Media Summary Matt Dvorsak ACC/300 September 7, 2015 Lucy Jane Wilson In this weeks videos the first segment covers the importance to balancing the books. Balancing the books is an essential part to the business. Accounting methods help businesses to collect, record and analyze financial data. Informed business decisions can be made on the data through the recorded information in the well-kept records. The video goes into detail on the accounting information and tools, balance sheet,
Words: 389 - Pages: 2
Media Summary University of Phoenix ACC/300 - PRINCIPLES OF ACCOUNTING Media Summary While starting week one I have to be honest I am a bit intimidated and overwhelmed at just the thought of “accounting”. I am not a fan and never have been. It not only has a lot to do with numbers but there are lots of rules and laws that need to be learned and the risk for not following the guidelines can be very harsh. There were several ways of learning the material in week one. The traditional way
Words: 401 - Pages: 2
Media Summary Paper Irene Chumo ACC/300- Principles of Accounting January 26, 2015 September Foster Media Summary Paper The media that i used was the video on financial statements, “financial statements are records that outline the financial activities of a business, an individual or any other entity. Financial statements are meant to present the financial information of the entity in question as clearly and concisely as possible for both the entity and for readers. Financial statements for
Words: 384 - Pages: 2
Working With Financial Statements ACC 300 April 06, 2015 Working With Financial Statements Introduction – Revenue Recognition Principle - Explain revenue recognition principle Expense Recognition Principle - It is to be expected that in accounting there are principles to follow, just as they are in other various fields regarding finances. An example of this is banking where allocations and limitations are set. According to the principle of expense recognition revenue reflects
Words: 388 - Pages: 2
Accounting Equation Paper Keegan Mueller ACC 300 University of Phoenix 2/9/2015 Brian Lichau The Accounting Equation The accounting equation consists of three different entities within an organization; assets, liabilities, and stockholders’/owner’s equity. With these three principles, a company can measure their financial position. The main purpose behind the accounting equation is to figure out what assets the company has. In doing so, they must take into account the liabilities and
Words: 384 - Pages: 2
Accounting Equation Jarred Evans ACC/300 May 12, 14 Brandy Havens Abstract The purpose of this essay is to give a better understanding of the accounting equation, how the accounting equation relates to the components of the balance sheet, how the components of the accounting equation affect each other and how transactions affect the accounting equation. In business, the accounting equation is used to help us understand how assets, liabilities, and owner’s equity relate to each other along
Words: 386 - Pages: 2
Accounting Equation Franklin Weatherspoon ACC/300 OCTOBER 26, 2013 Dr. M Moczynski, CPA, CGFM Accounting Equation In the business world an individual cannot understand a balance sheet, income statement nor transaction recordings within a general ledger, until he or she understands the basic accounting equation: Assets = Liabilities + Owners Equity (Barclay, 2013). Following is a discussion on the relationship of accounting equation and the components
Words: 377 - Pages: 2
Problem Set II Lorena Jones ACC/300 July 28, 2014 Lisa Smith SIEVERT CORPORATION Balance Sheets December 31 Assets 2012 2011 Cash $ 28,000 $ 20,000 Receivables (net) 70,000 62,000 Other current assets 90,000 73,000 Long-term investments 62,000 60,000 Plant and equipment (net) 510,000 470,000 Total $760,000 $685,000 Liabilities and Stockholders’ Equity Current liabilities $ 75,000 $ 70
Words: 365 - Pages: 2
Receivable (01/01/2010) | 1 700 | | 7 900 | 1 700 | 7 900 | | ½,½ | | Acc Depreciation: Office Equip | | 4 300 | | 550 | | 4 850 | ½ | | Administrative expenses | 31 000 | | | 5500+250 | 25 250 | | ½,½ | | Bank (favourable) | 5 800 | | | | 5 800 | | | | Capital (01/01/2010) | | 112 100 | | | | 112 100 | | | Cost of sales | 135 000 | | 600 | 600+600+100 | 134 300 | | 1,1,1,1 | | Depreciation expense | 3 800 | | 550 | | 4 350 |
Words: 925 - Pages: 4
Problem Set II Jonathan Sestito ACC 300 Nov 19, 2012 Arnold Gilbo Problem Set II P2-6A | 2011 | 2012 | A) Earnings per share | $60,000/30,000Shares | = $2.00 | $70,000/33,000Shares | = $2.12 | B) Working Capital | ($20,000 + $62,000 + $73,000) – ($ 70,000) | = $85,000 | ($28,000 + $70,000 + $90,000) – ($75,000) | = $113,000 | C) Current Ratio | $155,000/$70,000 | = 2.2:1 | $188,000/$75,000 | = 2.5:1 | D) Debt to Total Assets Ratio | $160,000/$685,000 | = 23.4% | 155,000/760,000
Words: 427 - Pages: 2
