Introduction, Review of Accounting Process and Financial Statements

Introduction, Review of Accounting Process and Financial Statements Free Online Research Papers Accounting is the communication of financial information about a business to users such as shareholders and managers. The communication is generally in the form of financial statements that show in money terms the economic resources under the control of management. Such financial information is primarily used by managers, lenders, investors, tax authorities, regulators, and other decision makers to make resource allocation decisions between and within companies, organizations, and public agencies. It involves the process of recording, verifying, and reporting of the value of assets, liabilities, income, and expenses in the books of account ledgers to which debit and credit entries are chronologically posted to record changes in value. Before you can begin an accounting position there are accounting concepts and terms that must be understood first. Part I of my case assignment will discuss the five commonly use terms in accounting: I.Generally Accepted Accounting Principles (GAAP). This term is used to refer to the standard framework of guidelines for financial accounting. GAAP includes the standards, conventions, and rules accountants follow in recording and summarizing transactions, and in the preparation of financial statements. GAAP can be derived from many sources, including promulgation of the Financial Accounting Standards Boards and Accounting Principle Board. Textbooks, articles, and papers are other sources that include the body of accounting literature. II.Double Entry Accounting. I never heard of Double entry Accounting until I started this course. During my research of this term, I have to come to find out what it means. Double Entry Accounting is a record keeping process that tracks just where your money come from and where it goes. By using Double Entry money is never gain nor lost, it is always transferred from somewhere to somewhere else. III.Historical Cost. This is the original money cost of an asset at the time of the purchase or repayment as opposed to the market value. Historical Cost is also the actual purchase price plus the incidental cost in getting the fixed asset in condition ready for use for commercial production for example: land, building, machines, furniture and vehicles. IV.Accrual Basis vs. Cash Basis Accounting. Accrual Basis is the income earned that’s reported in a specific period regardless when it was received. It’s also the expenses that were incurred, whether they were paid or not within that specific period. When using Accrual Basis Accounting, you have to record both revenue and expenses when they occur. Cash Basis Accounting is bookkeeping that records financial events based on cash flow and cash position. Revenue is noticed when cash is received and expenses are recognized when cash is paid. With Cash Basis Accounting, revenues and expenses are also called cash receipts and cash payments. Cash Basis Accounting also fails to meet the GAAP requirements. Accrual Basis Accounting is a method of accounting most business are required to use by law. V.Current Assets and Liabilities vs. Non-Current Items. Current assets are those assets that are cash or can be converted to cash in the short term, such as accounts receivable or inventory. Some people define current assets as those the business expects to use or consume within the year. A business’s non-current assets would be those that have a useful life of more than one year. These include fixed assets and intangible assets fixed assets are those assets that are not easily converted into cash in the short term meaning they are assets that only change over a long period of time. Land, buildings, equipment, vehicles, and furniture are some examples of fixed assets. Intangible assets also may be shown on a balance sheet. Non Current Items are goodwill, trademarks, patents, licenses, copyrights and franchises. Current liabilities are those coming due in the short term, usually within the current business year. These are accounts payable, employment, income and sales taxe s, salaries payable, federal and state unemployment insurance and current years portion of the multi-year debt. Some examples of current liabilities are short-term borrowing, long-term debt, and accounts payable. All current liabilities will be paid out of the current assets. If the current liabilities outweighed the current asset then the company is in bad shape. Investors should be able to understand and recognize that this is not the best investment. Part II of this assignment consists of analyzing three different corporation’s financial statements. I will be describing the balance sheet, income statement, and statement of cash flows; provide a prediction of each company. BP Financial Statement: Balance Sheet: The statement lists all the company’s assets, liabilities and the owner’s equity. The company took a lost in the assets as well as the liabilities from the previous year; however the company’s assets nearly doubled its’ liabilities which keeps the company on a good flow. I compared the years 2007-2008. Income Statement: The sales and revenues are listed for the past two years. It also break down the before and after taxation profits. The profits were up from the previous year and the earnings per share were also up. This statement will benefit this company quite well. Statement of Cash Flow: I have found that you have to have an open mind when reviewing BP’s Cash Flow Statement. It starts with the operating activities then the investing activities and then to the financing activities. In addition it is summed up with the cash and cash equivalents; however BP almost tripled their earnings from 2007. QuickSilver Inc: Balance Sheet (Consolidated): This statement list the company’s assets, liabilities and stockholder equity. It’s set up similar to the BP balance sheet. The company shows a lost in assets. Income Statement (Consolidated Statement of Operation): It was straight to the point and highlighted the earnings and losses from 2007 to 2008. Statement of Cash Flow (Consolidated): This statement is very detailed. It covers the operating activities, changes in operating assets and liabilities, cash flows from investing activities, cash flows from financing activities, effect of change rate changes on cash, and cash paid during the year. This statement will be most useful to this company. RTL Group: Balance Sheet: This company balance sheet was really easy to read. It was broken to the simplest form and within the guidelines of GAAP. I did notice a drop in the net assets. Income Statement: By looking at their income statement, this company is losing profits. This company took a significant loss in their profits from the previous year. From the loss they took I don’t really see any profit gains for 2009 Statement of Cash Flow: It covered the three basic section of what a Statement of Cash Flow should cover. Very easy to read and spot losses. This statement will be more useful for this company. In an attempt to predict the future trends of RTL. I saw losses from the income statement throughout. I believe it would be a risk to invest with this company right now. They took major losses in their profits for the year of 2008. Reference bp.com/extendedsectiongenericarticle.do?categoryId=9021605contentId=7040949/ quiksilverinc.com/investor_anualreports_04.aspx rtlgroup.com/www/htm/annualreport.aspx http://en.wikipedia.org/wiki/Accountancy gnucash.org/docs/v1.6/C/t2504.html Research Papers on Introduction, Review of Accounting Process and Financial StatementsIncorporating Risk and Uncertainty Factor in CapitalLifes What IfsThe Project Managment Office SystemDefinition of Export QuotasRiordan Manufacturing Production PlanTwilight of the UAWOpen Architechture a white paperBionic Assembly System: A New Concept of SelfMoral and Ethical Issues in Hiring New EmployeesPETSTEL analysis of India

