...Basic Accounting Standards and Business Structures Whereas there is a need for accounting and financial professionals in the day-to-day operation of businesses to preserve their financial health, there is also a need by individuals. Whether it is the manager of an organization or individuals at home, who depend on professionals, it is necessary to have at a minimum a basic knowledge Accounting and financial concepts. Sources for General Accepted Accounting Principles According to Kieso, Weygandt, and Warfield, “This common set of standards and procedures is called generally accepted accounting principles (GAAP). The term “generally accepted” means either that an authoritative accounting rule-making body has established a principle of reporting in a given area or that overtime a given practice” (2007, p .6).There are four such bodies. The Securities and Exchange Commission (SEC) is a federal agency charged with developing and standardizing financial information presented to stockholders. (Kieso, Weygandt & Warfield, 2007, p .6). The SEC does not work by itself even though it is independent, but in partnership with the private sector. The American Institute of Certified Public Accountants (AICPA) is the national professional organization of practicing Certified Public Accountants (CPAs) (Kieso, Weygandt & Warfield, 2007, p .7). Kieso Weygandt and Warfield stated, “The Wheat Committee’s recommendations resulted in the demise of the APB and the creation of a new...
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...Running Head: Basic Accounting Concepts and Business Structures Basic Accounting Concepts and Business Structures Jeremy Keturi University of Phoenix 03/10/2011 ACC/537 Accounting has multiple forms and concepts depending on the type of business. This paper is going to identify the sources of generally accepted accounting principles; and identify the source of hierarchy with an explanation of why the hierarchy is important. This paper will describe effective accounting, along with the difference between accrual-based accounting from cash basis accounting. The last item discussed will be three business types, structure and their features. “The sources of generally accepted accounting principles (GAAP) are financial accounting standards board (FASB Standards), interpretations, and staff positions, accounting principles board (APB Opinions), and American institute of certified public accountants (AICPA)” (Kieso, Weygandt, & Warfield, 2007). [“The financial accountant standards board (FASB) is the source of the Hierarchy. The Hierarchy of generally accepted accounting principles is a standard that the FASB is working. What the Hierarchy does, it identifies the source of accounting principles and the framework for selecting the principles to be used in the preparation of financial statements”] (Kieso, Weygandt, & Warfield, 2007). Effective accounting is completeness, relevance, accuracy, clarity, properly communicated, timely, and cost efficient. Completeness...
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...Basic Accounting Concepts and Business Structures Chris Walters ACC 537 May 9, 2011 James T Neuner Basic Accounting Concepts and Business Structures Sources of GAAP and Hierarchy The main sources of GAAP fall into four main categories; A, B, C, and D, with category A as the most authoritative, then B, C, and the least authoritative being D. Category A includes FASB Standards, Interpretations, and Staff Positions, APB Opinions, and AICPA Accounting Research Bulletin Category B contains FASB Technical Bulletins, which are no longer issued, AICPA Industry Audit and Accounting Guidelines, and AICPA Statements of Position. Category C incompasses FASB Emerging Issues Task Force and AICPA AcSEC Practice bullitens. Category D consists of AICPA Accounting Interpretations, FASB Implementation Guides, and widely recognized and prevalent industry practices. All of these comprise to make the “House of GAAP” (Kieso, D., Weygandt, J., & Warfield, T., p. 12) that provides hierarchy and guidance for businesses in determining the correct course of action with accounting issues. Qualities of Effective Accounting Information The two primary qualities of effective accounting information needed by financial statement users are relevance and reliability. Accounting information is relevant when it assist users in making an informed decision, and has a predictive value on events, feedback value on prior expectations, and timeliness. Accounting information has reliability when...
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...Basic Accounting Concepts and Business Structures Different types of businesses use different accounting methods, small businesses tend to use the cash-basis of accounting, whereas the accrual method is a requirement for large business with revenue more than 5 million. Uniformity of accounting information is important when making decisions for or about a business. A hierarchy of sources provides structure for the generally accepted accounting principles (GAAP). Along with the hierarchy of sources, the Financial Accounting Standards Board (FASB) identify qualitative characteristics to distinguish between useful and inferior information and to ensure accounting information assists in decision making. Qualities of Accounting Information There are internal and external users of accounting information for decision-making. Internal users are managers within a company that use the information to plan, organize, and run the business, “These include marketing managers, production supervisors, finance directors, and company officers” (Kimmel, Weygandt, & Kieso, p. 6, 2007). External users can be investors, “make decisions to buy, hold, or sell stock,” creditors, “suppliers and bankers use accounting information to evaluate the risks of granting credit or lending money” (Kimmel, Weygandt, & Kieso, p. 6, 2007). External users also include taxing authorities, customers, labor unions, and regulatory agencies. For decision makers to make decisions using the information, they have...
