...Application of Financial Statement Peter Johnson Strayer University ACC 557 Abstract This paper talks about how a balance sheet is an important financial statement. The balance sheet can be applied to every day life. The balance sheet can be used to help somebody see they ways that they have made financial decisions in their lives. The balance sheet also helps businesses function. A business manger uses the balance sheet to make important decisions. These decisions help the business run functionally. With out a balance sheet the business manager’s decisions become harder. Companies need to understand what the financial documents are telling them. Application of Financial Statement Select either the balance sheet or income statement and explain how the use of it may be applied to your everyday life. A balance sheet is a financial statement that summarizes a company’s assets, liabilities and shareholder’s equity at a specific point in time. These three balance sheet segments give investors an idea as to what the company owns and owes, as well ad the amount invested by the shareholders. A balance sheet can be applied to everyday life by allowing a person to get a quick handle on the financial strength and capabilities of their life. If a person keeps a balance sheet they are able see what steps they need to take in their personal lives. The balance sheet will allow the person see if they are overspending on credit compared to paying cash to...
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...Assignment 1: Application of Financial Statement Students will prepare a ten (10) page response to the following: * Select either the balance sheet , income statement,or statement of cash flow and explain how the use of it may be applied to your everyday life. * Using the same concept selected above, discuss how a business manager may benefit from an understanding of this statement. * Discuss how your understanding of the balance sheet and income statement may be applied to your current or future position. The format of the report is to be as follows: * Typed, double-spaced, Times New Roman font (size 12), one-inch margins on all sides, APA format. * Type the question followed by your answer to the question. * In addition to the ten (10) pages required, a title page is to be included. The title page is to contain the title of the assignment, your name, the instructor’s name, the course title, and the date.Note: You will be graded on the quality of your answers, the logic/organization of the report, your language skills, and your writing skills. | The assignment will be graded using the following rubric: Outcomes Assessed | * Prepare and analyze financial statements including the balance sheet, income statement, and statement of cash flow. * Use technology and information resources to research issues in financial accounting management. | Grading Rubric for Written Assignment: Application of Financial Statement | Criteria | 0Unacceptable | 20Developing...
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...Application of Financial Statement – Balance Sheet Sharrone Caldwell Financial Accounting Strayer University – Online Campus Professor Lori Perez February 22, 2012 Abstract This paper focuses on the importance of a balance sheet and how it can be applied to everyday life. Managers can also benefit from the understanding of the balance sheet when making importance decision about the operations of a business. Additionally, financial statements such as the balance sheet and income statement both will serve as significant components in the operation of my own future talent agency business. Introduction The financial statement is essentially the ending result of the accounting process, which gives a summary of the financial position and performance of an organization in an organized way. A financial statement provides a summary of the operations of the business. Furthermore, financial statements provide information on where a company’s money originated from, how it is used, and where it is currently. Financial statements are also used in formulating companies’ annual reports. Corporate managers/management communicate financial information to its, owners, and various external concerned parties (stockholders/investors, employees, government, IRS, etc.). With that in mind, there are two primary types of financial statements: balance sheets, and income statements (Investopedia...
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...Application of Financial Statement Angela Lance Professor Kim Dillman Financial Accounting-ACC557 Assignment # 1 Due Date: February 26, 2012 Application of Financial Statement Today’s working environment displays different cultures throughout an organization. Companies need to be aware of their financial obligations and responsibilities. The opening of a business has many different perspectives that need to be addressed. Once you open a business you want to stay in business and a way you can do this is by maintaining your financial records and not overspending your earnings. Companies have to be aware and accurate of maintaining their records in accordance with Generally Accepted Accounting Principles (GAAP) and or Financial Accounting Standards Board (FASB). Financial accounting provides economics and financial information for investors, creditors, and other external users.1 Select either the balance sheet or income statement and explain how the use of it may be applied to your everyday life. Businesses record their performance in standard formats called financial statements. The most common is the Balance Sheet, the Income Statement, and the Cash Flow Statement. The balance sheet contains information at a moment in time about resources (assets) that are owned or controlled by the firm. Assets have probable future economic value usually through use or sale, are controlled by the firm and are related to a prior transaction...