European Union and Turkey Essay Example | Topics and Well Written Essays - 5000 words

European Union and Turkey - Essay Example This literature review will aim at describing the various changes that both sides have made over the years in order to demonstrate the progress made by the other side and will also focus on the factors that have influenced the necessity of such decisions. The initial focus will be on understanding the aspects on which the European Union is set to gain by allowing Turkey to obtain membership. This is deemed important in view of the current as it would serve as the reason for many of the changes initiated by the European Union itself. The first question that arises to mind over this issue is as to what does the enlarged European Union stand to gain as a result of Turkey's admission The best possible answer that can be offered within a political perspective is that the inclusion of Turkey as a member would do away with the long standing image of the European Union as an exclusive Christian Club1. Moreover, the proposed inclusion would also help the union in projecting itself to the rest of the world as a model for tolerance where multi-cultural, multi-religious and multi-ethnic peoples contribute to the welfare of one another. Secondly, the Union also stands to gain from the vast military and security assets that Turkey possesses. Moreover, in spite of having deficiencies at the moment, the inclusion will provide a Turkish economy that has shown a lot of potential and promise. The presence of Oil reserves and a highly qualified workforce would assure the union of a strengthened European economy that is in a better position to take on the challenges faced by it2. The European Union, on the other hand, is very eager to accommodate Turkey into its group and for this, the latter is supposed to achieve credible standards on a number of fronts, for which efforts have been initiated by the Turkish Government since the past few years. The European Union insists that Turkey needs to initiate the necessary actions not for pleasing the Union, but for its own good. The need for reforms has arisen from the fact that Turkey has been having problems in areas such as Human rights, public administration, governance, internal security. Most importantly, Turkey has been in the process of improving its relations with other European Countries with whom it has had long standing territorial disputed. Additionally, changes have also been made to the regulation of the local economy so as to upgrade it to the minimum base standards as perceived by the European Union3. However, in spite of vast changes, there have been certain areas where the European Union has not been satisfied with Turkey's efforts, which has resulted in criticism of some of its efforts and policies. This has resulted in the Union taking some tough measures to ensure that the country takes the best possible action in the future. the specifics of all of these shall be discussed in the forthcoming paragraphs. CHALLENGES BEFORE THE EUROPEAN UNION The major challenges that the European Union faces with respect to Turkey's accession to the union are the fact that a majority of the people are poor, the primary religion is Islam and the country apart from being large, possesses vast and untapped

