Category: ACCT11059

Not Enough Hours in the Day

Week 2 is now over, what a difference to the Bachelor course!  I had anticipated that as it was a step up course there would be a higher expectation and I certainly wasn’t disappointed.  Not sure if I was expecting that high a step up.

ACCT11059 was a breeze in comparison to ACCT20070.  The bachelors was definitely a gentle (re)introduction to learning, spreadsheets and the mechanics of accounting.  In that unit we were looking at the output produced in a company report and trying to decipher it. In the MPA we’ve dove straight into the first principles, with a simple intro in week 1 & 2 looking at the basics of income statements, statement of changes in equity and the balance sheet.  This was a new one for me as it introduced the process of journal entries and the transfer into a T-account.  A process that wasn’t introduced in ACCT11059.  Once I’d nailed how debits (on the left) and credits (on the right) and which ones were normal debit or credit balances, I was feeling pretty confident and can knock out a journal and ledger along with the financial sheets pretty quick.  Then week 3 has happened.

I’m comfortable with the concept of accrual accounting, the process of actually doing it is another thing entirely.  I’ve spent the better part of the day trying to work it out and I’d say I have a comfort factor of 50% and rising.  I’ve started to wind myself in knots so I’ve stopped for the night on that.

I’m enjoying the challenge that accounting is presenting and the joy when I crack at concept, it’s not all rosy though.  Each week our lecturer sends out the solutions to the weeks questions.  I was very disappointed to find multiple errors throughout the solutions.  A number of emails have gone Monika’s (unit leader) way today to inform her of the issues.  Another positive is that we did have a Zoom with Monika that added value, so she knows who we are (Suzy, Lucy and I) and hopefully will be active in supporting us.

Economics, so much reading!! Two chapters each week that are really in-depth and need to have notes taken.  This is my first time studying economics, I’m finding it interesting though struggling to think like an economist.  I’ve run into a couple of questions where my cynical, practical approach doesn’t match the expectations of the books solution.  It’s still early in the course so I’ve plenty of time to learn.  I’m understanding the concepts, though trying to answer a question that expects a graph is a bugger.  Give me the data and I can plot a graph, no worries.  Try and draw one without data, not a hope.

Another plus is that I’ve got two study groups, Lucy and Suzy in accounts and Trevor and Tiff in Economics.  L&S have been in active communication and we had a Zoom this morning which was helpful.  T&T, bit quiet at the moment, we’ll see how they all go.

With so much reading there’s not much space in the day for much else.  It’s late to bed, early to rise and lunchtime spent reading.  Fortunately (well not really) I’m still off running for a week or two, so there’s a bit of extra capacity because of that.  It is a case of eye on the prize and that first interim award at the end of term 3 and the potential new career, so I think it is definitely worth it.

 

Making the grade

Term 1 is officially closed with the release of grades today.  I am astounded to say that I did rather well.  A HD in both ACCT11059 and LAWS11030.   I am really pleased to hear from a number of my fellows that they have achieved good grades as well.

Going to put in here a thank you to Martin Turner, Maria Tyler and Ronald Farran (Law) who have been most excellent in their support, feedback and incredible marking speed this term.

What I am more pleased about is that my daughter Alice, who has just completed her first term at CQU Rockhampton, has achieved three HD’s and a distinction in her Bachelor of Oral Health Therapy degree.  She’s done this while being a Resident Associate and dealing with other peoples drama’s.  My daughter is amazing.  Must take after her mother, who is also amazing.

As for me I have never in any study ever achieved this well.  Quite possibly due to a number of factors that are different to my original student days

  • I’m 45 years old and don’t have the stamina to spend all day in the pub
  • I’m paying for my education (no course fees in ’90’s UK universities)
  • I’m “slightly” more mature in my approach to learning
  • I have an example to set to my children
  • I want to learn and put the effort in. (I was very lazy the first time)
  • I LISTENED TO MY WIFE WHEN SHE SAID MY WORK WAS NOT GOOD ENOUGH!! and took her advice and made the appropriate changes, (she did say the same thing at Uni the first time, I should’ve listened then too)

If you speak to my Uni friends they will tell you that back then I was a terrible student and I really shouldn’t have achieved.  It is surprising how things change as you get older.  What this term has taught me is that I can manage all of my commitments, I can learn new things and I enjoy learning, sharing what I know and helping others (though I do a lot of that at work anyway).  I’ve really enjoyed the interactions with my fellow wannabe accountants through the Facebook page, through the PASS sessions and made some friends along the way.

