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Ali Khalifa s Reflection statement

After the teams was chosen and we were ready to start the project, as the team leader I divided the tasks to our group members which are made up of 5 just to make it faster to be done, easier and to encourage the team work. So I gave my group members each a part to make and give it to me by the end of a date I tell him, Sultan took the first and second part, Mohamed Abdulrahman took the third and fourth part, I gave Mohamed Yousuf the fifth part because I knew hes the perfect one to do it, I gave Rashid the sixth part, and I took the seventh and the final one which is the eighth. In the beginning we didnt face any problem of any kind what so ever because the team members were excited and motivated to do it, but after a while we started to have problems like one member is not doing his part or the other doesnt know how to do his part, for example we had problems with parts which are 6,7 and 8 so we asked some of our class mates to helps us, also when Mr.Mushtaq explained some of the points to the other groups we listened and took noted and therefore we solved this issue we had. of course I learned some things throughout this project, even though the project is devided but I had to check on my group members what they are doing and if they are doing it in the right way or not or even other group member when they came to me and asked, so I learned how to explain things in the right way to other people and I also learned that I have to be interested and motivated to do the project not just the project but everything in live. I also learned some stuff about budgeting in accounting that I didnt know of like: A. First of all was the how to do a selling budget, it shows the planned sales unit and the expected money from these sales. Its the step in the budgeting process. B. Secondly was how to do a budget inventory, purchases budget and finally budget cost of goods sold, those budgets help the company with buying or producing the products they sell. C. Third of all was how to do a selling expense budget, its a plan that lists the amounts and types of selling expenses that are expected during the budgeting, it provide enough selling expenses to match the goals that were planned. D. After that is doing the general and administrative expenses budget, its basically a plan with expenses that is not included in the selling expenses for example: income tax expense.

E. Fifth is doing a capital expenditures budget, it shows the amount of expected cash receipts from customers as well as expected cash payments to suppliers. F. Sixth is doing a cash budget, it shows the expected cash inflows and outflows during the budget. G. At last but not least doing a budget income statement it shows the predicted sales and expenses as well as lists the income effects.

As well as many other things that Ive learned, but in this report these are the main ones that made a difference .