Essay on Acct 557

These are the automatically computed results of your exam. Grades for essay questions, and comments from your instructor, are in the "Details" section below.

In accounting there is much to be learned, about the financial aspects of a business. In the past five weeks I have learned the importance of financial reports and how they relate to the success of an establishment. These reports may include balance sheets and income statements, which help accountants and the public grasp the overall financial condition of a company. The information in these reports is really significant to, managers, owners, employees, and investors. Managers of a business can take and deduce financial

Thomas Foods is a third party entity that will best benefit working off of a Purchase Order over trying to change their accounting procedures entirely. With a

Sony have been known worldwide as a Japanese multinational company, its efforts trying to expanding business in United States, have made that Sony acquires CBS Records and Columbia Pictures. Thus, creating Sony Music and Sony Pictures, which represent Sony entertainment. This involved to the company in $1.2 billion of debt, and assigned goodwill assets for $3.8 billion.

Edmonds, T., Tsay, B., & Olds, P. (2011). Fundamental Managerial Accounting Concepts (6th ed.). New York, NY: McGraw-Hill/Irwin.

DUE Friday November 1, 2013– This project is due on November 1st before 4:00 pm and is to be submitted in the Accounting Lab – room 200 in the Rands House. The hours for submission of and help with the project will be posted on the class Blackboard site. You will sign your project in to create a record of its being submitted. Be sure your name and the name of your TA are on the front page of the project.

Internal Revenue Code section 1221 defines “capital asset” as “property held by the taxpayer (whether or not connected with his trade or business), but does not include (1) Stock in trade of the taxpayer or other property of a kind which would properly be included in the inventory of the taxpayer if on hand at the close of the taxable year, or property held by the taxpayer primarily for sale to customers in the ordinary course of his trade or business.” As defined, Haig Simmons’ anthracite coal home heating and delivery service business holds anthracite coal in the ordinary course of business and therefore, is not considered a capital asset. Section 64 defines ordinary income as income earned from providing services or the sale of goods (inventory) “which is not a capital asset.” Based on this definition, any asset that does not classify as a capital asset is an ordinary asset. Since Haig Simmons was providing home coal heating services for consumers, any inventory kept was for the purpose of maintaining a steady, stable, and regular supply of coal and not held as a long term asset for future sale gains.

This course focuses on ways in which financial statements reflect business operations and emphasizes use of financial statements in the decision-making process. The course encompasses all business forms and various sectors such as merchandising, manufacturing and service. Students make extensive use of spreadsheet applications to analyze accounting records and financial statements. Prerequisites: COMP100 and MATH114 / 4-4

Hilton, R. (2011). Managerial accounting: Creating value in a dynamic business environment (9th Ed.). McGraw-Hill. Hardcover ISBN: 9780073526928.

Brewer, C. P., Garrison, H., R., & Noreen, W., E., (2005). Introduction to Managerial Accounting, 2nd Edition. New York, NY: McGraw-Hill/Irwin.

Currently Patton-Fuller Community Hospital does not employ an ERP System. “[ERP] software integrates the planning, management, and use of all of the resources in the entire enterprise. It is comprised of sets of applications that automate routine back-end operations (such as financial, inventory management, and scheduling).” (Iniewski et al, 2008)

Chadwick, L. (2002) Essential Finance and Accounting for Managers. Harlow, London, New York, Massachusetts, San Francisco, Toronto, Son Mills, Sydney et.al: PearsonEducation, p.280-281

a. A firm has a large amount of long-term debt (valued on a cost basis) and decides to set up a natural hedge of this debt. However, a natural hedge can lead to excess net income volatility—that is, net income volatility greater than the actual volatility of the firm’s operations. Explain how this can happen.

Understanding of the basic mechanics of financial accounting – (debits, credits, transaction journal entries, adjusting entries, closing entries, t-accounts, trial balances and financial statements)

with a new partner, Harry Fowl. Harry has had some existing business and you are