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...APPLICATION OF FINANCIAL STATEMENT A balance sheet will give me the opportunity to take a closer look at my personal assets and liabilities like a snap shot; evaluate whether I should loan money to family and friends and view my net worth while I still living and when I die. When I prepare a balance sheet listing my assets, I will list the following: ~ Cash I have on hand ~ How many different bank accounts I currently have opened ~ How much to I owe to debtors ~ How many retirement accounts and with whom ~My investments (ex. Rental properties, stocks and bonds) ~Net worth of my life insurances policy(s) ~How many vehicles I own and their net worth My liabilities would include the following: ~Loans that I have from financial institutions ~Any unpaid taxes (IRS) ~Number of credit cards that have balances or currently opened to use. A balance sheet will assist me in my everyday financial planning by actually seeing what I actually have and what I owe to others. Before taking this class, I never sat down to create a balance sheet for myself, but I did create one in excel. After preparing this sheet, I was really surprised of what assets I owe that would go to my family in the case of my death, and the biggest eye opener; what I owe in debit. Reviewing my debit income opened my eyes to know that in the next five years, I want to be DEBIT FREE! I would like for my cash on hand and in my bank accounts to increase, and the only way this will happen...
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...Introduction Balance sheet is a report on financials that summarize company’s assets, what the company owns, the liabilities of the company, what the company owes. Most Company’s still use balance sheet in the daily running of organization because it enables managers in knowing whether balance sheet balances out on both sides. This makes sense since the company must pay all things it uses such as the assets by borrowing money (liabilities) or getting the money from the shareholders that are the shareholders’ equity. Application of balance sheet to my daily life Balance sheet can help me to grasp the financial health in a given business organization and it also provides me with a snapshots for my potential investors and lenders (Hawkins & Turner, 2010). Whether the business is in debts or it considers the assets, a balance sheet can still help me to keep the tracks my current situations as well as how I can plan well for what will happen in coming years. Keeping of accurate balance sheet requires maintaining the outgoing records, for example, the assets plus liabilities at once using some strategies of balancing the checkbook, and also keeping my tracks on statements of the credit cards, as well as bank accounts (Spurga, 2004). Benefits of a business manager in understanding balance sheet Balance sheet in organizations helps the managers to know what is in the business (assets) also to know what is not in the business (liabilities). The balance sheet, on the other hand, provides...
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...Abstract This paper explores the uses of financial statements, specifically the balance sheet and income statement. It explores them from a personal point of view and how the balance sheet is used in an everyday life of an individual using his own assets and liabilities and determining his net worth. As it also discusses how a manager can benefit his company by understanding the concept of a balance sheet and using it to determine how well the company is doing and its ability to pay its debts and continue in the business. This paper also discusses my understanding of the balance sheet and income statement and how they may be applied to my future position of planning to start a small business. Select either the balance sheet or income statement and explain how the use of it may be applied to your everyday life. The accounting balance sheet is one of the major financial statements used by accountants and business owners. The balance sheet is also referred to as the statement of financial position. The balance sheet presents a company's financial position at the end of a specified date. Some describe the balance sheet as a "snapshot" of the company's financial position at a point in time. For example, the amounts reported on a balance sheet dated December 31, 2011 reflect that instant when all the transactions through December 31 have been recorded. (2012, Averkamp) Because the balance sheet informs the reader of a company's financial position as of one moment in time, it allows...
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...Assignment #1 – Application of Financial Statement Select either the balance sheet or income statement and explain how the use of it may be applied to your everyday life. According to Weygandt, Kimmel, and Kieso (2010), “an income statement presents the revenues and expenses and resulting net income or net loss of a company for a specific period of time” (p. 21). Using an income statement in one’s personal everyday life allows you to document and track monthly or annual income and expenditures for personal budgets. Income statements can be used to gauge your incoming funds and match them to the amount of funds that you’ve limited yourself to use for a determined amount of time. There are many beneficial incentives to using personal income statements. Using income statements is a great way to monitor both monthly and annual expenses. Just as income statements contain the list of expenses for a business (e.g. salaries expense, rent expense, and utilities); income statements can also be used on a personal basis to list one’s car payments, rent/mortgage, groceries, auto fuel and even entertainment. Monitoring monthly expenses, as well as income, income statements permits oversight of one’s financial health. You are able to see where you are spending in excess and where you can cut back on unnecessary expenditures. A well-structured and managed monthly or annual income statement will allow one to budget better and save more for those unexpected emergencies. Utilizing...
