The reasons companies create and maintain accounting systems

The reasons companies create and maintain accounting systems Running a business successfully requires the business owner many skills. One of the necessary skills is the knowledge about the accounting system. The accounting always plays an important role in the financial management of business. Many different accounting aspects affect the business success, so the more the business owners acknowledge the accounting systems, the more chances they get to succeed. There is an old saying in business, you cannot manage what you cannot measure. Therefore, without the accounting system, the business owners cannot find out the most suitable way to run their businesses as successfully as they expect. Without the accounting system, the business owners cannot know the business is really making a profit or a loss. Also, they cannot predict cash flow shortages, and worst of all, they cannot accurately keep track of those slow paying customers. The accounting systems bring many benefits to the business management:: accurate reporting of business transactions, easy access to financial statements, up to date reports in accounting pay and fee, excellent management tool, and minimize problems with IRS and other tax authorities The basic structures of assets, liabilities, and stockholders equity Assets Assets are something valuable that an entity owns, benefits from, or has use of, in generating income; especially that which could be converted to cash. Assets are recorded in the balance sheet. From the accounting perspective, assets are divided into the following categories: current assets (cash, account receivable, and other liquid items), long-term assets (real estate, plant, equipment), prepaid and deferred assets (expenditures for future costs, such as insurance, rent, interest), and intangible assets (trademarks, patents, copyrights, goodwill). Liabilities Liabilities are obligations that legally bind an individual or company to settle a debt for the future payment of assets or the future performance of services that result from past transactions. Liabilities are recorded in the balance sheet. There are two perspectives of liabilities: Current liabilities: expected to be satisfied within one year or the normal operating cycle, whichever is longer Long-term liabilities: due beyond one year or beyond the normal operating cycle. Stockholders equity Stockholders equity represents the claims by the owners of a business to the assets of the business. Stockholders equity is residual equity that remains after deducting liabilities from assets. Stockholders equity could be paid in capital, donated capital or retained earnings ( not yet paid out by the company). Relationships of assets, liabilities, stockholders equity Assets = Liabilities + Stockholders equity The above formula describes the relationships of three major parts of accounting. Total of liabilities and stockholders equity is assets. The four basic financial statements Income statement The income statement reports the success or failure of the companys operations for a period of time. Financial users are interested in net income because it provides useful information for predicting future net income. Investors buy and sell stock based on their beliefs about the companys future performance. Creditors also use income statement to predict future earnings. The net income equals to the revenues subtract the expenses: Net income = Revenues Expenses. In addition, amounts received from issuing stock are not revenues, and amounts paid out as dividends are not expenses. Retain earnings statement The retain earnings statement shows the amounts and causes of changes in retain earnings during the period. The time period is the same with the period of income statement. The first line in retain earnings statement is the beginning retain earnings amount, then the company adds net income and subtracts dividends to have the retain earnings at the end of period. Balance sheet The balance sheet reports assets and claims of assets (liabilities and stockholders equity). According to the basic accounting equation: Assets = Liabilities + Stockholders equity Assets must balance with the claims of assets. Statement of cash flows This statement provides the financial information about the cash receipt and cash payments of a business for a specific period of time. It reports the cash effects of a companys operating, investing, and financing activities to help financial users. The financial users are interested in the statement of cash flows because they want to know what is happening to a companys most important resources. The difference between net income and cash flow statements Many things that affect the cash flow of a business are not directly related to its income statement. For example, a company buys a new truck; the cash outlay affects the cash flow statement, but the truck is considered as an asset in the balance sheet. It will start to hit the income statement in small pieces when the company depreciates it. Moreover, the income statement is updated with any sales made or revenues earned as soon as the deal is done, and payments for such sales may be actually received much later. Therefore, though the income statement shows profits and the entrepreneur has made money, it is not yet available as cash flow and cannot be spent. Closing statement At the end of accounting period, the balances is temporary accounts are transferred to an income statement and retain earnings statement, thereby resetting the balance of the temporary accounts to zero to begin the next accounting period. Accountants close temporary accounts to permanent accounts because permanent accounts (assets, liabilities, and the owners capital account) always the starting balance in the subsequent accounting period. When an accountant closes an account, the account balance returns to zero. Starting with zero balances in the temporary accounts each year makes it easier to track revenues, expenses and to compare from one year to the next.