Essay on Getting a College Degree

Essay on Getting a College DegreeAn essay on getting a college degree is the most important thing for any student. The college experience is usually one of the most memorable things a student can go through and getting a college degree will make it more special. Writing an essay on getting a college degree is more than just writing an academic paper; it is also about developing a vision, breaking down those thoughts, and producing a lot of ideas.For a student to succeed in getting a college degree, there are several important steps they must take. Having an essay on getting a college degree will help a student develop their personality and some research and preparation that can help in the writing process. Some of the tips students can follow include becoming organized, building character, knowing what they want to achieve, and acquiring knowledge. An essay on getting a college degree will help the student create an objective and outline their plan for achieving that objective.A good essay on getting a college degree should start with identifying the student and make it clear to them what they should expect from the essay. This should be done right from the beginning because it will serve as a guide throughout the writing process. The student can make sure that their questions are answered and that they do not stumble over something.An essay on getting a college degree can also help students identify their strengths and weaknesses. It is very important to be honest about these things because the student can refer back to it later to find out what strengths and weaknesses they have. Having a solid essay on getting a college degree will also help the student to analyze different aspects of the college experience. The essay should also highlight the benefits of the college experience that may be hidden within the curriculum.Writing an essay on getting a college degree helps to create a story and a vision of the future they are planning for themselves. This should be developed with the help of several different elements, including writing skills, the ability to organize information, and a good idea of the desired outcome. Writing the essay on getting a college degree can be time consuming, but it can also prove to be fulfilling for both the student and the writer.The process of writing an essay on getting a college degree requires the writer to identify certain details and reasons behind why they want to get a college degree. This may include reasons that might be found by their friends, family, or some other persons. Some of the topics may include having goals that can be achieved, creating a system for achieving this goal, making a plan for where they will be going to school, etc.An essay on getting a college degree can also help the student to define their interests, where they want to go to college, and how they intend to make the most of their college experience. Writing an essay on getting a college degree can help a student to create a picture of themselves and their potential career. Although an essay on getting a college degree is the most important thing for a student to get accomplished, this can be accomplished with the right guidance and structure.

Analyzing a Corporate Information System Essay Example | Topics and Well Written Essays - 2500 words - 1

Analyzing a Corporate Information System - Essay Example The processed information is called as Output. The output is then reviewed and processed by the appropriate members of the organisation to evaluate and refine the input. This is called feedback. In todays environment, information and technology have become a critical component of successful businesses and organisations (Avison, 2003). Most of the organisations are now relying upon the information systems in their day-to-day operations, management decisions and other business activities. Information technology can improve the quality of health care by providing the new ways for the patient to access the heath related information at any time and at any place. By this chapter, we are taking the first step in increasing our understanding about IT, and how IT affects the health care industry (Glickman, 2007). IT or Information technology is basically the use of computers and software to manage information in an organization (Schneider). In some companies it is referred to as Management Information system (MIS). The basic job of any IT department in an organization is to set up systems to process information, ensure data security, create information storage and retrieval mechanism and ensure error free flow of information to the relevant stakeholders. Early use of IT was as simple as computing the totals of the sales done by a merchant in a day. However, with growth of technology companies have been using IT more rigorously for better accuracy and speed of an activity. The growth of IT in organizations started first with the use of computers and later went on to the use of communication systems. With the growth of networking, organizations strived to implement these so as to achieve maximum efficiencies. IT today is a vehicle for making substantial changes in organizations, markets and the economy (Lucas, 2001). The basic purpose of any organization is to either manufacture a product or to provide a service to its

