...(founded). Over-use of the passive voice can make paragraphs officious and tedious to read. Prefer the active voice. For example, passive voice = The paper was completed on time. Active voice = the student completed the paper on time. See Center for Writing Excellence > Tutorials & Guides > Grammar & Writing Guides > Active & passive voice] by Kathy Kudler back in 1998. In this paper, four ideas will be addressed. The first on is to find out ["find out" is a "phrasal verb," two words that together mean something different from their individual meanings--looking up each word in the dictionary would not produce the meaning, which could cause misinterpretation in an international business communication. Use other words, like "discover" or simply "found"] what Kudler Fine Foods key business and accounting information needs are. The second is to analyze what strengths and weakness [Misspelling--The plural of "weakness" is "weaknesses"] Kudler Fine Foods has with the store current system. This will include software and hardware. The third is to show Kudler Fine Foods some opportunities that deal with technology and give suggestions to help improve Kudler’s Fine Foods opportunities. The fourth is to seek out threats the Kudler’s Fine Foods may encounter with the current system by...
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...ACC/280-Principles of Accounting Carol Demuth Jun 22, 2011 Financial Statement Paper Businesses today need to run quickly, efficiently, and have smaller margin for error than ever before. To keep up with the fast paced world around them, companies must assure things run as smoothly as possible to have a chance at competing with their competitors. One of the biggest details that have to be correct is the company’s accounting. Getting the numbers right isn’t just important, it’s the reason that a business can make money. Without proper accounting, it would not be possible to know how much money is being made or lost, what can be done to change these things for the better, or even where the money ends up. It is a part of everyday business, and will be as long as people continue to do business. Accounting is utilized to record all of the receiving, sending, and all other transfers of money for a particular company. Think of it like the balancing of a checkbook for an entire business as opposed to a personal bank account. If transactions are not kept up with, money can easily fall through the cracks and companies could lose a substantial amount of it simply by not knowing what the numbers should look like. It would be impossible to know if someone was stealing money from the company, or if a company that business was done with had actually paid its bill correctly. Accounting is more than a necessity, it is impossible to run a business otherwise; without it, a business would certainly...
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...There is live music during the weekends and a hired DJ during the week. The club has a lot going on for itself drawing the younger crowd out every week. These owners strive to make there business a success by always making there club a hangout for there community. The owners are moving into the right direction by taking advantage of the e-commerce activites to help there business stay ahead in this competitive market. Although the club is doing well, both Lisa and Ruben as owners could use a little help in there IT department. This is where I come in to help analyze what Lisa and Rueben already have to make their business run more effieiciently. 2. Information Technology Infrastructure The role of information technology infrastructure is to implement organization and to help produce and store pertnant information. I noticed that the owners have a dial-up connection which means that most if not all of the club’s business is done on a network. Lisa and Ruben use a Pentium 4 Processor with Windows XP Professional as there software and I would definitley recommend an upgrade since there has not been an upgrade for at least three years. This will allow for better storage and memory of there financial and business-related records. The duties of maintaing the club finanically and business-related records are split between the two owners, which can be a lot since...
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...Today’s modern accounting systems implement basic accounting needs while at the same time offering increased correctness in tracking trends, enabling partnership, and giving quick access to data. Computers run everything from home to work. Computerized solutions offer faster transaction processing and better classification of data while at the same time growing the range of input data that give a clearer and more complete picture of a company’s financial bottom line. Modern accounting systems help company management choose wisely in the use of better resources to increase profits at the same time as identifying cost saving and less spending. Accounting is the foundation of any business big or small. Yesterday many businesses did their accounting by hand. This was a long and problematic job done by those who were trained to do only accounting. Some small businesses still do it today, and this serves them fine. Larger companies have switched to computerized accounting systems today which run faster and are more accurate than manually. They both perform essentially the same thing, and are under the very same principles and concepts with the only differences being in the mechanics (Shanker, 2011). There are many factors facing manual accounting compared to computerized accounting today: speed, cost, and back up. Speed is important in accounting today due to the large companies and their investors. Using today’s computerized accounting systems, processing data, and reports...
