ASS#2 Step 2 General Feedback

“I can’t keep it in any longer…. I LOVED THIS CHAPTER!!!!  There is so much about it I can relate to in my current role and I feel like I have really, REALLY learnt a lot!  Throughout the reading, there were many items where I was texting managers and work colleagues (on a Sunday!) and getting them to explain terminologies to ensure my interpretations … were correct.”

“How nice it is to sit in silence, no distraction, and no time rush, just read the chapter, breathe it in, Understand what is being said, and really connect to the information with no worry of external factors. Yes, I have the whole day to myself dedicated to my study for the first time this semester.”

“Something that I have been thinking about recently and since the start of this unit is why our assignments are not simply summarisations or another form of academic writing; and it was only until recently when Martin was answering a student’s question in one of the video lectures that he explained that when a client asks you your opinion on something you will likely have to do some research on the topic and provide advice based on your thoughts of what you have researched which is kind of like what we are doing in this unit. With this new thought in mind I am keen to commence this assignment.”

Hi

Thank you to everyone who has submitted your ASS#2 Step 2.

I am enjoying reading your ASS#2 Step 2, and we plan to have everyone’s mark available on Moodle this week.

Here is some general feedback on ASS#2 Step 2. And there are two great ASS#2 Step 2 Exemplars from Emily Rutherford and Steve Minehan in the Feedback section on the right hand side of Moodle.

I have been having a great time reading what you have to say after you have read Chapter 6 Understanding Key Cost Relationships in the Study Guide.

I wrote a first version of this chapter a few years ago sitting by the waterfront in Wellington NZ, drinking lots of coffee on a harbour front cafe, thinking about students in the future (that is, each of you) who would read what I was writing, and seeking to communicate to you some important concepts about key cost relationships. I aim to write individually to each person who is reading; and I find some people when they read the Study Guide indeed feel that way. Asynchronous, one-on-one communication; or, in other words, a bit of a chat with Martin.

ASS#2 Step 2 was generally well handled.  Most people have the idea of not simply writing a summary of other people’s ideas (such as those of the author of the reading); but instead to also give your own responses and opinions to the key concepts in the reading, as we seek to develop our own understanding and personal meaning of these concepts.

An area many people could focus on in future in their ASS#2 Step 5 (Chapter 7 of the Study Guide), is to clearly and carefully describe in your own words some of the key concepts, using examples from your prior knowledge and previous experience to illustrate your understanding. Then, you can focus on communicating to me your opinions and responses to some of the key concepts, supporting your opinions with evidence and reasons from your prior knowledge and previous experience.

More at ease

Most people have felt more at ease reading Chapter 6 and less overwhelmed, with many of the key concepts easier to relate to our own prior knowledge and previous experience:

“After completing the reading of Chapter 5, I was more at ease … I was feeling pretty comfortable moving on to Chapter 6. As soon as I started to read … I was quickly relating the first paragraph about value exchange needing to be of benefit to both parties to my morning coffee ritual at work.

I work in Newstead of Brisbane, such a vibrant and ‘up-and-coming’ area of Brisbane. When I first started working in the area, there were two coffee shops. I chose the one that was closest and slowly got to know the staff and always felt great going in and having a conversation; so the value to me of getting a coffee at this cafe was higher than at the other one. Now there are five coffee shops to choose from, with another coming soon.  Due to the number of choices, ‘my’ coffee shop downgraded to another site (due to increasing rents) further away from where I worked; and most of the staff moved on to the other coffee shops in the area.  So the value I had in my original coffee shop has gone. I can certainly understand the [concept of] exchanging value between firms and customers.”

Not just words

Plenty of people have commented on how loo-ong the readings are:

“I feel as though the first thing I do when I go to read these chapters is check the number of pages … I like to see how much I am about to tackle and I mention this just about every time I start a KCQ, but I feel like I just need to vent about it. In saying this though, this chapter wasn’t too bad to read.”

“Here we go again… My, my, how can I do this AGAIN! As previously stated, I’ve had my struggles in completing this sort of section, as I usually end up skimming through it, as there are so many pages of it, thus nothing is actually sinking in, as well, I will do anything to distract myself … REALLY HOW CAN I DO THIS AGAIN? I wish it were more like an audio or video instead of reading, as I don’t usually read.”