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...Abstract In this paper I will be discussing the importance of an income statement and how a person can apply it to their daily life. It is a very useful financial tool to keep them organized and on track. Also, included is how a business manager may benefit from understanding how to proficiently execute an income statement and how it would keep them cost-effective while allowing them to recognize where they might have went wrong. Lastly, I will explain how I plan on using an income statement in my life as well as any management job I am to have in the future. Application of Financial Statement Explain how the use of an income statement may be applied to your everyday life. Income Statements are used by families that may not even know what an Income Statement is. It is essentially an itemized list of income and expenditures to keep ones finances organized and accounted for. It is not much different from balancing a check book. I believe this should come as second nature to every household in order for them to accurately manage their finances and keep track of their expenditures. It can truly keep a family from becoming economically lost and insecure but rather keep them self-sufficient and living within their means. An income statement will keep from extreme and preventable spending and will contribute to a more sensible saving plan. Discuss how a business manager may benefit from an understanding of an income statement. A business manager can understand the benefits...
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...Brief Business Plan for Outer Body Support and Consulting Name Financial Management 571 Section 020 After many years of working it Information Technology (IT) I have learned a great deal about customer service and the industry as a whole. In addition, I have acquired skills in research and planning and now the time has come for me to go into business for myself. The business will support or assist small-to-medium size businesses IT system support and consulting. Defining IT support is rather difficult simply because it falls within a range of many task from end user help desk support to system design architecture. In the following article (2009), the author defines an IT support organization as: To define the support, maintenance, and operations organization required to support (supporting) the information technology defined during the Strategic Systems Planning process. The focus of this task is on the organizational structure…Examine the following areas, and recommend strategies for user support; maintenance; operations; policies; procedures; corporate approach to information technology. (Borysowich, 2009) Furthermore, I will be considering adding a help desk facility with internal/external support teams. I will also add local and remote support services to our clients as well as hardware and software support for all operating systems. I also hope to add system and software programming within a year or so based on the profitability of the business....
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...classified into short term and long term depending on the time period. Liabilities are what company owes to its creditors, customers and suppliers whereas assets are what company own. The shareholders equity is mainly the investments of investors and owners in the firm. The balance sheet can be applied to our day to day life in the following ways – a) Balance sheet gives a clear picture of our financial strength in terms of cash availability or liquidity. The liquidity helps us to plan better in short term as well as long term. b) Balance sheet tells us how much our debtors owe to us in terms of the accounts payable. This would help us to calculate the turnover rate and plan the forecasting. c) Balance sheet also gives the amount of debt we have from external borrowings. The debt to asset ratios help us the understand the health of the firm and future borrowing power d) The key ratios like inventory turnover ratios, accounts receivable ratios, accounts payable rations, debt to equity ratios, liquidity and quick ratios help us to understand how leveraged the firm is and indicates the financial strength. Q2. Using the same concept selected above, discuss how a business manager may benefit from an understanding of the statement? A business manager would be mainly concerned about how much collections he has to make from debtors in the coming months or for the year. Also he would be worried about the accounts receivable from creditors or suppliers who buys goods or service from him...
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...1.The total budget required (investment needed) 4.Approx 10+ slides: e.How would you make money?(Just a quick reference to the revenue model, no details yet) Selling the App, Advertising, In App Purchases 6.Approx 3 slides: Revenue a. Revenue model,how do you make money? Nomads cost Expert programmer Business license Server Portable drive For the beginning budget should be around 35000 b. What is your predicted conversion rate? (sale/click)x100 c. How many people do you expect will use your product? d.What is your growth model? How is your revenue going to grow over time? 7.d.What are your user acquisition costs? 8.Approx3slides: Competitor d.How does your competitor make money? 10.Approx4~7slides: Financials a.Revenue:all revenue for the coming 4 years. i. Breakdown per product revenue type, so if you have ad revenue and revenue from premium members you want to break those down and show percentages of revenue being generated. b.Costs: all costs for the coming 4 years i. Breakdown per category of costs. Cost of good sold (if applicable), Operations (including staff),Overhead (rent, admin,etc), Marketing, Contingency fund (normally a percentage of revenue),App development & maintenance support(Example: Apple’s App development platform compatibility),etc… staff overhead c.Break even analysis i. Graphs that show your revenue,costs,and profit(or loss)over the first 4 years. Shows clearly the breakeven point.(within 3 years orless)...
