ACCOUNTING MADE EASIER
CHAPTER ONE
INTRODUCTION TO ACCOUNTING
STARTING A BUSINESS
In February 2016, Adam and Lucy were very excited about starting a company to sell muffins. These muffins were to be made using their grandmother’s recipes. To honor their grandmother, they decided to call the business Nana’s Muffin Company. Unfortunately, they realized that they did not have much money. On top of that, they also had very little business experience. Therefore, the brother and sister made plans to start with a small company.
Their main objective is that the business will grow as more customers become aware of their products. Adam and Lucy are well aware that accountants provide advice. This advice assists directors and managers of a company better understand their businesses. Since they had never started a company before, they made an appointment with Natalie Jean, an accountant who had provided helpful business advice to several of their friends.
Let’s imagine that you were in Adam and Lucy’s position. Some of the questions that you would be asking yourself are;
What do I need know in order to start my business?
What are the main goals for my business?
What is my plain in achieving those goals?
What resources do I need in my business?
How would I finance those resources?
How would I organize my company?
Who would my customers be?
How would I know whether I am reaching my goals or not?
Each and every one of us uses information to help us make decisions. Such information
SMW is a wholesaler of specialty micro-brewed beers. SMW purchases bottles and kegs of beer from small microbreweries in the New England area and sells them to local liquor retailers in Boston. SMW’s slogan is “Always in-stock, next day delivery.” Ted Stern, SMW’s owner and CEO, hopes to expand sales to outside of the Boston metro area within one year.
It’s not data, it’s competitive intelligence. Information is competitive intelligence that drives strategic business decisions. Decisions that are made by global organization with the power to change the world.
Review of ABC Company and the directions it is targeting. The strategy of the company is to lift the expected sales in an aggressive fashion, with the expected end target being to triple the current levels. The plan is to push sales into the targeted range of $3 million within 3 years versus the current amount which sits at $1.2 million. We will identify the perceived risk factors that may impact this aggressive strategy and its successful execution. The following will be those risk factors:
Accounting is commonly described as the language of business. It is very important for all business owners to have very good understanding of their finances. Having the knowledge of your business finance, you will know where the money is going. Every business owner should have a good understanding of finance. To have a good understanding business owners needs to understand basic accounting steeps, how does accounting play a role in their business, how to define a financial statement and how the omission of any of these steps would affect the success of a business. Once you have an understanding of accounting/finance and the how it plays
How will a buyback of shares provide a “quick fix” for EPS (earning per share)?
INCLUDES SOLUTIONS INCLUDES MARKERS’ REPORTS This is a three (3) hour paper. You have ten (10) minutes reading time. There are seven (7) questions. There are eight (8) pages, including this one. You must answer all parts of all questions. The questions are not of equal value. All answers must be written in blue or black ink. Show all relevant working.
Banning (2008, p ) states knowledge for decision making is obtained from many sources and has been described as both informative
Milakovich and Gordon state that central to decision making elements is the quality and quantity of information available. Decision makers needs to be informed to serve as a basis for
Due to the information, 20 acres of land equal 80 sheep according to the exchange rate of last year, a one-room cabin equal 3 acres of land and equal 12 sheep finally, a plow equals 2 goat and equal 2/3 sheep according to last year’s exchange rate and 2 carts which were traded with a poor acre of land equals 8 sheep plus 400 sheep. So Deyonne’s total assets are 500(2/3) sheep. Deyonne’s liabilities and assets deduction are 35 sheep plus 3 sheep, which will come to 38 sheep,
Capstone projects for graduate Master's of Accounting programs come in every shape and form. These projects are designed to synthesize the knowledge gained throughout the degree program. They require the student to demonstrate their mastery of core course competencies. Students usually assess issues, observe operations, conduct research and arrive at recommendations for changes or improvements. Here are five potential projects for accountancy students.
Bill Smith opened Smith Construction on April 1, 2010. The following amounts summarize the transactions and financial position of Smith construction as of May 31.
Three sisters, Kathy, Linda and Valerie Montgomery started out with what looks like a hobby, without knowing it would develop into a legitimate business of today. These three sisters had adopted an unconventional approach to the growth of their business start-up, by buying materials at a bargained price and producing them into shirts. This approach produced enough revenue growth (on a small scale) but depended largely on loans to finance their business; but with the increase in the firm’s employee and bad economy, they were faced with series of financial problems which resulted into changing their approach to business, by re-organizing the method being used to carry out the business. The company was
We have been hired by Price and Carter Accounting, LLC, a small startup accounting firm located in Columbus, Indiana that has only been open for about three months. They have hired us to look into their current situation and make recommendations based on that information for how they should begin acting on their goal of expanding within their market. Given that they are still a young company, they indicated their plans for expansion will not happen for the next few years. However, they would like to begin forming the right mind set now, so when it comes time to begin implementing the new changes within their organization, they will be fully prepared for what is to come next.
Ÿ The information should be economically presented. The information should just be what is important. Also since gathering information can be costly, the cost should never be greater than the benefits, which are gain from it.
Marvin Braun had just been appointed vice president of the Great Basin Region of the Financial Services Corporation (FSC). The company provides check processing services for small banks. The banks send checks presented for deposit or payment to FSC, which then records the data on each check in a computerized database. FSC sends the data electronically to the nearest Federal Reserve Bank check-clearing center where the appropriate transfers of funds are made between banks. The Great Basin Region consists of three check processing centers in Eastern Idaho—Pocatello, Idaho Falls, and Ashton. Prior to his promotion to vice president, Mr. Braun had been manager of a check processing