lesson1gbs132dj
.docx
keyboard_arrow_up
School
Pima Community College *
*We aren’t endorsed by this school
Course
151
Subject
Finance
Date
Jan 9, 2024
Type
docx
Pages
3
Uploaded by MegaParrot4092
GBS132 Lesson 1 Exercise Template
Name: Denise Johnson
Having a clear financial plan is key in achieving your financial goals. This exercise is designed to help you gain clarity and insight into your financial priorities and objectives. Follow the instructions below to complete the assignment.
Instructions:
1.
Answer all questions in the template to complete the assignment. 2.
You must include at least one citation and reference from the textbook.
3.
Remember to cite all sources using APA format as described in Lesson 0.
4.
For Part B, assume that the cost estimates are represented in today’s dollars.
A.
Define the personal financial process, what it encompasses, and why it is important to yourfinancial life. Your answer should include a minimum of 3 well-written paragraphs.
The personal financial process is a six-phase cycle, to manage financial resources and obligations. It includes different activities, including budgeting, saving, investing, and managing debt. This process begins with identifying financial goals, followed by the development of a strategic plan to achieve these objectives. The plan typically includes elements such as income generation, expense management, asset allocation, risk management, and retirement planning. The personal financial process is not a one-time event but an ongoing cycle of assessment, planning, execution, and review. It is crucial to your financial life because it provides a roadmap for achieving financial stability and personal financial goals, such as buying a car, or a home, or saving for retirement.
By effectively managing your finances, you can ensure that you have sufficient funds to meet your current needs and future aspirations. (Billingsley et al., 2020) The sooner you implement financial planning the more you can gain, it can help you build wealth over time, protect against financial hardship and uncertainties, and improve your overall quality of life. Understanding and implementing the personal financial process is an essential step towards achieving your financial goals and securing your financial future.
Page | 1
GBS132 Lesson 1 Exercise Template
B.
In the table below, set at least three financial goals for yourself for the short, intermediate, and long-term. In the priority column, rank each goal from 1 to 3, with 1 being the most important. Assume all cost estimates are represented in today’s dollars. Personal Financial Goals
Name(s)Denise
Date
November 07, 2023
Short-Term Goals (1 year or less)
Goal
Priority
Target Date
Cost Estimate
Emergency Fund
2
11/01/2024
$8,000
Pay Tuition
1
04/01/2024
$2,500
Buy Laptop
3
12/31/2023
$400
Intermediate-Term Goals (2 to 5 years)
Goal
Priority
Target Date
Cost Estimate
Buy a Car
1
06/01/2025
$10,000
Go on a cruise
3
01/20/2026
$8,000
Invest in AtLastAuto
2
12/01/2026
$10,000
Long-Term Goals (6+ years)
Goal
Priority
Target Date
Cost Estimate
Buy an RV
1
11/03/2043
$75,000
Retirement savings
2
11/01/2043
$100,000
Buy a House
3
12/31/2039
$200,000
Page | 2
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
- Access to all documents
- Unlimited textbook solutions
- 24/7 expert homework help
Related Questions
>
Week 9
Assignment 9.4
Assignment 9.4 - BUSINESS PLAN
Upload your assignment through the link
provided in this week's assignments folder.
The financial and accounting statements
provide the information needed to measure
the projected success of the business plan.
The recipient of the business plan will want to
have an understanding of this information in
assessing the performance of the proposed
business plan. The two questions to answer
are the following:
a. What information will be needed to
develop the accounting and financial
statements.
b. What information is needed to explain
the importance of these statements to
the other business functions.
The discussion shall be approximately 1½ to 2
pages in length, doubled space, using a size
12 font. Any direct quotes or the paraphrase of
unique thoughts of others should be properly
cited and referenced using general APA
arrow_forward
LinkedIn Learning
Free App for Android
in
Question 3 of 14:
Select an answer:
The US GAAP provides rules and guidance
for what two primary financial reporting
purposes?
Return to course
recognition and measurement
risk assessment and presentation
recognition and presentation
Open
initial and subsequent measurement
Previous
Skip
arrow_forward
1ACCT1002 – Introduction to Financial AccountingUWI Open CampusACCT 1002INTRODUCTION TOFINANCIAL ACCOUNTINGWorksheet 1 Tutorial Worksheet # 1Accounting and the BusinessEnvironment1. The primary objective of financial reporting is to provide information useful formaking investment and lending decisions. To be useful, financial information mustpossess certain characteristics. State these characteristics and discuss each.2. Accountants often refer to GAAP. What does the acronym GAAP means and why isit important in accounting?3. What does the acronym FASB represent and what role does it play in financialaccounting?4. Suppose you are the sole owner of a bicycle sales and repair shop for many years.Which business type would best protect your personal assets from product liabilityexposure and why.5. Suppose you and a friend developed a new technology for home computer systems.However, you both need to raise a large amount of capital to build the productionand support facilities to market the…
arrow_forward
Learning about Financial Planning Designations.
