College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Chapter 1, Problem 1MYW
To determine
Write a memo describing the type of business that is enjoyed most and also explain which form of ownership is preferred and the reason for selecting the particular form of ownership.
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They are going to start a manufacturing company and need help deciding what entity type to choose to conduct business. Discuss the pros and cons of each business entity type and make a recommendation to client.
Use the internet to research one manufacturing, one retail (or merchandising), and one service business. For each business, describe the following:Your answer:A. the primary purpose of the entityB. the types of activities that accountants would record (hint: what is the source of the business’ funding, and what costs might the business have?)C. the types of decisions that might be made in this organization and how financial and nonfinancial information might help the decision-making process
Based on your understanding on different forms of business organizations, which form of business would you organize once you want to start a business? Explain why did you choose it among others.
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College Accounting, Chapters 1-27
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- Use the internet to research one manufacturing, one retail (or merchandising), and one service business. For each business, describe the following: A. the primary purpose of the entity B. the types of activities that accountants would record (hint: what is the source of the business funding, and what costs might the business have?) C. the types of decisions that might be made in this organization and how financial and nonfinancial information might help the decision-making processarrow_forwardComputerized accounting systems help businesses efficiently record and utilize financial information. QuickBooks is a popular software package for small businesses. Explore the QuickBooks website at https://quickbooks.intuit.com/. Select one of the QuickBooks plans, and discuss some of the capabilities of the software. Taking the perspective of a small business owner, explain how this software might help the business.arrow_forwardSolve a business problem. Do you or someone that you know have a small business with a specific problem or opportunity that needs to be addressed? Expansion plans, entering a new market, establishing various policies, operations issues, training and so on? If so, you can address their problem or opportunity. Provide a solution that a small business has. And explain how to solve it.arrow_forward
- Create a financial statement for your hypothetical new business venture. Using the attached Excel template, and based on surveying a specific market place, make a best-guess estimated statement exhibiting profit and loss. In business, accuracy counts, so make sure to check and recheck your numbers before submitting your financial statements. Your grade will be based on the completeness and accuracy of the Income Statement. This is all of the information that I have. The hypothetical business is for a residential moving company.arrow_forwardYou as an accountant of Al Ghalbi company. In your company the are some trainees who have just graduated and have joined for OJT in your company. You are the supervisor for these trainees. Which is an important aspect of developing any theoretical structure? a. Hope of business b. Basic elements/terms c. Rules of business d. Economics of businessarrow_forwardplease solve the task by reading attached pictures of background knowledge What could the concept for cost and revenue accounting look like for Christine ́s business? Which parts of a cost accounting concept are necessary for her business? Calculate the profit of Christine ́s business and the return on investment?Do you feel comfortable with the situation?arrow_forward
- You are the bookkeeper for a small business. Determine three tasks that would be required to be done in this role and then for each task identify if that task would require you to work autonomously (on your own) or in a team environment.arrow_forwardWrite an essay of the new roles of management accountants in accommodating to the current and future business environment premised on digital economy and beyond. The essay should outline, explain, and analyse the business environment within which management accountants would be adapting, and how they (i.e. management accountants) would be positioning themselves in the future. In writing your essay, please observe that you need to write between 500 to 750 wordsarrow_forwardSHORT ANSWER Why is it important that a small business manager understand accounting if the company has a trained accountant on its staff? From another perspective, why is it valuable that you as a student understand accounting if you don't plan to be an accountanarrow_forward
- select a “start-up” company in an industry of your choice and provide a brief summary description of the start-up company you chose and the goods or services it provides. 1. As a start-up company, identify three Credit Risks the company currently faces today or could face in the future. Explain in detail why these risks are a threat to the company. 2. What advice would you give to the CEO of the company to prevent or minimize these credit risks?arrow_forwardDetermining the cost of producing specific products or providing services and analyzing for cost effectiveness. Includes preparing various reports and financial statements and analyzing operating, investing, and financing decisions. The process in which accountants help managers develop a financial plan. A business that buys a product from another business to sell to customers. Telling the results of the financial information. A type of ownership structure in which more than one person owns the business. Specializes in cash, payroll, accounts receivable, accounts payable, inventory, or purchases. A system of gathering financial information about a business and reporting this information to users. Bringing various items of information together to determine a result. A business that makes products to sell. A business that provides a service. Generally supervises the work of…arrow_forwardAccounting information helps key stakeholders of the business to make decisions.From the following options,which one is the decision that an internal stakeholder is unlikely to make? A.Make decisions about how toset product selling price,whether to advertise and how much to spend on advertising B.Decide which products to continue to sell and when to add new products or drop old ones C.Identify what resources and employees the business needs,and to set benchmarks against which they can later measure the business's progress towards its goals D.Analyse the business's financial reports to decide whether to purchase shares of the companyarrow_forward
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