– Good introduction stating your focus and direction of the piece.
– Clear presentation of how what you know/understand/believe/feel about the issues you wish to discuss is different to Part 1 answer (and/or the same).
– Use of explanation and examples to make a point (rather than reliance on general assertions).
– Discussion of how particular (referenced) topics, and/or reading, and/or tasks challenged you to think further about an issue you knew little about, or about which you assumed you did not need to think further about. Including detail about what precisely it made you think about.
– Reflect on why you held beliefs or views that may have changed now.
– Raise questions about your assumptions, perspectives, emotional reactions to the subject, arguments that you did hold/do hold.
– Discuss difficult moments which you resolved for yourself in respect of understanding some of the issues relating to this statement.
– So, sufficient reflective comment – link content to how you have engaged with accounting during the module (more about style than number of words doing this)
– Coherent writing style (spell checked, sound flow of argument)
– No plagiarism!
In sum, to avoid low marks you need to be clear about what the task requires – think about the nature of critical thinking and reflective learning, take time to construct your answer, use it as an aid to pull the module together in your notes before the new term begins. Good answers are usually those that have been drafted and edited, i.e. carefully crafted before the deadline. Rushing something off the night before the deadline usually comes over as only partly thought through and the marks will reflect this.
Here is my first part of essay:
Profit is determined by comparing income with expenses. It is computed by deducting expenses incurred from income earned. However, it is not that straightforward as in reality there is a set of rules which underpin the calculation of income and expenses. These assumptions are the accruals (matching) concept, changing in price, estimation and depreciation concept (Jones, 2013).
Based on the accruals concept, profit must reflect all the relevant transactions for the financial period, not only those that represent cash and cash equivalents paid or received (Black, 2000:63). It requires certain estimations to arrive at figures for income earned and expenses incurred, such as amounts owing (accruals) and adjustments for items paid that will incur in the next accounting period (prepayments). Concerning revaluation and changes in prices, a rise in property value shows that the company has gained, but it is not a profit from trading of organisation. Calculating depreciation involves certain assumptions such as length of asset life.
‘Profit is thus contingent upon many adjustments, assumptions and estimates (Jones, 2013:98).’ Thus, accounting profit does not necessarily measure the true profit of an organisation. Based on the same organisation information, different accountants will calculate different profits, as the accounting assumption they might find appropriate could be different.
Jones, M. (2013). Accounting. 3rd edition. Wiley: Chichester
Black, G. (2000). Introduction to Accounting. Financial Times Prentice. Hall: Harlow