Premium Essay

Assigment 1 Accounting

In: Business and Management

Submitted By manuelc
Words 2126
Pages 9
Chapter 1: The objective of financial reporting

Chapter 1 describes the objective of financial reporting, the primary user group to which financial reporting is directed, the types of decisions made by that group and the financial information useful to that group in making those decisions.

1. The boards decided that an entity’s financial reporting should be prepared from the perspective of the entity (entity perspective) rather than the perspective of its owners or a particular class of owners (proprietary perspective). Do you agree with the boards’ conclusion and the basis for it? If not, why?

Yes, we agree with the boards’ conclusion about the preparation of the entity’s financial reports from the entity perspective because this is in correspondence with the current situation of entities. In other words, under the entity perspective, the reporting entity has substance by its own; contrary to the situation under the proprietary perspective where it does not have substance separately from the proprietary one. The proprietary perspective is more accurate to the situation where entities do not exist separately from its owners or to those days where most businesses were sole proprietorships and partnerships that were managed by their owners. Nowadays, the separation between managers and owner grew, most of today’s businesses have legal substance, and multiple capital providers with limited legal liability being more appropriate, in our opinion, the entity adopted perspective.

Moreover, as the chapter explains, adopting the entity perspective does not prevent to include additional information on the financial reports that is more consistent with the proprietary perspective but can be useful for any kind of capital providers.

2. The boards decided to identify present and potential capital providers as the primary user group for general purpose…...

Similar Documents

Premium Essay

Accounting 1

...November 21, 2012 Introductory Accounting I (BME212054) Ron Davis: ID 483865 To connect my background and experience as it relates to Introductory Accounting I in this Prior Learning Essay, I reference my learning and professional experience. • Certified Financial Planner, Investors Diversified Services, Minneapolis, MN. • 30 years of experience selling software and services to banks and credit unions. • Fair Credit Reporting Act (FCRA) Certification 2002. • Successfully completed Business Ethics, Macroeconomics, Microeconomics, Money and Banking, Statistics, Organizational Behavior, Globalization: Business & Society in the Information Age. BASIC ACCOUNTING CONCEPTS AND BUSINESS STRUCTURE Generally accepted accounting principles (GAAP) are a set of principles, procedures, and authoritative standards set by policy boards and simply the commonly accepted way of recording and reporting financial information. The purpose of accounting is to provide the information that is needed for sound economic decision making. The main purpose of financial accounting is to prepare financial reports that provide information about a firm's performance to external parties such as investors, creditors, and tax authorities. Managerial accounting contrasts with financial accounting in that managerial accounting is for internal decision making and does not have to follow any rules issued by standard-setting bodies. Financial accounting, on the other hand, is performed......

Words: 2192 - Pages: 9

Free Essay

Unit 3 Assigment 1

...Define the following terms: 1. Horizontal Cable : A type of inside cable designed for horizontal use in non-plenum areas. While horizontal cable must be fire retardant, the National Electrical Code (NEC) specifications are not as demanding as those governing the use of plenum cable or riser cable. See also NEC, plenum, plenum cable, and riser cable. 2. Backbone Cable : Backbone cabling is the inter-building and intra-building cable connections in structured cabling between entrance facilities, equipment rooms and telecommunications closets. Backbone cabling consists of the transmission media, main and intermediate cross-connects and terminations at these locations. This system is mostly used in data centers. 3. Patch Cords: a short cord with a plug at each end, or a plug at one end and a pair of clips at the other, used for temporarily connecting two pieces of equipment or signal paths. 4. Connectors: A device for holding two parts of an electrical conductor in contact. 5. Conduit: A tube or duct for enclosing electric wires or cable. 6. Racks: A computer rack (commonly called a rack) is a metal frame used to hold various hardware devices such as servers, hard disk drives, modems and other electronic equipment. Some may refer to a rack as "LAN or network furniture" as resembles a shelving structure where components can be attached vertically, stacked on top of one another. A computer rack can also be called a relay rack or open rack. ......