The only thing I haven’t enjoyed is that as I run less, I’ve actually put on a kilo and a half in weight over the last three months.  Need to work on building in more activity into the study plan.

Term 2 has effectively started and fortunately for me I have two weeks off work of uninterrupted study as I recover from a hernia op.  I’m sad to say goodbye to the Bachelor of Accounting and my fellow students on that course, though I’m looking forward to the continued challenge on the Master of Professional Accounting.   All being well, we all come out on top at the end of it with everything we want and expect.

Let the studying commence.

 

And relax! But not for long.

That’s it term 1 is done.  The only exam that I had this term was done this morning. To be honest I was a bit concerned.  Would I be able to write for three hours, would I survive without the hourly cup of tea that I have during my work day, do I even know the subject matter?

As it happens, none of this was a problem and I rather enjoyed myself.  Thanks to our PASS leader Danielle I had taken her advice and wrote up notes and cases instead of tagging my text book.  This was a perfect way for me to prepare.  In writing the notes I was refreshing my memory and the areas that weren’t in my notes I knew where they were in the text book, so it was easy to get to the information I needed.  It turns out I do know the subject and the questions fell into the areas that I was comfortable with. Three hours went past in a blur of statutes and case law and the handwriting went a bit ragged as the time went on.  My only real concern is can the marker decipher my handwriting.

With this exam done I can now relax for a week or three.  Or not, as normal work continues and domestic duties and DIY is planned by Mrs F.  Running will definitely be involved.  All this sitting and studying is making me fat.

The other question to be considered is do I stay on the Bachelors or switch up to the Master of Professional Accounting degree?  This is 14 units and would taken 2 1/2 years of two units per term, compared to the 24 of the Bachelor where I’d need to wait 4 years before having a qualification.

With the Master degree I can get interim awards at the end of each block of units, so technically I can have my Graduate Certificate Professional Accounting by Christmas, which then gives me an escape route into another career.  By the end of 2020 I should achieve the Graduate Diploma and by 2021 the Master qualification.  Bachelor or Master I’d still have to start at a level below my current earnings to begin my new career, unless I can engineer something.  A few more things to consider before I make up my mind.

Meanwhile I’m going to enjoy the rest of my afternoon, perhaps read a book or enjoy a game on the PS4, and get back to almost normal tomorrow.  Rest easy people, next term is on the horizon.

.  time to relax

 

Onward and upward

The end of week 12 and I’m happy to say I’m now done with ACCT11059 and the final assignment of this unit is submitted.  There really are only so many times you can read and polish a document.  If you want to see the final submission it is here. ASS#2 Step 7 to 10 Paul Feasey GALLIFORDTRY Company Spreadsheet FEASEY

Thank you to those who gave me feedback, your eagle eyes in spotting bits I missed was most welcome.

It’s been an interesting 12 weeks in my return to Uni as a mature student and I have thoroughly enjoyed myself.  With this final accounting blog for this particular unit I thought I’d put down some of the things I’ve learnt about learning and about myself during this time.

When I first saw I had a UK construction company to focus on I was “meh” and not overly enthused about the prospect.  I would have put in the same amount of work and research into any company, but on reflection I actually think that GallifordTry was to my advantage.  Only a couple of years ago I’d been living back in the UK for 18 months and was well aware of the state of the UK, price of housing, the political situation and various other impacts in that once great nation.  This did make understanding the financials and the company operating climate easy to understand and research.  I’m calling that a win, I was able to learn the process of accounting, ratios etc, and relate that to an environment I understood.

KCQ’s and the study guide. I’m still not convinced about KCQ’s, though I appear to be reasonably proficient at them.  I’ve enjoyed the study guide, though I do wish Martin would get to the point sooner and I did pine for a text book on occasion.  Saying that I have been fortunate to have had two very constructive conversations with him recently and I can understand where he’s coming from and the intent of the process.  I really appreciated his insights and support from these conversations.  With regard to the unit, I can say though, that it did work, I have learned and my learning style has been challenged.  So, thank you Martin.

This blog, I already write a blog for fun, I wasn’t certain how much value this one would have.  Well I’ve enjoyed writing it and 65 other people, including people outside of the unit, are looking at it.  I’m going to assume that it’s adding value to them as well.

dilbert blog

I’ve provided support (far too much according to my wife) and helped a lot of people through Facebook and through checking over spreadsheets and calculations.  While this has been very time consuming, what it has done is secured my knowledge of the subject, so it is a win for me.  Even though I tell my wife I’ll do less in the future I’ll still help where I can, just remember to say thank you.  Through the Facebook group I’ve met some wonderful people and got some solid friendships out of it.  That’s what uni is also all about.