Also, some people have commented that the readings are not just words. In the chapters there are many embedded links to videos and other visual material; many different mediums of communication we can use to connect with facts and concepts:

“Really enjoying viewing all the links Martin has included in the Study Guide. This is my favourite [link] from Chapter 6:

Just love that Ryman’s…. hehe. And anyone who invested, say, $25,000 in Rymans when it floated on the NZ stock exchange in mid-1999, their shares are now worth around $1 million. So lots of happy shareholders in Rymans, as well as its residents, their relatives, staff and others. But are videos like this on Ryman’s year in 2016 (they have not released one on 2017 as yet) just ‘marketing hype’, or is there more to it? And how would we know?

And others commented on how using multiple media to communicate can help with our learning (and how I and Maria need to make a few more videos and embed them in the Study Guide):

“Direct and Indirect costs were very easy to understand from the Edspira video linked in the chapter … the linked videos help me the most when I’m trying to understand new concepts … Reading a lot of text doesn’t seem to interest me as much as a nicely structured video. Maybe Martin Turner should consider making some videos to go with his Study Guide, which can further explain some of the concepts that would otherwise be ‘overhead’ information [nice, slightly mixed-up pun! – Martin]. If he does decide to add videos to his Study Guide, Maria should do the ones associated with our financial statements [everyone just loves Maria’s videos on restating financial statements … they are a big hit on Echo 360!].

Connection of key concepts to prior knowledge and previous experience

Quite a few people found it easier to relate the material in Chapter 6 to their own prior experience:

“When doing my calculations at the time it was just how much do I have to earn before I am not losing any money but it was actually my break-even point. I needed to cover my site fees, material costs, petrol to and from the event, marquee hire, purchase of marquee weights and of course coffee to survive the day. When added up it gave me a solid number, from there I was able to work out how many garments I would need to sell and whether or not that was feasible and a risk I was willing to make. While reading the chapter it occurred again to me just how much accounting is already in my life and how accurate data can make or break a situation.”

Exchange of value in markets

Most people commented on the initial story in the chapter about exchanging value between a firm and its customers:

“Contrary to what people might usually think, the exchange of products and services for money is not actually equal in value from both parties’ perspectives. I previously would often think to myself “those chicken wings are worth $1 each”, but actually if you think about it, those chicken wings aren’t worth $1 each if I’m not hungry; I wouldn’t (usually) buy them if I’m not hungry, therefore making them not ‘worth it’. Similarly, if I am hungry, those chicken wings are worth more than $1 each; because I need food more than I need that bit of money. This would be the same for the firm. If it costs the firm more than $1 to make each chicken wing, then my $1 isn’t ‘worth it’, and if it costs less than $1 to make the each wing, then my money is more valuable than the wings. It’s an odd way to think about it, but I think it works.

The reason I was somewhat intrigued in the chapter was because of how easily applicable it is. It seems like valuable knowledge to me therefore I believe it is worth my time and money. Although, even if I didn’t believe it was, I would still read it because I have already deemed that my Bachelor degree is more valuable than the amount of money that I’m paying for this unit.”

This story was a lead-in to the idea that a firm needs to know what the costs of its products are, to ensure it is getting more from selling the product than it costs to make; just like customers will only  buy a product if it costs them less than the benefit the product gives them. It is all about an exchange of value in markets, with both sides to the transaction ‘winning’. And it is also all about perceptions of value.

Management accounting: no rules

Many people were surprised that management accounting is not regulated by accounting standards or any other rules:

“It is interesting that management accounting information isn’t regulated by laws or accounting standards…”

Cost objects

A key concept many people mentioned was cost objects, although quite a few people did not clearly describe this central concept in their own words. However, some people communicated a very clear understanding of this concept; and also how the illustration of tidying up a messy room can help them connect the concept of cost objects to the experience of tidying their room:

“Cost objects are simply different bits of a firm about which managers want to have some understanding of their costs. I quite liked Martin’s example of this, how putting things away in your room makes it feel much tidier. As I do this quite often, I will remember cost objects as tidying my room. However, for managers to fully understand where all the costs are being incurred it will take more than just knowing that putting things away will make things tidier. So, I cannot just shove my clothes all together in one cupboard, they must be put somewhere in the cupboard where they belong, for example all my shirts will go in one draw and my shorts in another. Is this what is meant by putting the costs where they ‘belong’?”

Also, some people referred to the concept of ‘cost objective’.  The concept is cost object not cost objective.

