Acc201 Week 1 Assignment

Items that can be converted into cash quickly are called current assets. These would include, cash on hand, inventory, short-term investments and accounts receivable. Liabilities are financial obligations that the organization owes. For example, short-term notes payable; loans that come due in less than one year and accounts payable; money owned for goods and services provided to the business.

Assets are to be recorded and valued based of the type of asset there are.

The company has capital, which are loans and shares. The liabilities are finances and debt. These two together equal the assets. Some items include, cash, inventory, machines, computers, even desks and chairs. Everything the company has, assets, belongs to somebody else, liabilities, or to the company 's owners, capital (Sink, Pg. 2).

The balance sheet also includes two categories of liabilities, current liabilities (debts that will come due within one year, such as accounts payable, short-term loans, and taxes) and long-term debts (debts that are

During my time at Accounting Firm X I learned many lessons that apply not only to accounting and the principles and practices associated with that subject, but also to life as a professional in a real world work setting. The purpose of this essay is to highlight my experiences at Accounting Firm X to shed light upon key learning experiences that can contribute to a holistic educational experience. In this essay I will first describe my goals and expectations. Next, I will go in to detail about my daily routine and how these exercises contributed toward the overall experience. I will then explore the overall lessons learned from my time spent at the firm.

Assets is a company’s best friend, they provide the stability and resources needed to keep a business afloat. Assets are classified in one of three different categories; tangible assets, intangible assets, and intellectual property. Tangible assets

Most accounting balance sheets classify a company's assets and liabilities into distinctive groupings such as Current Assets; Property, Plant, and Equipment; Current Liabilities; etc. These classifications make the balance sheet more useful. The following balance sheet example is a classified balance sheet.

In the income statement, revenue is increased by 4,000 and cost of goods sold (expense) increased by 2,000. Grading notes: Students get full credit if they cannot name the cost of goods sold but call it expense. Deduct one point if instead of revenue and expense, students debit or credit retained earnings. The same applies to the rest of the exam.

An asset is any right or thing that is owned by a business eg: Land, equipment, etc. The purpose of the balance sheet is to give users an idea of the company’s financial position along with displaying what the company owns and owes. The balance sheet along with the income and cash flow statements, is an important tool for investors to gain insight into a company and its operations.

Assets in the financial statement are always required and show useful information to investors and understand where the information comes from. For instance, accounts receivable net which the organization does not expect to collect all of the money it is due from all patients and insurers, (Finkler, S.A., Ward, D.M. & Calabrese, I.D., 2013). The bad debts become about of the money due. Furthermore, accounts receivables, net represents gross charges less an allowance for poor debts, and many contractual allowances established with those third party payers. Typically, an example of a bad debt would show charges of a large sum of money delivered from a hospital. Then, the contractual allowances from

Assets include cash, accounts receivable (moneys owed to the company), the cash value of inventories, and the worth of property, plant, and equipment. Liabilities include company debts, "stockholders' equity," or the amount of stock held by investors, as well as the amount of "retained earnings," or assets that are invested back into the company rather than disbursed in the form of dividends to stockholders. Although some balance-sheet items, like cash, are easily measured for reporting, the value of others, like plant and equipment, must be estimated. Plant and equipment are usually represented by figures that are reduced by a certain proportion each year.

Class 2: This class includes assets that can be easily convertible to cash, such as CD’s, securities, stock, and foreign currency. For simplicity purposes, I assumed that this account would not contain a

The aim of this assignment is to “Identify the ‘other users’ [of business accounts] and assess the extent to which financial accounting information is of use to managers, and management accounting information is of use to ‘other users’.” The appropriate definitions and roles of financial and management accounting will be given and the ‘other users’ of accounts will be identified. Thereafter, the uses of both financial accounting information and management accounting information will be discussed and analysed to evaluate the extent to which each is of use to the needs of managers and ‘other users’ respectively.

Securities, 2007). A review of the balance sheet will outline money that is coming in and going out. A balance sheet specifically shows what a company owns and owes at a particular time, it shows a company’s net worth. It is a detailed record of the assets, liabilities, and equity of a company (Cleverley, Song, & Cleverley, 2011). Accordingly, a standard balance sheet also includes the dollar amounts of the assets, liabilities, and equity (Lumen, n.d.). Assets are valuable items owned by the company; items that have value and could bring value to the company by being used, sold, or provide a profitable service (U.S. Securities, 2007). The values of the company’s assets are not equal to the dollars that could be obtained if sold since the values on the balance sheet are historical and/or acquisition cost (Cleverley, Song, & Cleverley, 2011). Some examples of company assets could be buildings/offices, vehicles, inventory, cash, investments, and even trademarks, all of which give a certain value to the company (U.S. Securities, 2007). Liabilities are goods, services, or money that is owed by the company. The liabilities of a company are risks that are managed properly to achieve stability (Singh, 2014). Unlike asset values on a balance sheet, values for the company’s liabilities are more approximate or literal amounts (Cleverley, Song, & Cleverley, 2011). Some examples of company liabilities are obligations that involve actions such as

Dual aspect may be stated as "for every debit, there is a credit." Every transaction should have twofold effect to the extent of the same amount. This concept has resulted in accounting equation which states that at any point of time the assets of any entity must be equal (in monetary terms) to the total of equities. In other words, for every business enterprise, the sum of the rights to the properties is equal to the sum of the properties owned. The properties of the business are called "assets". The rights to the properties are called "equities". Equities may be sub-divided into two principle types: The rights of the creditors and the rights of the owners. The