PASS!  How good are PASS sessions, I really enjoyed all of them, shared a lot and gained a lot as well.  Danielle is a most excellent facilitator and will no doubt end up with a high distinction when she finishes her degree and will go far in her chosen field.  I am most grateful for her support in these sessions.

When I started out with this unit I was concerned about the time required to get everything complete and manage life, the universe and everything. I am unbelievably grateful to the support of my wife and children who have given me the space to get stuff done.  Though by the children leaving me alone I’m not onto them to do their chores or their gym work between their swimming training sessions.  A cunning plan on their part.

The final thing and probably the most important thing I have learned and it’s what I shouldn’t have had to learn (and its not in relation to this unit either) is this.  I should never, ever doubt my wife!

A true story.  A week out from the due date for Laws11030, 40% assignment, I thought I’d done a really good job, I gave it a quick read and thought it was good to go.  I asked Mrs F to take a look.  She didn’t make it past the first paragraph, before telling me how bad it was!  She was asking all sorts of questions, what’s the word count, what references are you using?  I was horrified, I thought it was brilliant, how dare she!  I know she’s a teacher who did her second degree by distance, but really!  Long story short I got a bit cross.  Fortunately for me, as we met at Uni in 1991, Mrs F has known me for a very long time and knows that while I am an idiot, I am not totally stupid and I will see sense. And sense I did see, I listened and learned, edited and re-edited and polished that turd before hitting the submit button.

Thanks to my wonderful wife I received 37/40, 92.5%! This type of result is unheard of, I’ve never got grades like that before and I couldn’t have done that without her.  It really makes me wonder, not only what she sees in me and why she puts up with it, but what I would’ve got in my first degree if I’d spent less time in the pub and listened to her more then.

Moral of the story, listen to your wife, she knows more than you do, especially when she’s a teacher!

This term isn’t quite over as I’ve the Law11030 exam on the 19th.  I originally had it as the 17th so I’m glad I checked again.  It’s an open book so I’ve a bit over a week to get all my notes ready for the day.  Thanks again to Danielle for the insight to preparing for my first open book in 15 years.

In honor of Law here’s this blogs musical interlude, Anthrax singing about one of the iconic comic book characters of the 20th Century Judge Dredd.  Unfortunately the video has footage from the 1995 film staring Sylvester Stallone, not the best interpretation. The 2012 Judge Dredd staring Karl Urban is so much better.

So that’s what I’ve learned so far.  Once the exam is done its onward and upward with the next two units, whatever they may be as I haven’t decided.  For those of you who’ve stayed with me this far, I’m going to continue this blog and my running blog and see where it all goes.

Happy Studies folks.

 

This is the end….?

Or maybe it isn’t? Actually it’s not all quite done, my write up on Step 9 has run out of steam, so what we have here is a first cut.

Really if it’s the end or not is all going to depend on what feedback I get and if someone spots something odd that needs fixing.

If you, dear reader, would care to participate in the Step 10 feedback process you can find all the details below.  And while you are reading please enjoy this musical masterpiece from The Doors.

GALLIFORDTRY Company Spreadsheet FEASEY

ASS#2 Step 7 Contribution Margin

ASS# Step 8 What I know about ratios

ASS# 2 Step 9 Capital Investment Decisions not quite finished.  Suggestions welcome.

dilbert-show-me-the-monies

 

One more thing

The end of week 10, not long to go until the end of the first term as a mature student.  The weekend started well with a 10k run and wearing a yellow tutu while doing barcode scanning at parkrun.

This has been an interesting unit.  I’ve learned a few new things over recent weeks, had a few things I already knew confirmed and sharpened up and made some new friends as well, an unexpected and welcome bonus.