Please research Financial Planning designations in general and specifically each of these 3 Financial Planning designations -
CFP®
ChFC®
AFC ®
Based on what you find include in your email what is involved in earning each of the 3 listed designations above?
What main areas do they cover?
In addition to the test needed for the designation, how many hours of experience do you need to receive each credential?
arrow_forward
Ethics case: Uncollectible Accounts
Introduction
The purpose of this discussion forum is to give you an opportunity to apply your critical-thinking ability to the knowledge you’ve gained. The assignment provides you with an opportunity to develop your research, analysis, judgment, and communication skills. You also will work with other students, integrate what you’ve learned, apply it in real-world situations. This practice will broaden your knowledge and further develop your decision-making abilities. The assignment achieves learning objective 5.
The assignment information is given below;
You have recently been hired as the assistant controller for Stanton Industries, a large, publicly held manufacturing company. Your immediate superior is the controller who, in turn, is responsible to the vice president of finance. The controller has assigned you the task of preparing the year-end adjusting entries. In the receivables area, you have prepared an aging of accounts receivable and have…
arrow_forward
Terminal
Activity
"People Behind Financial Management"
Career in Financial
Management
1.
2.
3.
4.
Having learned about the stakeholders in financial
management, you may now complete the TABLE
below by looking around you and finding out what are
the different careers available to those who study and
specialize in financial management.
5.
Roles
Responsibilities
arrow_forward
e 1:E1
OMANTEL
Practice (page 4 .
...
moodle.nct.edu.om
Timely availability of requisite finances
objective of
comes under
financial managment
a. Social Objectives
b. None
c. Research Objectives
d. Operational Objectives
e. Basic objectives
Previous page
Next page
II
arrow_forward
Need help with Part 1 and 2 please.
arrow_forward
Export PDF as long image without watermark
Export
FUNDAMENTALS OF ACCOUNTANCY BUSINESS AND MANAGEMENT 2
Self-Learning Activity 9
Name
Year/Block:
Date
Direction: Write your answers on the space provided at the back of this Self Learning Activity.
Learning Objective:
After reading the module, the learners shall be able to:
4. Describe the nature of a bank reconciliation statement.
5. Identify common reconciling items and describe each of them.
6. Analyze the effects of the identified reconciling items.
Reference: Quarter 1 Module 9 – Fundamentals of Accountancy, Business and Management 2
LEARNING ACTIVITY 9:1
Presented hereunder are the details of your Cash Receipts Journal, Cash Disbursements Journal and the Bank
Statement of Banco de Oro.
Cash Receipts Journal
O.R. Number
Amount
Payor
Odessa Alera
Date
0001
P 30,000
June 3
0002
0003
20,000
5,000
20
Arnold Navales
29
Juanita Nambatac
0004
10,000
30
Kyle Jamora
Cash Disbursements Journal
Check Number
Amount
Payee
Star 5 Grocery
DX…
arrow_forward
Do not use chatgpt
arrow_forward
1. Journal all transactions in Part One 2. Using the chart of accounts, open ledger accounts and post journals to the ledger account. 3. Prepare a trial balance 4. Prepare the following statements: 1. Income Statement 2. Retained Earnings Statements 3. Balance Sheet You need to use Microsoft Excel. Do not use Google Docs or Apple’s numbers. Place your submission in the appropriate journal labeled final project in the learning modules tab in Blackboard. The project is due in Module 15. Three points extra credit to final grade if submitted during Module 14. Part One A. The following transaction occurred for Scrooge Inc. for the month of December 31, 1820. B. Ebenezer Scrooge invested $50,000 cash along in the company in exchange for common stock. C. The company prepaid $500 for 12 month’s rent. D. The company purchased $100 in office supplies. Payment due withing 10 days E. Scrooge Inc. completed services for a client and immediately received $2,000. F. The company completed $1,500…
arrow_forward
Write 3 SMART goals on how you will be evaluated on your work as an Accounting Associate
arrow_forward
7
arrow_forward
Determine the most valuable aspect of this course to you and explain how you plan to apply it
to your personal financial practices.Share two ways that you feel you will be able to apply the
concepts you learned in this course to your current or future work position.
arrow_forward
Question 3.2
There are different users of financial statements
and each category of user has a certain desired
objective and goal. Identify and briefly discuss the
five users of financial information (10
1
arrow_forward
art 1
ancial statements? Try answering th
mat I Know. It's okay if you write key
Questions:
What is the importance of
preparing financial statements?