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...GE117 Composition I | A 4 credit hour Composition course This course covers phases of the writing process, with special emphasis on the structure of writing and techniques for writing clearly, precisely and persuasively. Prerequisite or Corequisite: TB133 Strategies for the Technical Professional or equivalent GE127 College Mathematics I | A 4 credit hour Mathematics course This course will include, but is not limited to, the following concepts: quadratic, polynomial and radical equations, linear functions and their graphs, systems of linear equations, functions and their properties and triangles and trigonometric functions. Activities will include solving problems and using appropriate technological tools. Prerequisite: GE184 Problem Solving or TB184 Problem Solving or GE150 Survey of the Sciences or equivalent; Prerequisite or Corequisite: TB133 Strategies for the Technical Professional or equivalent GE184 Problem Solving | A 4 credit hour Science course This course introduces students to problem solving techniques and helps them apply the tools of critical reading, analytical thinking and mathematics to help solve problems in practical applications. GE192 College Mathematics II | A 4 credit hour Mathematics course This course will include, but is not limited to, the following concepts: exponential and logarithmic equations and functions, graphs of trigonometric functions, trigonometric equations, polar coordinates, oblique triangles, vectors and sequences. Prerequisite:...
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...The completed inputOptions() module in pseudocode in Step 1 The completed displayProvider() module with a case structure in pseudocode in Step 2 The completed and workable algorithm with nested If-Else statements using logical operators in Step 3 Unit 6 Lab 6.2: Flowcharts Learning Objectives and Outcomes Use flowcharts and pseudocode to represent Boolean conditions. Use if-then, if-then-else, and case structures in a computer program. Use Boolean variables and logical operators in computer programs. Use compound logical conditions. Required Setup and Tools Standard lab setup Lab Manual Lab Demo Media and Startup Files CD Recommended Procedures Complete Lab 6.2: Flowcharts from the lab manual. Deliverables Submit the following at the end of this lab activity: Corrected variable declarations and initializations using Visio in Step 2 Corrected module calls using Visio in Step 3 Corrected inputOptions() module using Visio in Step 4 Corrected displayProvider() module with case labels and flow lines using Visio in Step 5 Corrected displayChoices() module with logical operators using Visio in Step 6 Completed and workable flowchart using Visio in Step 7 Unit 6 Lab 6.3: Visual Basic Programming Challenge Learning Objectives and Outcomes Use flowcharts and pseudocode to represent Boolean conditions. Use if-then, if-then-else, and case structures in a computer program. Use Boolean variables and logical operators in computer programs. Use compound...
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...BASIC ACCOUNTING CONCEPTS AND BUSINESS STRUCTURES Derwin N. Johnson ACC/537 OCTOBER 6, 2014 MR. JAMES NEUNER BASIC ACCOUNTING CONCEPTS AND BUSINESS STRUCTURES This paper will discuss the basic accounting concepts and business structures used in today’s business practices. In this paper I will discuss four topics. I. Identify and describe the sources of G.A.A.P. and identify the sources and explain the importance of the hierarchy. II. Describe effective accounting information using the qualities of accounting information . III. Describe how an accrual based and cash basis of accounting differ IV. Describe the types of business structures and the defining features of each structure. When referring to G.A.A.P., (Generally Accepted Accounting Principles), one must identify the sources of GAAP which are the S.E.C., (Securities and Exchange Commission), A.I.C.P.A., (American Institute of Certified Public Accountants), F.A.S.B., (Financial Accounting Standards Board), G.A.S.B., (Government Accounting Standards Board). The S.E.C. was created after the Great Depression of 1929 to increase governmental regulation to the financial community. The A.I.C.P.A. and F.A.S.B. were created with the encouragement of the S.E.C. to have the private and public accounting sector to help establish accounting standards. G.A.S.B. was created to oversee the accounting standards of state, local, and municipal governments, which differ from those of the private sector. The...