I’m on track for a good finish to this unit and want to get it out of the way so I can prepare for the Law exam.  I’m up to date with submissions and have Steps 7 & 8 complete.  Step 7 Contribution Margins can be found here ASS#2 Step 7 Contribution Margin

Yet there is always one more thing to do.  Which reminded me of a song that I played a lot during my original student days in the ’90’s.  L7 for those unaware are a female punk/grunge group from Los Angeles and this is from their 3rd (and best in my opinion) album Bricks are Heavy

That one more thing is Step 9 NPV and IRR.  To be honest this is irritating me.  I understand what the expected outcome is and how to get there by calculation.  What I’m supposed to put in the calculation from the initial investment and expected cashflow is a mystery at the moment.  I’d rather not have to take a wild guess if I can avoid it.  I have had a go this morning and used information from the 2018 report and a bit of research.  You can find it on the NPV tab in the spreadsheet if you want to take a look. GALLIFORDTRY Company Spreadsheet FEASEY

The calculation is correct, but is it accurate or relevant?  At this stage I’ve no idea.  So I’m putting the brakes on and doing something else.  I’m going to save the question for the next PASS session and see if that gains me some insight.

dilbert NPV

Ratio’s restrung

Apart from having to vote in quite possibly the worst general election I have ever experienced, and I’ve seen elections in West Africa and the build up to Brexit, so I speak from experience, I’ve had a pretty good weekend.  I ran 10K in the dark on Friday night and 6K before the sun came up before parkrun on Saturday morning.

Running at night is one of my favorite activities.  There’s no one around and the environment is completely different to the day.  Most excellent!

Saturday was spent recovering from running and politics to allow Sunday to be a head down bum up study day.

Which brings me to this blogs loosely connected song, Hilltop Hoods The Hard Road Restrung. A great song, made even better by the Adelaide Symphony Orchestra.

Why is this loosely connected?  I’ve already put up my ratios on this blog, knowing there were some errors and knowing it needed some additional focus and Natasha Bennett was kind enough to have a look and provide some comments which is appreciated.  Today as well as writing about chapter 8 (see the previous blog post), the ratio’s have been restrung and the word document written to explain my workings and thoughts.

The restrung ratios can be found here GALLIFORDTRY Company Spreadsheet FEASEY and the document containing all I ever wanted to know about ratios but was afraid to ask can be found here ASS# Step 7 What I know about ratios

dilbert work ratio

 

The final chapter… (of the study guide)

The loosely related song for this blog is from the Cranberries.  Reasons being, number one it is a great song and  has “decide” in the title, I couldn’t find anything better and number two it was written in response to a decision that the band made at a particular time.   In chapter 8 it’s all about information and what to do with that in the decision making process.

 

Chapter 8 a marginally shorter chapter for Martin, though jam packed with information as always.  As I want to focus on the spreadsheet activities for the next couple of weeks I wanted to get this chapter out of the way.  If you want to see what I think of decision making feel free to have a look. ASS#2 Step 6 Chapter 8 Decsions

You’ll be pleased to know that it’s only a short piece at 3 pages, it’s Sunday afternoon and I’ve other stuff to be getting on with.

As for me I have a decision to make.  Do I stay on this journey through CQ01 and gain my BA Accounting? Or do I swap out in term 2 and use my prior degree to get me on the Master in Professional Accounting?

I’ll leave you with Dilbert

non comital dilbert

 

Romping through ratios

I don’t have problems getting to sleep at night but I do find my focus on this unit making me neglect sleep.  Today’s loosely related tune is the classic Insomnia by Faithless. Amazing lyrics by Maxi Jazz

ACCT11059 the only place where a 90 minute Youtube video takes multiple attempts and a 2 hour final push to watch to completion.

I’d watched the first 30 minutes of the ratio’s video and noted down the important aspects.  Last night I casually said to my wife, “I’ve only got an hour to do, then we’ll put on Netflix”.  Once again ACCT11059 as called me out as a liar.  Nearly 3 hours later, I gently woke my sleeping wife from the sofa and called it a day.  My sleepy wife called me something else! I hadn’t realized the time as I was task focused and enjoying myself

Ratios themselves are straightforward and I’d done half of the sheet without Maria’s tutorial, though I had a few odd figures and wasn’t sure on some.  I did not know I had inventory initially and didn’t know how to factor in sales, so the video was spot on for that.

To be absolutely certain I was using the right process I  watched, stopped, and replayed the video multiple times, while writing more notes and checking figures before I declared the ratios done but not complete. Not every line is as clear in it’s outcome as I would like and needs some more consideration, but it’s done so far.

I did find a excellent investment site that details practically all if the ratios, which allowed me to compare my figures with reality.  There are some figures in my sheet that I think are anomalies,the calculations seem to be correct, the numbers I want to think over some more.  Calculated values that I’m certain of are highlighted in green, the ones that I need to give more thought to are highlighted in yellow.  I know there are a few others in the group with building and construction firms, and I would be very interested to see how we compare.

If you want to take a look the spreadsheet it is here GALLIFORDTRY Company Spreadsheet FEASEY

Happy studies!

Dilber ratio