parent and child relationships :: essays research papers

Parent and children relationships In this essay, I’m going to tell you about some of the parent/children issues that do arise. Such as, one of the parents dying, one of the parents leaving, how hard a single parent can find it coping and how much babies can make people grow up. So many things can go wrong when you have a child of your own, especially when you have to bring them up on your own. In flour babies some of these issues do arise. Simon Martin finds out for himself how hard it is to raise a child and how hard it was for his mother to bring him up. In this book Simon Martin actually quotes ‘the fact is, you need two people to look after a baby. One person’s not enough. You need a substitute. A good reserve. Someone with no particular plans for the evening. Otherwise it simply can’t be done.’ This says that he’s just about to give up on parenthood, because it was too much hard work, without two people. He realises that he’s got a responsibility now and someone depends on him, and that makes him grow up a lot quicker than he normally would. I think ‘bait’ is quite a hard subject to do on this topic because there are quite a lot of things going on. His dad is a gambler who can easily lose his temper, and who’s probably going to ruin his life unless he gives up gambling. The little boy in this has been made to grow up too quickly, because of his dad’s gambling problem. I’d have thought that his dad, like in the short film, often embarrasses him like when he started a fight with the tramp and then started crying and hugging him. I think in a situation like this it can be hard for both the child and the parent. The child has to go without quite a few things that other children would take for granted, and the dad needs to live knowing that however much he tries to provide for his son he’ll never be able to give him everything that all his friends have because he doesn’t have the money because he gambles. Another film that displays how hard single parenting is, is ‘Finding Nemo’. The dad is over protective of nemo because of what happened to his wife and other children when they were eggs.

Negotiation Between Countries

I want to do that from three different fronts, namely; Cultural differences in communication The patterns of communication between the countries are different even though tooth countries communicates basically in English language as an accepted language of communication. Communication in this sense can be verbal or non-verbal. Non- verbal also Includes written communications. Nigeria has over 400 languages but English language Is the accepted lingua franca. The united States has other native languages but English Is still the accepted language of communication.Though I will communicate in English with my American business partners but I must also understand that the way the Americans write and pronounce some words is different from the way we write and pronounce our words in English language. The American counterparts for instance will write the word â€Å"favor as favor† but I will write the word â€Å"favor as favor† because Nigeria was colonized by the British, so we take our language after the British pattern of writing and communicating.Nigerian are exclusion minded in communication; we will tend to see how the conversation does not align with what we already know and would usually want the American counterpart to align with our own position of knowledge. The American partner will rather communicate based on an Inclusive mindedness; they will rather want to know how what I am saying makes sense. American look for the sense In the conversation, does the numbers tally, are the figures correct, so they have a broader view to the conversation.Also Most Nigerian communication style follow after the collectivists' culture; (Grove & Hallowed; 1994) â€Å"Collectivists convey negative feedback indirectly via an intermediary or by quiet withdrawal of a perquisite. Sometimes they omit saying anything that's negative. If you are managing employees in (or from) a collectivist culture, you might not find out what's going wrong in your operation until the proverbial eleventh hour; there's deep reluctance to upset group harmony by ailing you the bad news†.This means we would rather not say â€Å"no† to you openly even though we disagree, but we will rather let the conversation go on peaceably until we have another time to object to most of the Initial points of our conversation. My American partner would rather tell It the way It Is If It doesn't go down with them. (Grove & Hallowed; 1994) They pattern after the Individualist culture In conversations. Generally speaking, American culture communication style are usually Comfort talks, they are emotionally objective and practical in approach, their interactions are usually very direct and open.They don't hide any cards off the table, they play all the cards on the table. But when it comes to reactions, they react to issues analytically and they remain persistent in their analysis until otherwise convinced. These are the factors that influences how Americans communicate. Cu ltural differences in negotiation and conflict-resolution Let's think of a scenario of negotiation with our U. S. Partner for a presentation from an IT company overseas. The American makes his presentation very apt and technically done by expressing his overwhelming objective points and reasons why the product is best for my company in Nigeria. Well, we would say â€Å"the presentation is brilliant but I still do not trust this guy. He thinks objectively while I think subjectively, so our negotiations can either stall or proceed based on how we handle this cultural differences between our cultures. (Mimicked, 2010) To most Americans, difference is a threat, they will naturally tend to overlook similarities and take note of the difference when they first begin the negotiations. We Nigerian are looking for similarity with what we already know and experience, similarity makes us comfortable in the negotiation.During negotiations with Americans, you must understand that they hate silen ce, and they would often interrupt you at intervals during negotiations, while that is rude in my country, to interrupt someone while he is still talking, the Americans have that as a normal way of life. Cultural differences in problem-solving and decision-making In terms of problem solving, the American approaches it from a highly objective point of view, they would naturally first carry out a critical analysis of the problem and then cake decisions based on the facts on ground.While we Nigerian usually make decisions based on sentiments sometimes, we decide to enter a business agreement when we feel intuitively inclined to do so, there is mostly no objective reason except we feel convinced inside that this is a good buy so we make the money decision. I would first seek an understanding of the cultural differences that have been highlighted earlier. After which I will approach the negotiation objectively, knowing that is how my American partner thinks.I will also approach most of o ur negotiation room an individualist point of view while also letting my American friend understand the collectivist point of view. My approach would be to achieve a win-win situation. In my country I can afford to have a win-lose situation during negotiations but I understand that the American is highly objective and would not go by my sweet talks or by my expressing an overwhelming emotional conviction about the business I am trying to sell to him. So my thought pattern will naturally change from when negotiating with my fellow country man.The factors of negotiation and business allegations to consider in this case would be; Listening skills- I will need to be more active in listening so that I get the objective point the American is making rather than rely on my emotions to guide my decision making in the negotiation. People skills – I need to feel comfortable with our differences and not look hard for similarities between us before I connect with the American counterpart. BATAAN – I must establish what the Best Alternative To Negotiated Agreement is. This is vital to my than what I may have done otherwise. The BATAAN is what I can or might do if an agreement cannot be reached.This is my final position in case an agreement is difficult to reach. Have a Plan – I would consider having a plan ahead of the negotiation. My plan would likely include the following: (Yachted, D; ND) Trying to establish the negotiating style of the other party. This helps me think through how best to communicate and go through the process of negotiation and making educated guesses as I go along. What are my interests? This is gives me a perfect reason to answer the question of why? Before the negotiation. What is my real interest? What are the interests of the American Partner?I must understand where y American partner is coming from what are the shared interests we have and what are the opposing interests. Opposing interests is what I must negotiate. What do I have that I can trade that is of lesser value to me and of higher value to the American Partner? This helps me consider the options in the give and take phase of the negotiation. I must know beforehand what I can trade off at any time during the negotiation that is of a lesser value to me and of a higher value to my partner. What are three options I can implement to move the negotiation from compromising to joint problem solving?