Enumeraté the complete set of
financial statements
Discuss the function of each
set/elements
of
financial
statements.
and general features of financial sta
arrow_forward
Write 3 SMART goals on how you will be evaluated on your work as a Management accountant/Accounting Manager.
arrow_forward
Which of the following is a crucial skill for a financial modeler? Question 9 Select one: A. Communication B. Design C.
Accounting D. All of the Above
arrow_forward
Directions
1
Given
cose =
2, and is in Quadrant 1, what is tane?
You must show all of your work to receive credit for this problem.
Please choose one option to complete this activity.
Sketchpad
FILE UPLOAD i
Question 7
OR
1
File Upload
Upload your work. Show all steps to receive credit for this problem.
arrow_forward
Directions:
1. Read and analyze the given scenario.
2. With the goal and role of financial management in business in mind, determine whether the project
should be continued or abandoned. Use the following facts and figures below as your reference.
3. Present your recommendation and explain the reasons in 4-6 sentences.
4. Write your answer on the blanks provided.
Company A accepts a project to create a Learning Management System (LMS) for a big client. This
company also creates and produces online training materials such as digital videos and ebooks. The LMS
project itself has a projected revenue of $850,000. So far, the expenses amounting to $600,000 have
been incurred by Company A on the project. This is way beyond the allocated budget. Due to this, the
management contemplates on whether the project should still be continued.
1. Customized Software/Program Already purchased for $80,000 (apart from the $600,000 mentioned
above), this software cannot be used for any other products of…
arrow_forward
Comprehensive Problem 1Part 5: Work Sheet
The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. You can refer to the objectives for each chapter covered as a review of the concepts. Note: You must complete parts 1, 2, 3, 4 before completing part 5.
Part 5: Enter the unadjusted trial balance on an end-of-period spreadsheet (work sheet) and complete the spreadsheet using the following adjustment data.
Insurance expired during May is $275.
Supplies on hand on May 31 are $715.
Depreciation of office equipment for May is $330.
Accrued receptionist salary on May 31 is $325.
Rent expired during May is $1,600.
Unearned fees on May 31 are $3,210.
If an amount box does not require an entry, leave it blank or enter "0".
Kelly ConsultingEnd-of-Period Spreadsheet (Work Sheet)For the Month Ended May 31, 20Y8
Unadjusted Trial Balance
Adjustments
Adjusted Trial Balance
Income Statement
Balance Sheet
Account Title
Debit
Credit
Debit…
arrow_forward
علامة تبويب جديدة
X Quiz One: Attempt revie
X Gmail
https://elearn.squ.edu.om/mod/quiz/revie
C)
E-LEARNING SERVICES
SQU LIBRARIES
SQU PORTAL AT
All of the following is not correct about financial Accounting except:
a.
None of the given Information
b.
Provides information that aide management.
C.
Primary focus on the future
d. Uses analytical tools
e.
Follows accounting standards
The correct answer Is: Follows accounting standards
arrow_forward
SEE MORE QUESTIONS
Recommended textbooks for you
Financial Reporting, Financial Statement Analysis...
Finance
ISBN:9781285190907
Author:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Publisher:Cengage Learning
Excel Applications for Accounting Principles
Accounting
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Cengage Learning
Pfin (with Mindtap, 1 Term Printed Access Card) (...
Finance
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Cengage Learning
Related Questions
- > Week 9 Assignment 9.4 Assignment 9.4 - BUSINESS PLAN Upload your assignment through the link provided in this week's assignments folder. The financial and accounting statements provide the information needed to measure the projected success of the business plan. The recipient of the business plan will want to have an understanding of this information in assessing the performance of the proposed business plan. The two questions to answer are the following: a. What information will be needed to develop the accounting and financial statements. b. What information is needed to explain the importance of these statements to the other business functions. The discussion shall be approximately 1½ to 2 pages in length, doubled space, using a size 12 font. Any direct quotes or the paraphrase of unique thoughts of others should be properly cited and referenced using general APAarrow_forwardLinkedIn Learning Free App for Android in Question 3 of 14: Select an answer: The US GAAP provides rules and guidance for what two primary financial reporting purposes? Return to course recognition and measurement risk assessment and presentation recognition and presentation Open initial and subsequent measurement Previous Skiparrow_forward1ACCT1002 – Introduction to Financial AccountingUWI Open CampusACCT 1002INTRODUCTION TOFINANCIAL ACCOUNTINGWorksheet 1 Tutorial Worksheet # 1Accounting and the BusinessEnvironment1. The primary objective of financial reporting is to provide information useful formaking investment and lending decisions. To be useful, financial information mustpossess certain characteristics. State these characteristics and discuss each.2. Accountants often refer to GAAP. What does the acronym GAAP means and why isit important in accounting?3. What does the acronym FASB represent and what role does it play in financialaccounting?4. Suppose you are the sole owner of a bicycle sales and repair shop for many years.Which business type would best protect your personal assets from product liabilityexposure and why.5. Suppose you and a friend developed a new technology for home computer systems.However, you both need to raise a large amount of capital to build the productionand support facilities to market the…arrow_forward
