Problem
I really want to start a business when I move South. This course has helped me immensely in realizing how important it is to track cashflow. It has become very apparent to me how easy it is to lose cash overtime if not tracking properly. Learning the detailed difference between assets and liabilities will help me greatly moving forward. Something that has had minimal impact on my personal growth is the processing of cost of good sold through LIFO and FIFO methods, I do not intend to use this knowledge. I don't believe I will be responsible for accounting process for a company that measures a high rate of sales. I appreciate the knowledge and believe it will help have a better understanding of the business world as a whole moving forward.
Distinct differences between partnerships and proprietorships are personnel structure and liabilities. In a proprietorship, the business is solely owned and operated by a single entity, while in a partnership, operations are conducted by 2 or more individuals. This means all profits are split, operations are divided, and agreements must be made within a group to decide the future of the business. "In a partnership, the owners of the business share liabilities, even if the amount of liability may be uneven. In a sole proprietorship, the business owner takes on all liabilities associated with running the business, including business debts" (Indeed, 2023, para. 3).
What I have learned from this class well help me immensely moving forward in my business degree plan. It has already proved helpful in both my law and management classes. It has introduced me to a vast range of new terminology and concepts. I am certain that the foundation of accounting knowledge I have learned over the last 8 weeks will prove to be invaluable as I move through bachelor's and master's coursework.
In my current career I deal with zero accounting, but as I develop a business plan for my future endeavors, the concepts learned will most definitely increase my ability to stay on top of my financial goals and planning.
Knowing how to build a business as an LLC and how to use basic accounting principles will be very important to me.
For the above post, tell me what is the same and what is different about it compared to the posts of my classmates in terms of how the course learning outcomes have affected my learning. Also, discuss with your peers your thoughts concerning applying the course material to future learning and in a career context.