate your response to each key concept

And most people communicated their responses and opinions about some of the key concepts:

“For me personally, I believe that fundamental analysis is useful as it provides a greater understanding of how a business is creating value and seeing the ‘realities’ of a business, which allows one to develop an educated and informed opinion for decision making. It certainly has helped me understand a business better and as an investor, I would be looking at leveraging every opportunity available to me for decision making.”

However, fewer people carefully and clearly supported their opinions with evidence and reasons from their prior knowledge and previous experience.

Questions you have

And people have quite a few questions about some of the key concepts:

“I can’t help but wonder at the reliability of fundamental analysis however – am I really qualified to analyse financial statements? Could I really trust my own judgements in this regard? What qualities, skills or tools can be used to provide a level of trust in such analysis?”

Insights

Some people also communicated some great developing insights:

“…my background in accounting could potentially hinder my ability to successfully analysis financial statements. How is this possible? I understand numbers. Don’t I? … I suppose us Accountants can get bogged down in the correctness of the numbers and we don’t see the bigger picture…. For example, identifying the bigger picture of a business and the challenges they are facing allows Accountants to not only be a means of meeting compliance requirements but allows them to provide valuable business advice… as automation only continues to increase in the field of accounting, I would like to think that by using numbers for business advice I will not be without a job in 40 years’ time. [Editor’s note: in the next 5 years!]”

If you are wondering about how to write your Key concepts and questions (KCQs) check out the video: ‘How to Write KCQs‘.

And do not forget to check out the exemplars in the Feedback section on the right hand side of Moodle (if using a computer or laptop) on at the bottom of Moodle (if using a phone or tablet).

I look forward to reading the next steps in your Assignment.

Martin

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