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...Marketing for Business Today I will discuss marketing for a business. I will identify the pros and cons of creating a business under the partnership form of ownership. I will cover funding options for small business and how each option affects the business from the owner standpoint. I will discuss managerial accounting, and determine how it can help managers with product costing, incremental analysis and budgeting. I will cover the basic components of the marketing process using a product I have come up with. Finally, I will discuss the role of social responsibility and technology in the marketing function. A business partnership is defined as two or more persons (usually not a married couple) who agree to contribute money, labor, and/or skill to a business. Each partner shares the profits, losses, and management of the business and each partner is personally and equally liable for debts of the partnership. Formal terms of the partnership are usually contained in a written partnership agreement (Ownership Structure Types 2013). There are three major types of partnerships. The General Partnership, the Limited Partnership and the Limited Liability Partnership. The limited partnership and the limited liability partnerships both are used to protect the assets of a contributing partner. A limited partnership limits the amount of liability to the amount of the partner’s investment. The limited liability partnership is the same as the limited partnership, buts protects each...
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...Accounting profit, Economic profit, Implicit costs and Explicit costs Such slogans as “buy low, sell high” or “never give a sucker an even break” echo people’s expectations that firms try to maximize their profits. Profit maximization is the standard economic assumption used to analyze the behavior of firms. Profit is a firm’s total revenue minus its total cost; loss is incurred when revenue fails to cover costs. Profits are positive, while losses are negative. Although, economists and bookkeepers define profits and losses similarly, economic profits and accounting profits often differ. Different definitions of costs explain this inconsistency. Economic vs. Accounting Costs You know that the value of the best alternative forgone is the economic cost of anything from lard to romance. All costs, whether monetary or nonmonetary are opportunity costs. One way to break down economic (opportunity) costs of production is to view them as either explicit or implicit costs. Explicit costs require outlays of money. For example, wages paid to employees, rent payments, and utility bills are all explicit costs. Implicit costs are the opportunity costs of resources the firm’s owner makes available for production with no direct cash outlays. Examples include the value of an entrepreneur’s labor and the interest that could be earned were the owners’ assets (including the values of stock in corporations) not tied up in the business. In entering the...
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...Question 1 Revenue: * The total money collected by the business for the sales of goods or services provided during the accounting period for that particular year. * Including net sales or exchange of assets or anything that will increase the owner’s equity before any expenses are being subtracted. Service revenue: * Reports the fees that are earned by the company during the accounting period in the income statement. * It’s operating revenue, so it will appear at the beginning of the company’s income statement. Sales Revenue: * Reporting of the sales of merchandise * It is also revenue generated by the company’s sales operations before deducting expenses. Interest Revenue: * Non-operating income/revenue for companies that do not involve money lending. * Its interest earned by a company during a accounting period. Dividends Revenue: * Distribution of earnings to shareholders in different forms. * Mutual funds are paid out of income, normally on a quarterly basis, from income generated by investments. Expenses: * Incurred in a company’s effort to generate income, representing the cost of the business.. * In the form of actual cash payments, or depreciation of an assets. * It’s always minus in the income statement. Salary Expense: * Money paid to employees for their services. Rent Expense: * The expenses incurred when occupying a space during a accounting period. Utilities Expense: * The cost of usage of lightings...