A cost object is any aspect of a firm we are interested in knowing its costs, and so attach costs to it.  We have focused on products as a common (and important) type of cost object.  And yes, we can attach the same cost to more than one cost object; for example, a cost could be attached to both a customer and also to a business process.

And is allocating costs to cost objects a ‘game’ in some businesses? One person compared allocating costs to cost objects to a game called ‘Rob the Nest‘:

“The concept [of cost objects] reminded me of a game I played in primary school called ‘Rob the Nest’. There were about 6 to 8 hula-hoops scattered on the oval and each contained 4 balls. These hula hoops were like the cost objects and the balls were the costs that had been allocated to them. We had soccer balls, tennis balls, footballs, and volleyballs. They were all different, just as costs in a business … differ. The aim of the game was to collect as many balls from others hoops as you could while at the same time having to guard your own hoop. The amount of balls in each hoop changes throughout the game, just as costs in a business change all the time.”

Direct and indirect costs

There is still quite a lot of confusion about what are the concepts of direct and indirect costs. However, some people are developing some solid understanding of these key concepts in the reading:

“From my perspective, I believe that direct costs are basically any type of costs that can easily be connected to a cost object, such as a product, service or a customer. For example, my local hairdresser (who happens to have the same name as me) would have to pay wages and salaries to her employees, which would [be] a direct cost … like that magnet being attached to a fridge door.

Unfortunately, the indirect costs are not so straightforward … From my understanding, I believe that indirect costs have to be allocated … which may not necessarily be [clearly] linked or connected to cost objects. I think that some examples could include … costs such as electricity and maintenance. I can also comprehend the fact that there will be a lot of grey areas once again, especially when it comes to indirect costs.”

Some people are reasonably clear about the concepts of direct and indirect costs; although others are struggling to understand these concepts. Direct costs are those costs obviously connected to a product; indirect costs are less obviously connected to a product and require judgements to connect them to a product.

There were mixed reactions to the image of fridges and fridge magnets as an analogy to show the difference between direct and indirect costs.  Some people found this picture helpful to understand the concepts of direct and indirect costs attaching to products; others did not:

“I liked Martin’s example about separating direct and indirect costs and how direct costs may be seen as a fridge magnet naturally sicking to the fridge door, and indirect costs can be seen as things being stuck to the fridge door with blue-tac or sticky tape.”

And only a few people mentioned possibly one of the most significant aspects of accounting for costs in a business: the difference between indirect costs and period costs.  The reason this distinction is so important is that if a cost is seen as an indirect cost it will be allocated to products (no matter how imperfectly, with lots of judgements and assumptions); and period costs will not.

So who cares?  Why is this important?  Well, if we see a cost in our business as an indirect cost we will attach it to a product and it will be treated as an asset until the product is sold.  It is only when an asset is sold that product costs (direct and indirect costs) are treated as an expense.  Period costs are treated as an expense straight away.  So this distinction we make between indirect costs and period costs (which involves judgements by management) can impact on the level of expenses we have for the year (and thus on our profits, as profit = revenue –expenses) and also on our level of assets (that is, inventory of products).

Also, some people asked whether indirect costs are the same as overheads.  Well, indirect costs can often be called overheads.  However, overheads can be used more broadly to cover not only indirect costs but also period costs.

And, of course, chocolate kept coming up, including giving an illustration about the difference between direct and indirect costs:

“I love that Martin has included the Cadbury factory as the example for explaining direct and indirect costs.”

Job-costing and process-costing

A few people discussed the approaches used to help attach costs to products, namely job-costing and process-costing:

“I believe the job-costing approach is the one we can use to attach costs to a specific product/s, whereas the process-costing approach is the one where we can attach costs to a manufacturing process. The example of the Cadbury Chocolate Factory really assisted me to better understand how the two approaches work, and how these approaches can be applicable to any company. I believe that this also really brought out my chocoholic-ism too!!”

Allocating indirect costs

There is some confusion about functional-based and activity-based approaches to allocating indirect costs.  The main thing to keep in mind is that whatever approach we use, allocating indirect costs will involve judgements and assumptions that will to some extent be different to what is really going on in a business.

Functional-based Costing System

Apportions overhead (or indirect) costs based on an assumed or estimated functional relationship between the costs and how they are incurred in various production and service departments:

Total overheads of a production department/Level of activity

Common activity measures:

  • Machine hours
  • Direct material costs
  • Direct labour hours
  • Direct labour costs

Activity-based Costing System

Identifies the activities (what is actually being done in a firm) that drives or uses up overhead (or indirect) costs. Measures costs of these activities and attaches them to each product to the extent the product uses the activity.

