Accouting212 Essay

Preparing for The Joint Commission, Nightingale Community Hospital reviews areas of compliance and non-compliance. A periodic performance review, which is a self-evaluation, is utilized by Nightingale Community Hospital, to prepare for The Joint Commission. The Joint Commission has eighteen accreditation requirements. (Commission, 2013) The periodic performance review found the hospital to be compliant and non- compliant in the following areas:

During reconstruction, the meaning of freedom suited many different types of interpretation; the perception of freedom between former slaves and their slaves masters were very contradictory. To begin with, African-Americans had suffered severe abuse over those years of slavery, so to them, the meaning of freedom was basically a hope that in the future, they won’t experience all kind of punishment and exploration that they have been experienced so far. Besides that, formers slaves were demanding equal civil and political rights. In the same way, they valued their freedom by establishing their own schools and churches, reuniting families that were separated under

In order to fully understand the accounting cycle and complete all eight steps, an accountant must understand the adjusting and closing process and be able to prepare trial balances. The unadjusted, adjusted, and post-closing trial balances are all prepared during the eight step accounting cycle. In order to maintain the most accurate financial statements, accrual accounting should be used. Accrual accounting is an “accounting method that records revenues when earned and expenses when incurred without regard to when cash is exchanged” (Kemp & Waybright, 2013, p. 126). In order to master the eight step process of the accounting cycle, an accountant should use accrual accounting, understand the adjusting and closing process, and be able to

In this paper I have defined accrual and cash basis accounting. Also, I have answered the following questions: Explain the difference between the accrual basis of accounting and the cash basis of accounting. What are the major reasons for using accrual accounting? What are the purpose of a journal and a ledger? Give an example of a contra-asset, and explain how it is recorded on the ledger as a transaction. Explain what a “prepaid expense” is and how it is recorded on the ledger as a transaction. What are the major differences in recording transactions for a for-profit organization versus a not-for-profit, or are there any? List and record each transaction

Chapter 03: Financial Accounting Exercise 03-02: Basic Financial Accounting Process Single Company Code Version 1 Rev: 01/03/2011

The purpose of this assignment is to select a step in the accounting cycle that is not currently automated at one of our team members ' organization. The place of business we have selected is an independent financial brokerage firm, LPL Financial. The firm places a strong emphasis on the recruiting of established financial advisors throughout the country. When a financial advisor joins LPL Financial, so does their clients. One of our team member 's works in the transfer department. The transfer department handles the transferring of accounts held at other financial institutions into LPL Financial. The transfer department handles various types of securities including stock, mutual funds, bonds, retirement accounts, and cash. The

The accounting cycle refers to the process by which companies produce their financial statements for a specific period of time. It is called a cycle because the steps are repeated each reporting period. The organization at which I am employed completes its accounting cycle monthly. The organization is a privately owned nursing facility licensed and incorporated in the state of Virginia that has been in business since 1966. An explanation of the overall accounting cycle at the organization including a description of the people, processes, and systems that are integral to the cycle will follow.

Identify the steps in the accounting cycle and the steps in the recording process. Explain the reasons for and prepare adjusting entries. Explain how the type of ownership structure affects the financial statements. Prepare closing entries and consider other matters relating to the closing process. Prepare a 10-column work sheet and financial statements.

The purpose of this paper is to discuss the full accounting cycle and present a quick synopsis of all of the steps along with a brief description on how it can impact a business’s success. The role of each step and why each step is critical in this process will also be explained. The omission of a step, no matter how small, could negatively impact the financial security of a business. The four basic financial statements and why they are important will be the final segment in discussing the full accounting cycle.

The final step of the accounting cycle is to have an after closing trial balance. The accountant has to be sure that they have closed out all of the revenues, withdrawals and expenses accounts. If anything has been found after the capital, the accountant will have to go back and make sure that they have closed out those accounts. This step is just to be sure that all of the accounts have been closed out.

For example, all journal entry debits and credits made to Cash would be transferred to the corresponding Cash account in the ledger. This enables the calculation of the increases and decreases in cash, thus, the ending balance of Cash is then determined. After posting all the transactions to the ledger, the fourth step in the accounting cycle is to compute the unadjusted balances in each account and prepare the unadjusted trial balance. The information comes directly from the ledger and the total debit and credit balances must be equal. Some errors could exist even if debits are equal to credits, such as double posting or failure to record a transaction. Step five is to enter the unadjusted trial balance and complete the worksheet. While this step is optional, it displays the information in a way which can make it easier to work with. Step six in the accounting cycle is to journalize and post the adjusting entries. Adjusting entries are prepared as an application of the accrual basis of accounting. At the end of the accounting period, some expenses may have been incurred but not yet recorded in the journals. Some income may have been earned but not entered in the books. Adjusting entries are prepared to update the accounts before they are summarized in the financial statements. Adjusting entries are made for accrual of income, accrual of expenses, deferrals (income method or liability method),

The accounting cycle starts off with collecting all the documents that are linked to the business financial transactions. These documents are items such as bank statements, cash on hand, and any expenses that have occurred. Collecting data for a fiscal period plays a substantial role for all business to begin to understand how all transactions will have an impact on the health of their company. The second step is where the financial transactions start to come together, after reviewing all the data for the period, the business is ready to begin entering the information into the journals

INTRODUCTION: Take the following Quiz on Adjusting Entries and then check the answers on the last page of the lecture notes after you have studied this chapter:

In order for an audit of internal control to be performed in accordance with PCAOB requirements, the auditors’ overall approach should consist of five stages. The first stage is the planning of the