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...Accounting Business David Caskey University of Phoenix Accounting Business According to a study in 2011, accounting is one of the fastest growing industries in today’s market. Accounting jobs are expected to grow 22% between 2008 and 2018, according to the Bureau of Labor Statistics. That’s much higher than the average of all professional occupations (17%) and translates to almost 280,000 new jobs. (money.cnn.com, 2011) There will always be a need for individuals who work in accounting and because of this a well-run accounting firm has the potential to be not only lucrative but also satisfying. Staffing a firm in this field is very important and to do this there are several options, offering internships, paid or not, hiring temps, or doing interviews. Companies only want the best especially when the person or company they are hiring are dealing with finances so it is very important that the individuals hired on have an in-depth knowledge of accounting. Services and customers To reach the maximum number of customers, the business needs to be well-rounded and touch on several accounting topics including preparing, analyzing, and verifying financial documents, budget analysis, financial and investment planning, information technology consulting, auditing, tax matters, etc. (Bureau of Labor Statistics, 2011) Customers expect professional individuals and those same individuals to be knowledgeable in all things accounting. All individuals employed by the accounting firm would...
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...August 31, 2010 I obtained a degree in business administration from DeVry Institute of Technology in June 2002. Over the last five years, I have worked in the finance industry as a Mortgage Loan Originator for one of the largest financial companies in Georgia. My bachelor’s degree equipped me the necessary knowledge and skills to run any business entity. Combining these with my entrepreneurial skills, I was able to start my own income tax company. Keller Graduate School of Management will allow me to obtain my Master of Accounting degree and at the same time prepare me for the CPA exam. With Keller offering both Accounting degree courses and an opportunity to prepare for the CPA exams through the Becker CPA review methodology. I am confident that my enrollment at Keller Graduate will make me achieve my dream. However, I am striving to further my business knowledge and skills to become a Certified Public Accountant for a Fortune 500 company and the same time open more income tax branches. I believe that enrolling for the CPA exam at Becker will thus advance my business capability to propelling me to attain my desire of employing more people, and travel from business to business educating individuals about taxes. Keller School has its course curriculum tailored to the need of its students and this makes the school stand out among other business schools. They offer a rich and very flexible program which will allow me to run my business and at the same time study towards the...
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...1 Country Differences in Accounting Standards Kimetha Davis BUS616 International Business Jason Sheedy Ashford University May 6, 2012 2 Abstract Accounting Standards hold a very important place in any business, whether foreign or domestic. Accounting is shaped, by the environment, in which it operates. Throughout the world accounting, systems are most likely to be different, according to company standards. Which because of different accounting systems, it would make harmonization as challenge. Because there are differences in accounting systems, adopting international standards of accounting will prove to show benefit as well as risks and this paper will cover some of each… 3 Accounting Standards Accounting Standards hold a very important place in any business, whether foreign or domestic. Accounting is shaped, by the environment, in which it operates (Hill 2011). Foreign companies have different accounting systems, such as in European countries, government regulations require forms to publish detailed information about training and employment policies, there are no such requirements in the United States accounting systems (Hill 2011). There are factors that may...
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...Business owners often use management accounting to track, record and report financial information for managerial review. Management accounting does not usually follow any national accounting standards. Business owners can design management accounting systems according to their company’s business operations or management’s need for business information. Management accounting has several advantages. These advantages usually coincide with the ability for companies to improve operations and overall profitability. Business owners can also create a competitive advantage by developing cost allocation processes in their management accounting function. Reduce Expenses Management accounting can help companies lower their operational expenses. Business owners often use management accounting information to review the cost of economic resources and other business operations. This information allows owners to better understand how much money it costs to run the business. Business owners can also use management accounting to conduct an analysis on the quality of economic resources used to produce goods or services. If overall product quality would not suffer by using a cheaper raw material, business owners can make this change to reduce production costs. Improve Cash Flow Budgets are a major part of management accounting. Business owners often use budgets so they have a financial road map for future business expenditures. Many budgets are based on a company's historical...
