Key Concepts and Questions - Chapter 1

Confidence in learning - 

I will admit, I actually read through this entire chapter four separate times trying to come up with KCQs for step one. I couldn’t understand why I was having so much trouble with this and found myself comparing my progress with other students. Why does it seem so easy for them and not for me? Upon my fifth read through of the chapter, this section jumped out at me. My struggle stems from my lack of confidence in learning.

‘You will have the opportunity to learn how to focus on learning for understanding. This is your own understanding, what you think (and why), rather than simply reproducing ‘clear-cut facts’ from someone else.’

Simply reproducing clear-cut facts is what I was subconsciously trying to do. I have been too worried about getting this step ‘wrong’ when really there is no wrong answer, I just need to record my own thoughts. I need to understand my thoughts and opinions do matter.

 

There is a great difference between knowing and understanding: you can know a lot about something and not really understand it. - 

This quote resonates with me quite a lot, especially after reading it five times. For example: I had read this chapter four times – I know what is written in it and I know the topics the chapter is discussing. Only after the fifth read through have I started to understand the chapter and understand step one.

For me, knowing something means to have an awareness of something and to obtain related information. But to understand something is to have a deeper kind of knowledge. The example that comes to my mind is if I can explain it to someone else, I understand it. In current job as a supervisor, it is part of my job to train others and develop their skills. To do this effectively I need to understand my role, how to use our unnecessarily complicated software, and the purpose of what it is we are doing.

To be successful in this unit (and in university as a whole), I need to focus on understanding the subject matter and not just simply knowing what is being taught.

‘Might there be something important for us to connect to in the business discipline of accounting if I want to be successful in business?’ What is the link between success and a background in accounting? - 

First, I want to look at the word successful and what this means. According to the Oxford Dictionary, to be successful is ‘accomplishing a desired aim or result’ or ‘having achieved fame, wealth, or social status’. To be successful can mean completely different things to everyone. To an aspiring actor/actress, success could mean winning an Oscar. To a rugby league player, success could mean winning a grand final in the NRL. But for me, once I have completed my degrees, own my own house, and run my own business, I will be successful.

So, with that definition, is there a link between accounting and success? Yes. And for many others travelling along the same path as me, their answer is yes as well. A background working in accounting provides experience and understanding of the inner workings of a business. Understanding how money is spent gives insight into how money can be saved. Similarly, understanding how money is made in a business gives insight into how it can be lost and how this can be prevented. I firmly believe this course will help me achieve success in the years to come.