A Startling Fact about Writing an Essay about Your Gaps and Weaknesses in Knowledge Uncovered

A Startling Fact about Writing an Essay about Your Gaps and Weaknesses in Knowledge Uncovered The Basic Facts of Writing an Essay about Your Gaps and Weaknesses in Knowledge Even though a very good school and superior teachers are paramount to writing mastery, there are lots of methods you're able to help your children enjoy and enhance their writing. Your instructor isn't searching for a group of unrelated parts of information. It gives an extremely formulaic fashion of writing that numerous students find helpful. A great rhythm creates a reading experience more pleasurable. You will soon be writing with increased professionalism and precision. Rather than floundering around in the dark, knowing something isn't right, you can take charge of your writing. Furthermore, attempt to write within a particular amount and time allotted for writing. Consider a place in your present role and practice that you may want to appear at for your scholarly inquiry question. Overall, scientific evidence demonstrates that whales have a greater order of social organization. It helps to jot down some context also. Bear in mind, substance is around the depth of your arguments, not about the period of your article. As you read and consider the question you will inevitably consider areas where you require further info. You then need to organize all of your information under subheadings. Following that, you may use your list that will help you adhere to the topic. These areas might help to focus your reflection. When a school receives hundreds or thousands of applications annually for just a few spots, it is exceedingly unlikely that the admissions staff will have the time to fully look at every facet of every application. The students identify how they may implement new knowledge or the way they'd perform differently later on. In this instance, a decrease score indicates that a student may call for extra resources and assistance from the school so as to succeed. The condition of health care shipping. The Debate Over Writing an Essay about Your Gaps and Weaknesses in Knowledge Achieving personal development is necessary for your growth as an individual. Describes indicators that might be utilised to confirm your learning. Conducting a personal SWOT analysis can be useful in assessing yourself. Understanding of pathophysiology 2. So, as soon as you're studying, attempt to consider the way in which the information fits together. As soon as you have decided what area you need to target and you've found appropriate sources to research you have to interpret the results. Begin with research The research procedure is a critical first step. Writing problems may be an indication of other learning problems, so think about consulting the ideal professionals if that's your concern. Using Writing an Essay about Your Gaps and Weaknesses in Knowledge Just take all the time you've been allotted. You're given a few minutes to select your topic, after which you've got 50 minutes to compose the essay, so it's good to take note of time. Determine how many minutes it's possible to devote to every answer. Think of your time again. A History of Writing an Essay about Your Gaps and Weaknesses in Knowledge Refuted Candidate includes strengths and weaknesses and they would like to know yours. During an interview you will m ost probably be asked about your own personal strengths and weaknesses. All these strengths and weaknesses really make a difference in my life. Knowing your strengths and weaknesses beforehand will have the ability to assist you in identifying gaps and in preparing you to turn into the very best candidate for the position you're applying for. Choosing Good Writing an Essay about Your Gaps and Weaknesses in Knowledge The capability to spell is likewise an important strength in English. Humans need oxygen to reside. Focus on a single weakness at a moment. My main weakness is time administration. A quality of myself that I would love to think about a personal strength is that I'm an extremely outgoing individual. In the lack of free oxygen, very various life forms may have emerged on earth. Inside my estimation, a feeling of humor is a valuable thing. When you compose an essay, you will need to be quite clear about how the points you're making support your argument. This information is vital to writing a thriving scholarship. Discuss what you would like to understand about each topic and the way you would conduct research in this field. A narrative sometimes seems particularly hard to contain within the boundaries of a thesis statement. For instance, if you are aware that you have to compose an essay for around 200-250 words on the exam, accustom yourself to writing exactly these volumes, then you won't have to count the words while passing the exam, you will already see that you've achieved a perfect length. An essay that fails to answer the question doesn't demonstrate much comprehension of the topic. Use examples to back up your reflection.