- Learning about Financial Planning Designations. Please research Financial Planning designations in general and specifically each of these 3 Financial Planning designations - CFP® ChFC® AFC ® Based on what you find include in your email what is involved in earning each of the 3 listed designations above? What main areas do they cover? In addition to the test needed for the designation, how many hours of experience do you need to receive each credential?arrow_forwardEthics case: Uncollectible Accounts Introduction The purpose of this discussion forum is to give you an opportunity to apply your critical-thinking ability to the knowledge you’ve gained. The assignment provides you with an opportunity to develop your research, analysis, judgment, and communication skills. You also will work with other students, integrate what you’ve learned, apply it in real-world situations. This practice will broaden your knowledge and further develop your decision-making abilities. The assignment achieves learning objective 5. The assignment information is given below; You have recently been hired as the assistant controller for Stanton Industries, a large, publicly held manufacturing company. Your immediate superior is the controller who, in turn, is responsible to the vice president of finance. The controller has assigned you the task of preparing the year-end adjusting entries. In the receivables area, you have prepared an aging of accounts receivable and have…arrow_forwardTerminal Activity "People Behind Financial Management" Career in Financial Management 1. 2. 3. 4. Having learned about the stakeholders in financial management, you may now complete the TABLE below by looking around you and finding out what are the different careers available to those who study and specialize in financial management. 5. Roles Responsibilitiesarrow_forward
- e 1:E1 OMANTEL Practice (page 4 . ... moodle.nct.edu.om Timely availability of requisite finances objective of comes under financial managment a. Social Objectives b. None c. Research Objectives d. Operational Objectives e. Basic objectives Previous page Next page IIarrow_forwardNeed help with Part 1 and 2 please.arrow_forwardExport PDF as long image without watermark Export FUNDAMENTALS OF ACCOUNTANCY BUSINESS AND MANAGEMENT 2 Self-Learning Activity 9 Name Year/Block: Date Direction: Write your answers on the space provided at the back of this Self Learning Activity. Learning Objective: After reading the module, the learners shall be able to: 4. Describe the nature of a bank reconciliation statement. 5. Identify common reconciling items and describe each of them. 6. Analyze the effects of the identified reconciling items. Reference: Quarter 1 Module 9 – Fundamentals of Accountancy, Business and Management 2 LEARNING ACTIVITY 9:1 Presented hereunder are the details of your Cash Receipts Journal, Cash Disbursements Journal and the Bank Statement of Banco de Oro. Cash Receipts Journal O.R. Number Amount Payor Odessa Alera Date 0001 P 30,000 June 3 0002 0003 20,000 5,000 20 Arnold Navales 29 Juanita Nambatac 0004 10,000 30 Kyle Jamora Cash Disbursements Journal Check Number Amount Payee Star 5 Grocery DX…arrow_forward
- Do not use chatgptarrow_forward1. Journal all transactions in Part One 2. Using the chart of accounts, open ledger accounts and post journals to the ledger account. 3. Prepare a trial balance 4. Prepare the following statements: 1. Income Statement 2. Retained Earnings Statements 3. Balance Sheet You need to use Microsoft Excel. Do not use Google Docs or Apple’s numbers. Place your submission in the appropriate journal labeled final project in the learning modules tab in Blackboard. The project is due in Module 15. Three points extra credit to final grade if submitted during Module 14. Part One A. The following transaction occurred for Scrooge Inc. for the month of December 31, 1820. B. Ebenezer Scrooge invested $50,000 cash along in the company in exchange for common stock. C. The company prepaid $500 for 12 month’s rent. D. The company purchased $100 in office supplies. Payment due withing 10 days E. Scrooge Inc. completed services for a client and immediately received $2,000. F. The company completed $1,500…arrow_forwardWrite 3 SMART goals on how you will be evaluated on your work as an Accounting Associatearrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Financial Reporting, Financial Statement Analysis...FinanceISBN:9781285190907Author:James M. Wahlen, Stephen P. Baginski, Mark BradshawPublisher:Cengage LearningExcel Applications for Accounting PrinciplesAccountingISBN:9781111581565Author:Gaylord N. SmithPublisher:Cengage Learning
- Pfin (with Mindtap, 1 Term Printed Access Card) (...FinanceISBN:9780357033609Author:Randall Billingsley, Lawrence J. Gitman, Michael D. JoehnkPublisher:Cengage Learning
Financial Reporting, Financial Statement Analysis...
Finance
ISBN:9781285190907
Author:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Publisher:Cengage Learning
Excel Applications for Accounting Principles
Accounting
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Cengage Learning
Pfin (with Mindtap, 1 Term Printed Access Card) (...
Finance
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Cengage Learning