Words: 932 - Pages: 4

Premium Essay

Week 1 Assigment

...Week 1 Assignment Rogelio Santos EDU 639 Human Relations. & Learning in the Multi. Envmnt Instructor: Dr. Rojas April 8, 2013 A few years ago I had an Asian boy in one of my classes. Before he even stepped into my class I did some research on him. I did it because actually was doing the right thing. I wanted to know if the student spoke English, and I also wanted to find out what was his ethnicity. Well my student spoke a few words in English and he was Korean. I learned to phrases in Korean Welcome 환영합니다 (hwangyong-hamnida), Please to meet you 만나서 반갑습니다 (Mannaseo bangapseumnida). I really practiced the pronunciation. When the student arrived into my classroom he did not look at me he kept his head down and was very quiet. As my class filled up, my first word to everyone was Welcome, in Spanish Bienvenidos, and in Korean 환영합니다 (hwangyong-hamnida). The boy head popped out of his seat. He looked at me and just had a huge smile on his face. As the year went by we communicated with paper and a pencil as he became more comfortable speaking English he began communicate he became more vocal in class. In conclusion, I saw myself in him. My parents brought me over from Mexico into the United States. They wanted a better life. I was scared lost and confused until I met Mrs. Martinez she welcomed me in Spanish and all my fears went away. I felt comfortable. I believe it is important for teachers to work towards understanding their student’s culture. Allow the student...

Words: 288 - Pages: 2

Premium Essay

Bad Blood-Assigment 1

...much in this family.” Milewicz agreed to investigate what came to be known as the East Texas bleeding disorder, and she obtained blood samples from 16 family members affected by the disorder and 13 who were unaffected. The family did not want to be interviewed or identified. Through a linkage analysis, Milewicz and her colleagues focused on a region of chromosome 1 that contained the gene for a coagulation factor called factor V (FV). The variant they identified in the gene seemed like a great lead, given FV’s crucial role in developing blood clots. But when they took a closer look, they found that the resulting amino acid change was in a portion of the protein that gets cleaved off from a precursor of FV before it becomes active in coagulation. Furthermore, activity assays showed FV was behaving properly in the patients. “Our conclusion was this wasn’t causing the disease,” Milewicz says. For about a decade the project was set aside, until a graduate student in Milewicz’s lab decided to pick up where the others had left off. She went through the entire region of chromosome 1 that showed up in the linkage analysis and sequenced all the genes, but didn’t find any disease-causing mutations. “At that point we were stuck,” Milewicz says. They shifted gears and decided to take an old-school biochemical approach, collecting plasma from family members. Western blots of the samples showed a 250 kilodalton band of a particular protein......

Words: 975 - Pages: 4

Premium Essay

Week 1 Assigment

...Shiela Penny the Chief Financial Officer [CFO] of SALEM Manufacturing. Decides to Remain un-hedged it runs the risk of going below the minimum acceptable margin which was set at the price of $1,500,000. Since we are looking to minimize the risk for the operation this would be the least acceptable option Hedge in forward market - If Shiela Penny the Chief Financial Officer [CFO] of SALEM Manufacturing. Decides to hedge in forward markets then the expected outcome would be a payoff after 3 months of $1,554,900 million dollars. Hedge in money market - If Shiela Penny the Chief Financial Officer [CFO] of SALEM Manufacturing. Decides to hedge in money market it should expect $1,540,000 by borrowing at present value of 1 million pounds. - £1,000,000/(1+.03) = £970873.78 pounds. Then convert it into dollars at current spot rate - £970873.78*1.5640 = $1,518,446.602. Invest it at the US investment rate – $1,518,446.602*1.02 = $1,548,815.534 million dollars. Option hedging - if Shiela Penny the Chief Financial Officer [CFO] of SALEM Manufacturing. Decides to hedge in option market it would make a put at strike price of $1,55, which would turn out to be ($1,560,000 – $ 23,250) = $1,536,750 million dollars., since we need to consider the premium invested of 1.5% or $23,250. If it makes a call at strike at a price of $1.51 which would turn out to be ($1,560,000 – $ 15,500) = $1,544,500 million dollars.. Conclusion After analyzing our 4 options the best strategy......