Un-Answered Issues With Essay Writer Build a Stock of Anecdotes and Vocabulary Uncovered

Un-Answered Issues With Essay Writer Build a Stock of Anecdotes and Vocabulary Uncovered Among the essentials of a university or a college is a brief scholarship essay. The College Board, needless to say, has attempted to create the essay appear more egalitarian by insisting that no specific terminology or background knowledge is necessary, and that students can find all of the information that they need in the passage. Therefore, many students and employees decide to purchase low-cost essay rather than writing it themselves. Many teachers now don't provide the precise topics due to the fact that they want you to have more choice. The One Thing to Do for Essay Writer Build a Stock of Anecdotes and Vocabulary We give comprehensive support in writing all kinds of academic paper. It isn't as demanding as other kinds of academic papers, but nevertheless, it can provide you an overall insight on writing providing you with the fundamental skills of information gathering, creating an outline, and editing. Writing is a rather strong tool. If you are in need of a website that will supply you with a thorough collection of samples, then you're at the appropriate place. Be quick to get familiar with the items below we wish you to achieve your academic ambitions! I was pleased with the number of bulbs his store sold and his understanding of those. There are, though, a couple of even more severe issues. So with the assistance of the exact same ghosts in history has an acceptable end and cold Crickley Hall has come to be almost a conventional property. By the close of the class, though, he hadn't made this up. It's not a story because, while there's some internal conflict (a feeling of loss a bit of a person's childhood and the effort to recapture it), there isn't any goal-motivated conflict. Do not aim to talk about the whole town. Write about the strangest thing you've ever witnessed in your whole life! You go on a visit to the moon. It may be a sign of love. Like it wasn't only a true place but their own homeland. To get the most suitable word in the most suitable place is an uncommon achievement. Also, you ought to use a formal type of address. Developing a story employing a particular collection of words takes not only imagination, but in addition skill. If you have to use significant words, make sure they're a portion of your story and not a component of your description. You may end with a couple of words from a character, or you're able to end with a succinct recap. Written in a realistic fashion, it's a grotesque indication of both characters. You will examine the characters. Your characters should reveal a number of peculiarities. Essay Writer Build a Stock of Anecdotes and Vocabulary Fundamentals Explained This might look a subtle distinction, yet it's necessary to storytelling. In the very first reading you need to acquire the overall notion of the essay. This distinguishing characteristic of this essay demands the writer to deliver his points in a concise method. My metaphor connects the most important theme of lots of my writing and the notion of writing together. An anecdote is a short story used to make a bigger point. You might have a summary or paraphrase of a function that contributes to the total evolution of the story's theme. You will need to write commentary. Then choose one of the anecdotes and adhere to a similar pattern to make an anecdote about a topic of your choice.

