Personal action plan Essay

Submitted By Koka-Lin

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Pages: 2

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Personal Action Plan
Wen-Wei Lin (Koka)
Concordia University

My family business is sell durian from Thailand to China and Taiwan. Therefore, after I graduate from Concordia MBA course, I will join the accounting department of my family business. Thence, there are three strategies will lead to desired outcome in my future career.
The first strategy is well preparing the financial statement. In the accounting department, the first skill need to have is how to make the basic financial statement, such as balance sheet, which shows the financial position –assets, liability, stockholders’’ equity- of the firm on a particular, income statement, which presents the result of operations- revenues, expenses, net profit or loss, and- for the accounting period, statement of stockholders’ equity, which reconciles the beginning and ending balance of all account that appear in the stockholder’s equity section of the balance sheet, and statement of cash flow, which provides information about the cash inflows and outflows from operating, financing, and investing activities during an accounting period (Ormiston and Fraser, 2013,p.8).
In this strategy, I will have to serve the problem if the final total is not balanced. Thus, I have to figure out which step or which number that I missed in the financial statement. Even I just add one zero or miss one zero, all of that will cause the company’s financial problem. Therefore, this is very serious work for me to prepare in the future.
The second strategy is the inventory accounting methods. In my family business, we sell the durian, which is fruit. Therefore, we had been used FIFO method for the cost flow assumption. According to the book, Understanding Financial Statements, “the FIFO method assumes the first units purchased are the first units sold during an accounting period” (p.59). We have been used FIFO method because if the first purchase we did not sell it

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