Words: 845 - Pages: 4

Free Essay

Assigment 1 Bus515

...Assignment 1: Vice President of Operations, Part 1 Due Week 3 and worth 200 points Scenario: Imagine that you are the vice president of operations at a production or service organization. You have noticed that your organization’s current operations strategy is not supporting the challenges that the organization is presently facing. In order to maintain a competitive edge, you must address these challenges with your Chief Executive Officer immediately. Select an existing production organization. Analyze the organization’s current vision, mission, business strategy, operation strategy, supply chain, total quality management, just-in-time philosophy, forecasting method, statistical technique, facility location, work design, project life cycle, and project management. Note: You will need this information in order to complete this and subsequent assignments. As you collect the information for Assignment 1 and Assignment 2, remember that in Assignment 3 you must prepare a presentation for your Chief Executive Officer. Write a three to five (3-5) page paper in which you: 1. Evaluate key elements of the selected production or service organization’s operational efficiency with its operational strategy. Determine three (3) tasks that do not align with the operational strategy. Determine the weaknesses that are evident in each task. 2. Formulate a new operations strategy for the selected organization based on the four (4) competitive priorities (i.e., cost, quality,......

Words: 1502 - Pages: 7

Premium Essay

Unit 6 Assigment 1

...Michael Wilson| MBA6004 | February 13, 2014 Michael Wilson| MBA6004 | February 13, 2014 Unit 6 Assignment 1 Strategy recommendation Unit 6 Assignment 1 Strategy recommendation Identifying a Business 2 CURRENT USE OF THE WEB _________________________________________________________2 IMPLICATIONS OF THE WEB_________________________________________________________2 ETHICS OF USING THE WEB _________________________________________________________4 CONCLUSION_______________________________________________________________________5 Identifying a Business For my pre-writing strategy recommendation business will be Wal-Mart. As a retail giant, many people use Wal-Mart for many different reasons, such reasons are: grocery shopping, appliance shopping, electronics and other goods offered at the store. With so many ways to peak consumers interest Wal-Mart has to be diversified on how it reaches it consumers. Today Wal-Mart has television commercials, ads in newspapers and on the radio, plus a website for ways they entice consumers to shop at their stores. I chose Wal-Mart because of its vast potential in its use for the internet. Current Use of the Web Wal-Mart’s easy to use website also allows customers to pay their Wal-Mart cards on-line as well as purchase items from its on-line store. Currently Wal-Mart uses the web for inventory, re-ordering items that running low in supply. According to Karpinski (2002), “Wal-Mart mandated that all its suppliers begin to move......

Words: 1331 - Pages: 6

Premium Essay

Business Law Assigment 1

...Assignment 1: Social Media La-Nika Romain Gayles Professor Scott Levassuer Business Law I August 10, 2014 Assignment 1: Social Media In this paper, I will explain how Facebook utilizes the four components of legal astute social media marketing manager who utilizes social media outlets for consumer transactions and how each component can mitigate the risk involved in doing business in cyberspace. I will also list and analyze methods of alternative dispute resolutions and determine which would be most effective in resolving genuine disputes that may arise with consumers who may make purchases from links affiliated with social media. In addition I will examine how the federal government make control these transactions, since these transactions can occur across state lines. I will also examine the (3) branches of government and discuss which can make the most significant impact on regulating consumer transactions via social media. Lastly I will explain the agency relationship that exists on social media provider, and business that utilizes sites for advertisement. Social Media Facebook is a very popular social media site where users can express the way the feel freely without being judge. On this specific site they user can post pictures, videos and very amusing status. This site is also a way a person can keep in touch with family and friends from near and far. I can additionally say that I am also a member of the Facebook trend that has caught on and I have......