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...Basic Accounting Concepts and Business Structures Danny Silvio ACC/537 10/10/11 Professor Basic Accounting Concepts and Business Structures Generally Accepted Accounting Principles The sources of accounting principles and the framework for selecting the principles to be used in the preparation of financial statements are prepared by the Financial Accounting Standards Board (FASB). The standard categorizes the major sources of GAAP as being FASB Standards, Interpretations and Staff Positions; APB Opinions; and AICPA Accounting Research Bulletins (Kiesco, Weygandt, & Warfield, Chap. 1, 2007). Chapter one describes this bottom portion of the hierarchy of GAAP as Category (A), being the most authoritative. When a specific accounting transaction occurs that these documents do not cover, companies go to the next level, which according to Kiesco, Weygandt, and Warfield’s (2007) illustration are Category B being FASB Technical Bulletins (which are no longer issued); AICPA Industry Audit and Accounting Guides; and AICPA Statements of Position. Although there is no single reference source for GAAP, there is a hierarchy established by the AICPA. At the foundation of that hierarchy are the principles established by the FASB and its predecessors, the APB and the AICPA Committee on Accounting Procedure. From that foundation, the hierarchy formulates a "pecking order" for all the rules and procedures that are incorporated in the preparation...
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...Sources of Generally Accepted Accounting Principles A set of standards developed and universally practiced are called Generally Accepted Accounting Principles (GAAP). Generally accepted means that an authoritative accounting rule-making body, has accepted as appropriate due to their universal application. Otherwise each company would have created their own standards. There are some organizations that are very important in the development of GAAP, such as the Securities and Exchange Commission (SEC), the American Institute of Certified Public Accountants (AICPA), the Financial Accounting Standard Board (FASB) and the Government Accounting Standard Board (GASB). The SEC helps to develop and standardize financial Information for the stockholders under the Securities and Exchange Act of 1933 and 1934. The AICPA contributes with committees and boards. FASB establishes and improves standards of financials accounting and reporting for the guidance and education of the public. GASB, was created due to the financials prepare by the state and local government were not compare to reports prepared by private organization. Generally Accepted Accounting Principle has authoritative support. The hierarchy that define the meaning of GAAP included FASB standards and interpretation and staff positions, Accounting Principle Board Opinions (APB), which determines appropriate accounting practices and the AICPA accounting Research Bulletin. These standards identify the sources of the accounting...
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...Leah Dolce ECO 103 Mortgage Project While doing this project, I kept finding myself to be very indecisive as to what I wanted in a home and what things would be important to me if I were to purchase one. This project helped me understand the basics of buying a home such as: where I would want my kids to go to school, how many bedrooms, how many bathrooms, property, neighborhood reputation, and much more. I had very little knowledge about most of the surrounding area so now I know what kind of research I would have to do to make sure I know exatcly what I want when purchasing a home. I did know I wanted it to be at least 3 bedrooms, 2 bathrooms, and have an updated kitchen. I was able to find those things in the home I selected but what I didn't realize was what the cost would be. There is a huge financial difference between a 15 year fix and a 30 year fix mortgage. For the home I selected it was a $522.76 difference in the monthly payment and a $91,271.79 difference in the amount of interest I would be paying for the life of the loan. If I was abel to afford such a hefty, monthly payment I would choose the 15 year mortgage because in the long run it would be cheaper. The lesson learned here, though, is find a more affordable house and make updates as you go along. All -in-all I had fun doing this project and it helped me understand the process into buying a home and gave me great internet resources to do...
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...SYNOPSIS TITLE OF THE PROJECT HOSTEL MANAGEMENT SYSTEM PROBLEM STATEMENT This project needs to create the Hostel Management System (HMS) to organize the rooms, mess, student’s record and the other information about the students. All hostels without HMS are managed manually by the hostel office. And hence there is a lot of strain on the person who are running the hostel. This particular project deals with the problems on managing a hostel and avoids the problem which occur when carried manually. INTRODUCTION In hostels without a HMS all the things have to be done manually. The Registration form verification to the different data processing are done manually. Thus there are a lot of repetitions which can be easily avoided. Identification of the drawbacks of the existing system leads to the designing of computerized system that will be compatible to the existing system with the system which is more user friendly and more GUI oriented. We can improve the efficiency of the system, thus overcome the drawbacks of the existing system. Hostel management gives on idea about how the students details, room allocation, mess expenditure are maintained in the particular concern. The hostel management system also includes some special features like How many students can live in a room, and the students of the hostel can be recognized from their ID number. The administration has the unique identity for each members as well as students details. The stock management...