Variable and fixed costs

Most people seem to have a reasonable initial understanding of variable and fixed costs; and we will look at these two concepts more in the coming weeks:

“To put it in my own terms, fixed costs are costs that do not increase or decrease [with changes] in the level of activity within a firm … as opposed to variable costs that (like the name suggests) … change … with increases and decreases in activity levels.”

Absorption and variable costing

And we also looked at how we can use two different methods to allocate costs to our products, which will result in quite different values for our inventory and profits each year (more about this in our workshops):

“Absorption costing and variable costing: these are two methods to attach a cost to a product and I had never heard about them before …. Absorption costing attaches both indirect and direct costs to products; and variable costing involves attaching only the variable costs to products.”

Production and service departments

Another key concept people are still developing their understanding about are the movement of costs between production and service departments. People often found it helpful to connect this concept to their prior knowledge and previous experience:

“I was familiar with the [concept of] production and service departments because when I went to the mint (where coins are made) in Canberra I learnt about the groups of people that are in the production department and the groups of people that work within the service department. For instance, people in the production department would help make the coins, whereas people in the service department were the maintenance team and they would service and repair the machinery so that the production process could work successfully.”

Allocation of overhead costs: more judgements in accounting

Another theme that many people commented on is that there are estimates and judgements in deciding how to allocate costs to cost centres, such as products. This is partcularly the case with indirect costs (often called overhead costs):

“The thing that I found interesting was that some assumptions have to be made for determining the overhead costs for a period because a firm cannot wait until the end of the year to know all the costs. So it becomes necessary to make some estimates. I thought it would be a difficult task for the firm to make precise estimates. The question that came to mind was [how] do the managers estimate [indirect costs] to be [as close as possible] to the actual costs at the end of the year? And that what happens if [and when] the estimates made are wrong?”

Questions and developing understanding

Many people are asking some great questions from their reading of Chapter 6, as they seek to develop their own understanding and personal meaning concerning some of the key concepts in the reading. For example, why do we allocate costs to products (an asset) and then not treat them as an expense until we have sold the product:

“Products as cost objects reminds me of when I was working in food and beverage … Every so often they would give me an inventory sheet and I would have to go out the back and count how many bottles we had. What an … exercise! The amount of wine and beer that you have to keep in stock just in case one big table drinks the same thing is just crazy and having to count every single bottle does take a whole night. So this would be the hotel I was working for at the time valuing its inventory of products to calculate profit for the period. I still don’t understand why understating or overstating a firm’s profit matters that much. Doesn’t it all come out in the wash at the end of the day? We can’t just hold onto an expense account – for example an electricity bill – and say sorry I can’t pay you until I have sold the inventory that relates to this expense. You still need to pay for your expenses as they come in (or your power may be cut off) and I had thought it would be put into your accounts as an expense. Do you have to split it and then hold that portion of it until you sell the associated inventory to cover it? What if it takes years? It doesn’t make complete sense to me … yet.”

Accounting can ‘create’ reality

And it is gradually dawning on more and more people that accounting requires judgements and estimates … and may not be the ‘hard-and-fast’ sort of thing people may have thought before studying accounting in our unit.  Others are realising more and more the importance of focusing on the business and not simply on the ‘numbers’ (as if the numbers are somehow the ‘answer’).

And people have noted that judgements made in allocating costs to cost centres affects the way the business is viewed (its ‘reality’) and decisions made about where to take the business:

“Martin asked the question; ‘How might numbers create reality, rather than ‘merely’ reflect it?’ I thought about this and came to the conclusion that if numbers were merely a reflection of reality then they would simply be showing us what has happened. However, since we look at the numbers to influence our future decisions they are in fact creating reality, because without the numbers the decision would not have been made. Since we all seem to love chocolate and sweets I might liken it to a chocolate cake; a photo of a chocolate cake would be a reflection of reality, yet the recipe for a chocolate cake can create reality.”

And that accounting is not simply about taking photos of the reality of a business, but involves judgements in how the reality of the business is shaped and presented:

“I found the whole notion of assigning indirect costs and the many judgements and assumptions going into the process fascinating. It is almost as though the practice of accounting is shaping the economic reality rather than communicating a reality.”