Femicide in Guatemala Essay Example for Free

Femicide in Guatemala Essay Femicide in Guatemala â€Å"Six women and girls were killed in Guatemala last week in one day alone. Two of the girls, about 6 and 12 years old, were found strangled to death in a street in the capital Guatemala City wearing their pajamas† (Moloney 1). Guatemala has the third highest rate of Femicide in the world. Femicide is defined as the killing of a woman by a man because she is a female. In Guatemala, a significantly high number of femicide cases have been reported and I strongly believe that this is a very troublesome and unhealthy issue for the population. More than 3800 females have been murdered in Guatemala since the year 2000 and this is just the official number. This clearly suggests that numerous innocent women are tortured and killed by men each day throughout the region. Another report suggests that 512 women were killed between January 1 and October 16 in the year 2012 alone and this is after a 10 percent decline from the previous year. (PCUSA, 1) Most of these cases were reported in the province of Guatemala, which includes the country’s largest city and capital. The fact that this number is still so high despite the drop suggests what an urgent issue this is. There are various reasons for this violent victimization of women throughout Guatemala and is becoming an increasingly pressing issue which needs serious attention. It has been reported that this region is one of the unsafe areas in the world for women. Each day countless women are raped, mutated, forced into sexual slavery and abortions, sterilized and murdered. This creates a sense of fear among the entire population and makes them more submissive to this brutality. Men and women throughout the country live their lives in immense anxiety and stress of losing the women that they love. One of the main concerns regarding femicide is impunity, meaning that most of these cases are not brought to trial. Reports suggest that only 1%-2% of femicide cases are prosecuted whereas criminals have a 98% to 99% chance of completely escaping any punishment or prosecution. This poses a huge problem because women don’t get the justice that they deserve and criminals easily escape. This is very unfair for the innocent women who are victims of such crimes because their offenders don’t receive the punishment that they deserve. Another main reason for this exigent issue is the inability of the Guatemalan authorities to ensure the safety of women. This is to say that the Guatemalan government is so corrupt that they are unable to provide security for women and with the extremely high rate of impunity it is almost impossible for women to find justice. Now, it is very important to understand why these gender specific crimes exist in the region. One of the main reasons for this violent targeting of women goes back to the â€Å"Guatemalan government and military’s 36 year old genocidal counterinsurgency campaign against the country’s Mayan population† (Mychalejko 1). This is to say that the reason behind this problem of femicide exists to destroy the intricate social bonds of Mayan communities. Additionally, â€Å"Gender violence not only terrorizes women in the community, but it also disrupts traditional patriarchal gender relations by sending the message to men that they are not capable of protecting women† (Mychalejko 1). I find this medium of using gender violence to target an indigenous population very disappointing. It is not ethical for a population to kill thousands of women in order to get even with a community. Further, it is believed that this harsh behavior against women is really effecting the male population because such incidents happen so frequently that they are becoming insensitive to such incidents. Men in the Guatemalan society have become normalized to such reports and this can be seen because the crimes are continuing to become more inhumane and frequent. As mentioned above, one of the primary reasons for this ongoing violence against women is the Guatemalan Civil war, which left behind harsh memories of violence and impunity. The increased militarization cause by the ongoing war on drugs also continues to contribute to these high femicide rates. Guatemala is one of the regions strongly involved in the drug trade and thus women are used as collateral damage in the battle between gangs. Additionally, the economic and political climate in the region is not very stable and thus the land a resource conflict also contributes to these innocent deaths. Lastly, it has also been found that the increased involvement of foreign governments, especially US and Canada play an important role in this violence targeted to women. Basically, the Guatemalan government uses the targeting of women as a â€Å"tactical and deliberate tool of political repression (Mychalejko 2). In my personal opinion, not only is this very disturbing but it is also very unfair. Women play an important role in building a society and this unnecessary violence against them is very alarming. Using women as a bait to target the bigger economic and political issues is unethical and should not be practiced by any government. It is impossible for women to find hope and justice in a society where such high impunity exists. This continues to be a never-ending cycle for thousands of innocent women who lose their lives, while the people responsible are let free. Overall this is an absolute shame and mockery of the system. The Guatemalan civil war really contributes to these high rates of gender violence in the country. The aftermath of the war left more than 200,000 Guatemalans murdered, most of who were indigenous. Also, thousands were raped, tortured, disappeared and displaced. The most disappointing part however, is that over 98 percent of the people who engaged in these war crimes were left free. It is this lack of justice that left criminals in the country in power and innocent victims hurt. Therefore, these high rates of femicide are to inform the local population about this harsh past and to remind them that justice has not yet come. In conclusion, I think that we must all focus our attention to this increasing issue of femicide in Guatemala. In the recent times, as the political repression against women in increasing, they are becoming more active in order to prevent femicide. For example, â€Å"In Guatemala it has been proven that as more women participate politically and socially, it brings out more repression. An example is the recent attempt on the life of [the aforementioned anti-mining activist] Yolanda Oqueli† (Mychalejko 3). Yolanda is a leader of FRENAM, a movement that aims to defend land from expansion activities. She was returning home from a peaceful protest when she was shot. I believe that this issue of femicide is one that needs immediate attention. It is absolutely wrong and immoral to use a country’s women as a way of gaining political control. Additionally, the Guatemalan government is extremely corrupted and has a very high rate of impunity, which in turn, allows criminals to go free and possibly even commit the crime again. I suggest that the citizens of the world acknowledge this and do an intervention throughout the region. It is high time that women not be used as a bait to target men or to settle past scores. Women are an integral part of any society and deserve respect and security.