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...nonstop work. Startups are a counterexample to the rule that haste makes waste. (Too much money seems to be as bad for startups as too much time, so we don't give them much money either.) A week before Demo Day, we have a dress rehearsal called Rehearsal Day. At other Y Combinator events we allow outside guests, but not at Rehearsal Day. No one except the other founders gets to see the rehearsals. The presentations on Rehearsal Day are often pretty rough. But this is to be expected. We try to pick founders who are good at building things, not ones who are slick presenters. Some of the founders are just out of college, or even still in it, and have never spoken to a group of people they didn't already know. So we concentrate on the basics. On Demo Day each startup will only get ten minutes, so we encourage them to focus on just two goals: (a) explain what you're doing, and (b) explain why users will want it. That might sound easy, but it's not when the speakers have no experience presenting, and they're explaining technical matters to an audience that's mostly...
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...(L) SUK H207 AHCC1113 (P) V207 AHCC1113 (P) M102 (L) FAI DKB AELE0343 (P) SUK CC205 JS AHCC1163 (P) FAI M003 AELE0343 (T) SUK H207 JS AHCC1163 AHCC1153 (L) WYL DKB AHCC1153 (P) WYL LAB 2 AHCC1163 (P) FAI V207 AHCC1153 (P) WYL LAB 3 AELE0343 READING AND WRITING AHCC1153 BASIC SOFTWARE APPLICATION I AEPD1013 STUDY SKILLS AHCC1163 DRAWING BASIC AHCC1103 ART APPRECIATION AHCC1113 GRAPHIC DESIGN BASICS School of Social Science and Humanities Certificate in Graphic Design - Year 1 1st semester 2013/2014 8 9 10 AHCC1103 (T) HAR V102 11 AHCC1113 (L) JS DK 6 Tutorial Group: M1CGD2 12 1 2 3 4 AEPD1013 (L) PRA H209 5 6 7 8 9 Mon Tue Wed Thu Fri Sat AHCC1103 (L) HAR DK AB1 AELE0343 (L) SUK H207 AEPD1013 (T) PRA H207 AHCC1163 (L) FAI DKB AELE0343 (P) SUK CC205 AHCC1153 (L) WYL DKB AHCC1113 (P) V304 AHCC1113 (P) V207 AELE0343 (T) SUK H207 JS JS AHCC1163 (P) FAI V208 AHCC1153 (P) WYL LAB 2 AHCC1153 (P) WYL LAB 2 AHCC1163 (P) FAI V202 AELE0343 READING AND WRITING AHCC1153 BASIC SOFTWARE APPLICATION I AEPD1013 STUDY SKILLS AHCC1163 DRAWING BASIC AHCC1103 ART APPRECIATION AHCC1113 GRAPHIC DESIGN BASICS School of Social Science and Humanities Certificate in Graphic Design - Year 1 1st semester 2013/2014 8 9 AEPD1013 (L) PRA H209 10 11 AHCC1113 (L) JS DK 6 Tutorial Group: M1CGD3 12 1 2 3 AHCC1103 (T) HAR V104 AELE0343 (L) SUK H207 4 5 6 7 8 9 Mon Tue Wed AHCC1103 (L) HAR DK AB1 AHCC1163...
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...Mail Order Objectives Deliver brand and product strategy/direction to internal customers setting out clear objectives and targets. Work closely with other business functions to help evaluate new ideas and initiatives across: * Customer Retention/Loyalty - Main catalogue strategy, leaflet/supplement, billings, promotions and e-com. * Customer Recruitment – Trial and test different channels, ‘new customer’ programme. * Product Strategy and Range Planning – historical analysis and future estimates. All the work undertaken is to support the profitability and integrity of the business. Marketing Support Developing marketing plans, seasonal campaigns and promotional calendars. * Publication analysis: KPI performance, segmentation, timing, offer, incentives (retained file, promotional, new customer mailings). * Develop briefs to buying & merchandising, marketing, call centres and the publications/creative team. * Develop strong promotional offers tailored to maintain a strong customer relationship. * Help produce and implement marketing campaigns and promotional plans, covering retention/loyalty and recruitment of customers. * Main book supported by targeted mailings – timings, product mix, customer segment, seasonal calendar. * Translate the marketing plans into phased demand for the business, which can be forecasted and monitored. * Help develop your customer retention, reactivation...
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...How to perform a kickflip with skateboard You are a novice skater and you want to learn the techniques to do the trick? This guide will explain how to make one of the tricks the best known and the basic art of skateboarding: the kickflip! The kickflip commonly called flip is one of the basic tricks of skateboarding . This number was invented by the famous American skater Rodney Mullen in the mid -eighties. This development will add to the other maneuvers, such as the grind or manual, thus creating trick combos very stylish! Make sure you have at hand: *skateboard *helmet *knee 1.This lesson will teach you how to close a kickflip . Many skater , to learn, trying several times to perform the kickflip standing still, so you can learn the correct...
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