And a number of people communicated a growing realisation that the many judgements involved in accounting gives scope for deliberate manipulation and ‘tailoring’ of accounting information to tell people the stories you may want them to hear:

“One item that struck me … is that a lot of costing is based on estimates. One issue I have with this is how accurate are these estimates? There is only so much an individual can get right with an educated guess. I feel that these estimates leave a lot to be desired and can be manipulated far too easily. A company could make the figures better or worse to change share prices or taxation.”

Allocating costs to products

A number of people had some moments of fresh insight, when they realised that we allocate costs to products (an asset: inventory) and that they then become expenses when the product is sold (cost of goods sold):

“It is interesting to note that the product costs are seen as an EXPENSE when the product is sold. Before then, the costs are an ASSET. I had to do a double take here because it didn’t make logical sense to me.  However, when I thought it through, I can understand that in making the product, we are creating value but when it is sold, we have to account for the cost of producing it.”

“One thing I have learnt reading the chapter is that we do not include the cost of these items in the accounts until they are sold, and when they are sold these costs go to “cost of goods sold” or COGS.  This matches revenues and expenses in the same period.  I don’t ever remember having this aspect explained to me and now it just makes sense and I have greater understanding – Thank you Mr. T.”

“But where do we allocate the costs before the products are sold? Does this go into expenses? No. It goes into an asset account called inventory. This is a good idea. This is helping me understand … when we sell the products, we then allocate to cost of sales or “cost of goods sold”. That way there is a more accurate profit calculation for the period.”

What is accounting?

A number of people are continuing to reflect on what is accounting, and what is its role in business:

“Having a clear understanding of the costs of your business, where they are going, when they are incurred and how they change is really important when making any business decision … Accounting is all about helping you plan. What am I going to do next? What can I possibly do next? … I am really starting to see how accounting can be such a useful tool.”

And whether accounting could be used to distort the numbers and the view of a business:

“Reading the chapter also made me think of how allocating costs may distort incentives. In particular how easy it would be given the right circumstances to distort the numbers.”

And that the purpose of accounting is to help us better connect to the reality of what is going on in a firm; but that there may be some risks that accounting may not do this:

“…I don’t think I really had a grasp of just how closely linked to real life the idea of accounting is. Yes, it’s about numbers, but it’s also about the translation of a business activity into numbers to paint a picture of the firm to help give people a deeper understanding of the firm. It’s seeming more and more like the practice of accounting is like that of a translator, even. Like a language translator, accounting has the potential to misconstrue and misrepresent information which in the long run won’t be in the anyone’s benefit. This is something that’s resonated quite heavily within my mind as I’m reading about key cost relationships and management accounting.”

Chocolate theme

Quite a few people have noticed a theme of chocolate permeating the Study Guide, including in Chapter 6:

“Moving further into this section I am becoming rather frustrated at all this talk of chocolate! I am currently 18 hours into a 36-48 hour fast for medical tests and I could almost shed a tear at the thought of Cadbury… TORTURE.”

And some have asked whether chocolate has a particular role in accounting and business; and, of course, it does:

And the illustration of the process of chocolate making helped to give some people insight into the complexity of most businesses, and the challenges of managing costs amongst this complexity:

“I may be the only one that says this but I found the process of chocolate making incredibly interesting! To discover how much effort goes into one small chocolate bar puts everything into perspective. Business can be made to look easy by professionals, however, behind the scenes it’s often a different story.”

Break even analysis

Most people found the story of the gigs helpful to understand about CVP (‘Cost-Volume-Profit) analysis and break-even points.  Although one or two people asked me what is a ‘gig’?  Answer:  A ‘gig’ is a performance by a band, usually at a pub or bar, but could include a performance at a large stadium or anywhere.

“I enjoyed reading the explanation of Fixed and Variable Costs with the example of Martin’s son and his band The Henderson Experience. It broke down the difference between fixed and variable costs, what a Break Even point is, the Contribution Margin and the Contribution Margin Ratio in an easy-to-understand way.”

“Chapter 6 has really opened the flood gates on why accounting and tracking of costs within a business is so essential. Earlier we are asked: Do numbers create reality? For businesses this is definitely the case … Budgets, forward planning and company decisions are all made based on the numbers that are available to managers at the time. It is crucial that these numbers are as accurate as possible so that the best decisions for a company can be made.”

By the way, Martin’s son Mark’s latest band is Superorganism. Here is a link to a music video on Everybody Wants to be Famous from their latest album entitled Superorganism. For listeners of Triple j, this song and a couple of others have been getting quite a bit of airplay on Triple j.