donor essays

donor essays The book starts by telling about the problems occurring in the hospital where Michael works. Too many patients are dying of causes that would not normally kill them. When Michael watches a little girl's life slip away despite the best that modern medicine can deliver, he becomes depressed about his choice of careers. Across town, a popular and prominent Congressman dies - his skull shattered by a shotgun, but police investigators determine the death to be a suicide. Despite what they say, the Congressman's beautiful young daughter, Shannon Donnelly, stubbornly refuses to believe that her father took his own life. In a twist of events, Michael becomes the top contender for the dead Congressmans seat. Jonathan Waverly, a billionaire who wants to organize a group of national politicians to back his dream of a nationwide chain of medical research centers, feels that Michael is the perfect man for the political job. However, before Michael agrees to the job, he takes a tour of the Waverly Research Center, but he only sees one building. In the building, he sees various robots, machines, and great technological advances. He sees some of the most amazing things and hears some amazing ideas that Waverly has for the medical field. The most unique thing he sees is a mannequin. It was the most realistic one he had ever seen. In fact, he thinks that it is a real man. At first he thinks this is strange, but Waverly quickly explains that it was made for an amusement park ride and Michael thinks nothing of it again. The other building contains mental patients, and other experimental medical instr uments and techniques. After some bribing, and offers of a lifetime, Michael agrees to run for the Congressmans seat. After Shannon meets Michael as he is paying his condolences at her house, she is angered with him and vows to find who murdered her father. She begins to check her mothers house, which was where her fath...

asians essays

asians essays At its inception, the United States was built on principles of freedom, justice, and liberty. A reaction to tyranny and oppression, its creation sought to bring change to centuries of inequity under the British monarchy. But no change is sudden; the growth and evolution of the United States has taken centuries and is still in a state of continual development. In the past year, however, this country has taken an additional step toward progress through the presidential appointment of two Asian Americans, Norman Mineta and Elaine L. Chao, to the Department of Transportation and the Department of Labor, respectively. The acceptance of Asian Americans in the government's high offices has influenced public opinion in many way; most of all, it acknowledges the power of Asian Americans in the community and help break existing stereotypes regarding the social roles of those with Asian heritage. For over a century, Asian influence has been overlooked in history books. As a result of the appointment, America is coming to terms with the fact that Asians are a crucial part of American government and have always been a rich part of American history. According to the PBS special Ancestors in the Americas, Chinese immigrants have been "invisible" in the American story, even though "their presence was pervasive and economically pivotal." It points out the simple fact that the Transcontinental Railroad was built largely with the work of Chinese laborers, yet none are to be found in celebratory pictures of its completion or in the pictures of workers found in archives. High positions in government, however, such as working on the presidential cabinet, cannot be ignored or overlooked. They don't have to attempt to make history; they are already making history with every proposition, with every day. Moreover, the appointment of Asian Americans to such high positions means that they can directly influence public policy,...

