Essay about Accounting

Accounting is a business discipline that allows companies to record, analyze, and retrieve critical financial information that can be used to determine a company 's financial status. Its purpose is to help people understand what is going on financially within an organization provide reports and insights needed to make sound financial decisions.

The Report describes a proposal for the group of 20 of doctors with regard to the creating a hospital. Due to the 500,000 population of the city $100 million dollars would actually be a great start. Because the facility would be located 30 miles from the downtown area it would allow the facility to attract patients without being crowded. On the downside this affects its financial position and market condition because of distance. A lot of patients are not able to get to the doctor due to the high gas prices. Using various strategies, such as looking into ways to connect with public transportation to deal with this problem and gain

During the year, a severe economic recession resulted in cutting back production and a buildup of inventory in the company’s

Dittman's Variety Store is completing the accounting process for the year just ended, December 31, 2011. The transactions during 2011 have been journalized and posted. The following data with respect to adjusting entries are available:

Accounting is the study of how businesses track their income and assets over time. Accountants engage in a wide variety of activities besides preparing financial statements and recording business transactions. These activities include computing costs and efficiency gains from new technologies, participating in strategies for mergers and acquisitions, quality management, developing and using information systems to track financial

Financial reports consist of a statement of financial position, statement of comprehensive income, statement of changes in equity, statement of cash flows, notes, directors' declaration, directors' report and the auditor's report. The financial statements need to be prepared in accordance with applicable accounting standards, making the necessary disclosures in order to be transparent and fully inform readers about the activities and financial situation of the entity.

At the end of 2011, retained earnings for the Bisk Company was $1,750. Revenue earned by the company in 2011 was $2,000, expenses paid during the period were $1,100, and dividends paid during the period were $500. Based on this information alone, retained earnings at the beginning of 2011 was

When organizations present financial statements for review, the information contained in the statements should be appropriate and clear enough as to enable evaluators or auditors of the information to make accurate estimations of the presenting organization’s financial status.

A little over a year ago I was at a loss for what I wanted to do when I graduated. I had contemplated going into the legal field as a paralegal but that job would not give me the chance to be creative. Then I had this big idea that I should go to school to be a dietician but the only problem was that science was my weakest subject.

Accountants also ensure that organized financial statements are put out so that their company’s investors and lenders can accurately evaluate how a business is doing. One of the fundamental financial statements is the balance sheet. This

In this composition, we will be discussing two topics that go hand in hand when it is dealt with in tax accounting. To fully understand the scope of this article, passive activity is defined by the IRS as “any rental activity or any business in which the taxpayer gains income but does not materially participate in the activity”(IRS). Examples of passive activities can include equipment leasing and real estate leasing, in contrast to salaries, wages which are generally considered non-passive activities. As the article “Skip the dorm, buy your kid a condo” states, there are tax benefits when renting a property, but now individuals have exploited loopholes in the tax code that can be controversial and even illegal.

only business activity is to sell pod racers imported from PD. ID pays a 20% import duty based on

Financial Statements basically show the historical performance or record of the company at some previous point of time. By the time when financial statements are made public, changes are many economical areas such as market conditions, currency exchange rate and inflations can change the values of assets and liabilities. In this case there often exist discrepancies between book value of assets and their market values.

Management in business and human organization activity, in simple terms means the act of getting people together to accomplish desired goals. Management comprises planning, organizing, ->resourcing, leading or directing, and controlling an organization (a group of one or more people or entities) or effort for the purpose of accomplishing a goal. Resourcing encompasses the deployment and manipulation of human resources, financial resources, technological resources, and natural resources.

Accounting can be defined in a number of ways, but I chose the book definition, which is; Accounting is an information system that provides reports to stakeholders about the economic activities and condition of business. The person in charge of accounting is called the accountant. The accountant is typically required to follow a set of rules and regulations. These rules and regulations are called the General Accepted Accounting Principles. Throughout these next few paragraphs, I will be giving you the history and evolution of accounting, and I will be explaining who the stakeholders are and what type of information they require, and I will be explaining the role of accounting in business. There will be many examples and type of business