Words: 1243 - Pages: 5

Premium Essay

Assigment 1

...a) Acquisition analysis at 1 July 2010 Net FV of identifiable assets and liabilities of Cook Ltd: = $480,000 + $80,000 + $120,000 (equity) + $10,000 (1 – 30%) (BCVR - inventory) + $8,000 (1 – 30%) (BCVR – land) + $20,000 (1 – 30%) (BCVR – plant) + $9,000 (1 – 30%) (BCVR – trademark) - $7,000 (1 – 30%) (BCVR – contingent liability) - $40,000 (goodwill) = $668,000 Consideration transferred = $600,000 FV of previously held equity interest = $200,000 Aggregate investment = $600,000 + $200,000 - $32,000 (dividend receivable) = $768,000 Goodwill = $768,000 - $668,000 = $100,000 Recorded goodwill = $40,000 Unrecorded goodwill = $60,000 b) Consolidation worksheet entries at 1 July 2010 Business combination valuation entries 1) Inventory 10,000 Deferred tax liability 3,000 Business combination valuation reserve 7,000 2) Land 8,000 Deferred tax liability 2,400 Business combination valuation reserve 5,600 3) Accumulated depreciation 60,000 Plant 60,000 4) Plant 20,000 Deferred tax liability 6,000 Business combination valuation reserve 14,000 5) Trademark 9,000 Deferred tax liability 2,700 Business combination valuation reserve 6,300 6) Business combination valuation reserve 4,900 Deferred tax asset 2,100 Contingent liability 7,000 7) Goodwill ...

Words: 1121 - Pages: 5

Premium Essay

Assigment 1

...Students, please view the "Submit a Clickable Rubric Assignment" in the Student Center. Instructors, training on how to grade is within the Instructor Center. Assignment 1: Corporate Responsibility and Marketing Strategies Due Week 3 and worth 240 points Use the Internet to research the Apple Corporation, its current position and reputation regarding ethical and social responsibility, and the strategies that it currently employs to market its products. Write a six to eight (6-8) page paper in which you: 1. Examine Apple’s current position on the company’s ethical and social responsibilities, and determine whether or not the company has met these responsibilities. Provide two (2) examples that support your position. 2. Determine the impact that the publication of ethics and social responsibilities violations made by Apple’s suppliers has had on Apple’s reputation. Support your response with examples of the impact in question. 3. Suggest two (2) methods that Apple can utilize to ensure that its suppliers adhere to wage and benefits standards going forward. Justify your response. 4. Determine whether or not you believe that Apple’s customers would be willing to pay more for its products if Apple had to increase selling prices in order to provide better wages and benefits for suppliers’ workers. Provide a rationale for your position. 5. Analyze Apple’s current overall marketing strategy. Recommend two (2) actions that Apple can take in order to improve......

Words: 1399 - Pages: 6

Free Essay

Leg 500, Assigment 1

...Electronic Surveillance of Employees Electronic Surveillance of Employees Your Name Date Your School/Instructor/Class Electronic Surveillance of Employees 1. Explain where an employee can reasonably expect to have privacy in the workplace Today, employees grow increasingly concerned about their workplace privacy, because employers have been closely monitoring them through electronic surveillance more now than a decade ago. In some states, there are efforts made to try and cease the monitoring, however they are having little luck, and the debate will seemingly exist for years to come. In my opinion, employees should only expect to have privacy in restrooms, and break rooms in business organizations. In the case of the car sales business, the desks were appropriate for the type of business conducted, and the area is open so there is an open communication between customer and salesperson. 2. In the office workplace there are typically two types of workspaces, an open area, in which there are several desks and where conversations can be overhead, or an enclosed office, in which—when the door is closed—conversations cannot be heard and where one would expect virtually total privacy. Explain whether it makes a difference if an employee is in an open area or in an enclosed office. In a setting that is closed should only be done, if the supervisor needs personal information...

Words: 724 - Pages: 3

Premium Essay

Database Managment - Chapter 1 Assigment

...CHAPTER 1 ASSIGNMENT 1. Part A a. Automatic information processing was introduced by James Power whose company later became known as IBM b. The emergence of reusable data opened up the horizons for database management systems. c. Data provides a competitive advantage for businesses of all shapes and sizes. Part B a. Backup and recovery technology allows database managers to sleep in peace knowing their data is safe. b. Data Security protects consumers from data theft. c. Data privacy is very important. Hospital employees, for example, are only allowed access to certain parts of the EMR system which holds patient data. 2. 1986 – When my world began… IBM becomes the first company to use a one megabit chip in the IBM 3090 1991 – The first web site was built at CERN labs and put online August 6th 1992 – Microsoft Access was released 1995 – MySQL’s initial release 1998 – Google began 2004 – Emergence of Web 2.0 2007 – Amazon releases the Kindle fostering a huge database of electronic books 2013 – MySQL is the second most widely used database management system 2015 – I take Database Management class with Mr. Ted Lee! 3. Here at the Show Me The Money Bank of Tennessee, our database systems allows us to send birthday greetings, send Congratulations to new graduates and newlyweds, reward long time clients, and off the most competitive interest rates on cars, houses, boats, etc. 4. Early data management was very time consuming. The examples of the seven years it took...