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...Assignment 1 The Logic Application Dr. Keva Yarbrough Detra Lawrence Math 104 February 27, 2013 Assignment 1 The Logic Application One of the greatest strengths in math is it concerns with the Logic proof of its given proposition. Any Logical system must start with some undefined terms, definition, and axioms. There are many ways you can analyzed certain numbers or statistics. In this essay, we learned the outcome solving problems using concepts from the set theory and logic of the situation. This is a game call Guess Your Cards which is played by four players. Each player has to draw three cards 1 through 9 dealt face down and then places it on their heads so that everyone but the player can see the cards. We find that Player 1 Andy has won the game by answer to the card from the question deck. By the given information Andy has a sum of 13. Belle has a sum of 16. Carol has the sum of 12. Since Andy question was “Do you see two or more players with same value,” he replied yes. Belle question was asked “out of the five odd numbers do you see all different odd number,” she replied saying I see all odd numbers. Andy is the only player who Belle sees who has odd number of cards which is 1, 5, and a 7 which leads player 4 with the missing odd numbers of a 3 and 9. Since 3 and 9 sums to 12, and player 4 is missing its third card this lets us know player 4 number will value to Belle sum which is 16 and player four will have a 4 as its third card. With all numbers...
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...With the rise of the importance of information and of information technology, the range of career opportunities for IS managers has expanded. To illustrate the variety of jobs running in MIS and the importance of IS to other career paths, I have listed four job openings in MIS and four other ones in Accounting, which is an area that heavily relies on information systems. Careers in MIS Job title: Software quality assurance analyst Skills and knowledge requirements: • Education: Completion of high school, completion of college/CEGEP/vocational or technical training • Experience: 3 years to less than 5 years • Languages: Speak English, read English, write English • Specific skills: Confer with clients to identify and document requirements, conduct business and technical studies, design, develop and implement information systems business solutions, provide advice on information systems strategy, policy, management and service delivery, develop and implement policies and procedures throughout the software development life cycle, conduct reviews to assess quality assurance practices • Computer and technology knowledge: Windows, Intranet, Internet, Multimedia software, Word processing software, Spreadsheet software, Presentation software, Office suites, Electronic mailing software • Work conditions and physical capabilities: Fast-paced environment, work under pressure, tight deadlines, repetitive tasks, attention to detail, combination of sitting, standing, walking • Essential...
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...Applications Software The three primary features commonly used applications software that will be summarized in this paper are personal application software, workgroup application software, and enterprise application software. Personal Application Software’s 1) Word processing; helps create, edit and print text documents. I.e., Microsoft word, Corel WordPerfect, Google Docs, Apple Pages and Sun Writer. 2) Spreadsheet; provides a wide range of built-in functions for statistical, financial, logical, database, graphics, and date and time calculations. I.e., Microsoft Excel, IBM Lotus 1-2-3, Google Spreadsheet, Apple Numbers and Sun Calc. 3) Database; stores, manipulate, and retrieve data. I.e., Microsoft Access, IBM Lotus Approach, Borland dBASE, and Sun Base. 4) Graphics; develop graphs, illustrations, and drawings. I.e., Adobe Illustrator and Adobe FreeHand. 5) Project management; plans, schedule, allocate, and control people and resources needed to complete a project according to schedule. 6) Financial management; provides income and expense tracking and reporting to monitor and plan budgets. I.e., Intuit Quicken. 7) Desktop publishing; use with personal computers and high-resolution printers to create high-quality printed output, including text and graphics, various styles of pages can be laid out; art and text files from other programs can also be integrated into published pages. I.e., Quark Xpress, Microsoft Publisher, Adobe PageMaker,...
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