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...market. - Is any amount of money that is left over from a company after all financial expenses have been paid. It is the money they are able to save once the business purchases have been made. - Is the money a business makes after accounting for all the expenses. - The positive gain from an investment or business operation after subtracting for all expenses. Opposite of loss. Different profit concepts 1. Normal profit is the minimum level of profit needed for a company to remain competitive in the market. - Occurs at the point at which the resources available to the firm are being efficiently used and could not be put to better use elsewhere. It is important to note that zero economic profit does not mean that the company is not earning any money (accounting profit). It is simply a measure of how well resources are being used relative to all possible options. 2. Sub-normal profit – is any profit less than normal profit (where price is less than average total cost). 3. Abnormal Profit – is any profit achieved in excess of normal profit – also known as supernormal profit. When firms are making abnormal profits, there is an incentive for other producers to enter the market to try to acquire some of this profit. Abnormal profit persists in the long run in imperfectly competitive markets such as oligopoly and monopoly where firms can successfully block the entry of new firms. We will come to this later when we consider...
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...Functional Areas of Managerial Business MGT/521 Management August 18, 2014 Functional Areas of Managerial Business The main role of a manger should be to make sure every aspect of the functional areas of business is being executed properly. In this paper there will be supporting documented work from peers, articles, and books supporting that thesis statement. By examining the functional areas of business and dissecting each topic, the text should leave you with a better understanding of how a manager should operate. There are seven functional areas of business. They are as follows; management, law, human resources management, leadership, accounting, marketing, finance, research and statistics, economics, operations management, and strategic planning. All are essential when running a business so why wouldn’t the manager have the leading role to ensure that everything is ran effectively? Every function ill be identified and specific roles will be discussed as far as the manager is concerned. Management is strategic planning and overseeing the work of others so goals can be accomplished. The MBA Overview Module video stated, “Managers ensure business success through efficiency and effective use of employees, the business most important resource.” (University of Phoenix, 2012). When it comes to Law, a managers duty is to make sure the operations of the business is in line with all policies, regulations, and procedures as far as the states are concerned. Managers...
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...International Financial Reporting Standards vs. Generally Accepted Accounting Principals Over the last decade, the world has become increasingly connected. Businesses are embracing opportunities abroad and gathering investors from a progressively growing international market. Globalization has given rise to a number of questions regarding multicultural business practice. It has also created a need for universal financial reporting that is consistent and useful to all of its users, international and domestic alike. Due to this growing concern, the International Accounting Standards Board was established and has created a code of standards to facilitate such financial reporting. IFRS is an acronym for International Financial Reporting Standards. IFRS are a set of accounting standards that will establish a uniform financial statement accounting standard across the world (AICPA, “What is IFRS”). These standards will create a consistency among financial statements, and will allow external uses better comparability from one entity to another, regardless of the entity’s country of origin. IFRS was developed by the International Accounting Standards Board, IASB, a London based organization established in 2001. The AICPA was a founder member of this board, and, while not in direct affiliation thereof, has established a website to educate individuals and businesses on IFRS (AICPA, “What is the IASB”). The cost of the United States converting to IFRS is under scrutiny, many believe...
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...to spend some time in the company's accounting department. In the purpose of accounting, there are many reasons why accounting is necessary to a business. Recording Transactions - Appropriate records are vital: if reports or documents are lost the Next store may forget to demand payment for some jobs that have been done or forget to pay bills that become due. It must be avoided at all costs because not paying your debts promptly or quickly is technically an act of bankruptcy or ruin. Monitoring activity and controlling the business - The recording of day to day accounts activities allows the Next managers of the organisation to keep track of orders, the sales and bills that means they must have a good idea of how business is doing well. The management of the business - Accounting records also helps the management of business and assist the board to make better decisions in dealing with investment. It is important to prepare accounting statements for Next managers to monitor the progress of the company and to endure day to day activities runs smoothly and proceed over activities. Measuring the financial performance of the business - Profit is the aim of the Next Store business and enjoyable accounting records will enable managers to assess accurately the levels of profit that are being achieved. Account records will also give clues about strategies that will be able to improve the profitability of the business. The accounting documents that they will consider and...
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