Words: 341 - Pages: 2

Premium Essay

Assigment Module 1

...1-finance is essentially any transaction in which money or money like instrument is exchanged for another money or money like instrument. So we can say the concept of finance is very old it, has taken place probably since the roman or the Chinese dynasty era. Finance is used in the market. A market is a place that allows forces of demand and supply to operate. Where sellers and buyers trade services goods, contracts, for money or barter, this is the place where finance also takes place. You can’t have one without the other. There are different types of markets, according to our book in United States there is real estate market, the internet and commodity market. All these market have one thing is common which is finance, they all involve some type of trade, information trade, goods trade and property exchanged for some type of money. 2-Economic capital is the money value, how much monetary asset it has to cover expenses, and other financial needs; it’s what we consider solvency. Financial capital it’s a much broader term, it’s anything related to money and assets to a company, it’s a dollar value claim on economic capital which includes cash, accounts receivables, stocks, and bonds. 3-Oportunity cost is the benefits you could have received by taking an alternative action, for example investing money in a savings account where you get 3% interest or on a another type of investment where you could have received 10% interest. Entrepreneurs face this dilemma every time they......

Words: 1171 - Pages: 5

Free Essay

Assigment 1

...the truth, she succumbs to the flow of events easily and cries her eyes out and then in a subtle manner, shifts into a bout of joyous mood where a sense of freedom is instilled inside her being. The last sentence which describes the cause of Mrs. Mallard’s death to be excessive joy is actually due to the shock of realization that she no longer is free or rather she never was eligible to embrace freedom. This story emphasizes upon the reality of the era in which the story was set where women were given very few rights and where marriage used to be oppressive institution. Also, the events mirror the true innate feelings of Mrs. Mallard which is contrasting to the notion that she loves being married.( Literature (Fiction)( Google.co.in) Topic 1- Conflict Knowing that Mrs. Mallard was afflicted with a heart trouble, great care was taken to break to her as gently as possible the news of her husband's death. Not only fate has done her bad by perishing her husband who died out of a train accident, Mrs. Mallard, the protagonist of the story, faces the danger of being engulfed by death herself if she suddenly comes to know of her husband’s death as she could be smitten by a weak heart she possesses. (Sparknotes: The Story Of An Hour: Plot Overview)( Conflict Examples And Definition - Literary Devices) Topic 2- Climax When she abandoned herself a little whispered word escaped her slightly parted lips. She said it over and over under her breath: "free, free,......

Words: 869 - Pages: 4

Premium Essay

Accounting 1

...at October 31 $6,442.56; outstanding checks as of October 31 $3,400.00; deposits in transit at October 31 $1,000.00. The adjusted balance per the bank statement on October 31 is $4,042.56 ($6,442.56 + $1,000.00 – $3,400.00). * Importance of Bank Reconciliatiom * Preparation of bank reconciliation helps in the identification of errors made in the records of the hotel or the bank. * Cash is the most vulnerable asset of an entity. Bank reconciliations provide the necessary control mechanism to help protect the valuable resource through uncovering irregularities such as unauthorized bank withdrawals. However, in order for the control process to work effectively, it is necessary to segregate the duties of persons responsible for accounting and authorizing of bank transactions and those responsible for preparing and monitoring bank reconciliation statements. * If the bank balance appearing in the records are correct by comparing it with the bank statement balance, it provides added comfort that the bank transactions have been recorded correctly in the company records. * Monthly preparation of bank reconciliation assists in the regular monitoring of cash flows of a business. Hotel NameBank Reconciliation StatementAs at 31 December 2011Balance as Bank statement P276,000Add: Deposits not listed P | Perpetual inventory can strengthen internal control on......

Words: 1298 - Pages: 6