Research the new media and the young's media literacy Dissertation

Research the new media and the young's media literacy - Dissertation Example The Social Media Access was noted at -.117 and the hours spent in Social Media was output to .265, with correlation as significant at the 0.01 level (2-tailed) level. The rest of the table shows the correlations between the variables through a cross-tabulation with outputs in Sum of Squares and Cross-products, the accorded Covariance, N (100), the Pearson Correlation by variable, and the Significance by variable. The overall picture of both analyses conducted in MS Excel and IBM’s SPSS show that the group had a fairly good grasp of new media literacy through use of technological tools, the use of social media sites and that from about the age of 14 onwards, there was a significant understanding of how to use tools in accessing the Internet and Social Media. However, what is not indicated so much in this research survey, is how the respondents react to various advertisements, other than in the Apple case review of where those anxious to buy new products, behaved much like any Westerner in lining up to waiting for the opening of the new Apple store in China. Interest is just as high in China as in the West, whenever a new store or new products are being presented to the public for the first time. Everyone want to know what the latest product will do. From that point, it is up to the user to develop the methods of interaction, based on the product’s capabilities. The overall Corre lations Table is presented on the following page.... Of the overall group, -.032 were engaged in uploading their photos to Social Media, and more specifically (-.146) to Social Media Sites. The Social Media Access was noted at -.117 and the hours spent in Social Media was output to .265, with correlation as significant at the 0.01 level (2-tailed) level. The rest of the table shows the correlations between the variables through a cross-tabulation with outputs in Sum of Squares and Cross-products, the accorded Covariance, N (100), the Pearson Correlation by variable, and the Significance by variable. The overall picture of both analyses conducted in MS Excel and IBM’s SPSS show that the group had a fairly good grasp of new media literacy through use of technological tools, the use of social media sites and that from about the age of 14 onwards, there was a significant understanding of how to use tools in accessing the Internet and Social Media. However, what is not indicated so much in this research survey, is how the respondents react to various advertisements, other than in the Apple case review of where those anxious to buy new products, behaved much like any Westerner in lining up to waiting for the opening of the new Apple store in China. Interest is just as high in China as in the West, whenever a new store or new products are being presented to the public for the first time. Everyone want to know what the latest product will do. From that point, it is up to the user to develop the methods of interaction, based on the product’s capabilities. The overall Correlations Table is presented on the following page. Correlations Age Group Gender Upload to SM SM Sites SM Access SM Hours Age

Create a project plan Essay Example | Topics and Well Written Essays - 3750 words

Create a project plan - Essay Example This environment is rather so friendly and sophisticated to cultivate a culture of proficiency and also enhancing of the opportunity for the staff to grasp the know how about technology and computers. Bromberg, M (1989). The Information and Technology Help Desk enhances hardware and software technical support and other technical assistance to the management's team, the corporate administrators, employees and even company clients. The customer care in this case in conjunction with the network support experts should continue working to ensure that the state of the art services are offered both to clients and the employees in comparatively more conducive environment. The Information technological department on the extreme end should relentlessly offer on going training to support technological need of the company. This training centers on things like software and hardware installations, troubleshooting, support and maintenance. Support in various departments can be offered by technological internship programs; this can help out the company in facilitating personnel support. In the marketing department, finance department, front office and the planning office. The allotment of the interns should be evaluated after a period of twelve months to enhance versatility to adjust to changes in client needs and to employee changes. Darkwa, O., Mazibuko, F (2003). 1.1 Description of Project To deploy a comprehensive information and technology suit that fosters efficacy and accountability; the IT domain requires a financial portfolio of $ 37,710 from the companies' expenditure fee to cater for some recurring costs. The requisite below outlines the essential services required to maintain IT support across the company all estimated at $37,710 1. Certified expansion (training, seminars, conferences) Refuge augmentation, router configuration, web design Certified conference development for Windows, Macintosh and Unix operating systems 2. Hardware and tangential support and Maintenance concurrence Twelve-monthly preservations on routers, firewalls and switches (with Cisco system). Twelve monthly preservations on complex systems on servers (web, email, database) 3. Authorization contracts conservatory and maintenance (embraces; yearly revises with preservation patches, software's releases and firmware advancements). Antivirus, anti-Spam software Wireless security software 4. Homogeneous, anticipatory safeguarding procedures (comprehensive service agreements and assurance, crisis paraphernalia attainments) Tragedy recuperation and apparatus malfunction emergencies Astringent purveyors for specialized installations and troubleshooting. 5. Provisions in all departments; this consists of toner, paper, office supplies, and computer parts for proxy reasons. 6. Network installation to facilitate comprehensive marketing and corporate affiliation.Budget Quantity Year 1 Year 2 Year 3 Price Hardware and software security, (Anti-virus) 1 $ 230 Laptops, 5 $ 10,000 Wireless, 1 $700 Printers, 2 $900 Network, 1 $200 Routers/Hubs/Wiring 10 $500 D-link switches: 5 $230 V-sat 1 $720 Photocopier 2 $1290 Scanner 3 $190 Dell