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Business Accounting for Managers

 As per Farrah, The reflection is our thoughts and analysis of what one has read and experienced. I am presenting this reflection paper is to present my own opinions on my learnings, knowledge, and experiences which I have acquired in these weeks. Throughout the week 2 –5, I have progressively built up an accounting glossary and accounting concepts which includes accounting principles of accrual concept, consistency principles, conservatism principles, going concern principle, and materiality principle. I have gone in-depth analysis of these principles some of them are-

• Consistency Principle – Once one had decided which method he has to use in his business he needs to stick at that method throughout the accounting period.
• Going Concern Principle- This principle refers that the business will continue to exist for the foreseeable future and this allows to defer the prepaid expenditures to future....