Martin was messaging his son Mark and he mentioned:

“I met an old school friend the other day who is a lawyer now and he had you for first year accounting and was talking about how I was in the Study Guide haha!”

Challenges of English language … and of jargon/terms

A number of people in our unit have English as their second language; and quite a few in our unit are very new to Australia and in their first term of study here. This is a concern for a number of people, who worry about the quality of their writing in English. Do not worry. The best thing to do is to just get writing: writing in the Steps in your Assignments; and writing questions and comments in PeerWise. As you practice more and more, your English writing will get better; and it is often surprising just how much it can improve in just a few months. But you do have to get writing as much as you can. And this also applies to those of us who have English as our first language:

“[I am] from overseas, [and I am] having some difficulties … to understand … the meaning of some word[s]. Therefore, I had to look up the dictionary to get their meaning. [For] example, words such as variable cost, revenues, especially the words apportion, allocate, and share. There are so many meaning[s] but I am not sure what [it] is [they] exactly mean.”

“When I reached the part about cost of products, I was quite confused by the word apportion. After a quick google search I found out that it meant to divide up and share out.”

Learning experience: past half-way in our unit

Many people have also reflected on their experience of learning in our unit so far, with some people feeling less fearful and worried about studying accounting and dealing with ‘numbers’:

“I have survived thus far! As mentioned in my other assignments, I don’t think that accounting is a strong suit of mine. However, I have to admit that the further into the unit we get the more it is growing on me. The complexity that I often perceived with numbers is gradually fading…”

And many people have also commented on their developing experience of learning for understanding in our unit, including finding themselves growing in their curiosity about the key concepts we are studying as they find themselves becoming more interested and asking more and more questions:

“I found the revisiting of concepts associated with key cost relationships invigorating after my trepidation associated with Chapter 4. Although, I was surprised at the abundance of questions I was left pondering, considering I initially felt I had a strong grasp of the subject matter. Could this be a deepening of my learning process? I think so!”

Quite a few people are experiencing the excitement and interest that come from learning actively and ‘for real’, as we develop our own emerging understanding of something that is new to us:

“Overall, excitement and interest would be the words I would use to describe this entire chapter. The ideas and concepts were easy and straightforward and I found them to be absorbing and didn’t want to stop reading. I loved the underlying maths, and it was easy to engage in. I really connected with the reading and especially enjoyed the story about the music gigs. What I have found surprising though, is the amount of creative accounting that can be implemented without breaking the rules.

However, there are a few people who are struggling with this approach to learning for understanding and developing personal meaning, and would prefer a quicker approach of just ‘getting to the facts’; and who can find the readings rambling and repetitive:

“What I feel when reading these chapters is that there is a lot of repetition in what is written. It is written forwards, backwards, upside down, sideways and inside out. I am guessing to appeal to all types of learners to help us better understand what accounting is all about.

I am not really a fan of reading, so this makes it hard. Although a deeper understanding is the aim, I do like to get to the “clear cut facts”. I would actually benefit more if the information, such as the rules were told, explained and then examples given. I feel that there is no structure to the writing and every now and again I feel like I am finding grammatical errors that make the information confusing to me.

However, I know that it is a requirement of me to read for my studies. I will just have to come up with a strategy for my reading to become more efficient so I can spend more time on my assignments.”

And ‘real’ learning is enjoyable. Perhaps it is challenging and stretching at times (maybe most of the time), and requires us to make the mental effort to understand new concepts and ideas for ourselves; but ‘real’ learning is just fun. And it is addictive: once bitten, you can find yourself learning everyday for the rest of your life. And if you do this, you will end up knowing a lot of stuff; really knowing it in your heart, and in your life, and in your mind and thoughts. And you will be a different person; changing just a little bit everyday:

“What I will say, is I cannot wait to be able to do an assessment like this again. When I learnt it the first time I did not enjoy it but I feel with this unit I will find enjoyment out of it as this chapter has helped me further my knowledge and gain a deeper understanding.”

Thank you for all your contributions in your ASS#2 Step 2.

I look forward to continuing to follow your discussions on issues you may face with your ASS#2 on our unit Facebook page and on our Moodle forums; and I also look forward (along with other staff members) to reading your ASS#2 Steps 3 and 4 (your restated financial statements), which is due at 11.00am Monday 10 September (Week 9).

Regards,

Martin and Maria

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