Accounting Essay Example for Free

Accounting Essay Accounting is often referred to as the language of business, and rightly so, since it is the means by which information about an entity is communicated (Meigs, 2000). Contrary to popular belief, accounting is more than just doing taxes, or keeping books. Doing taxes is just one of the many tasks an accountant performs. Bookkeeping, the recording of transactions and day to day activities, is just the clerical aspect of accounting. Accounting is more concerned with the interpretation and use of the accounting information. As the new accountant of Claire’s Antiques, the fields of exposure would be in financial and managerial accounting. Financial accounting is a field of accounting which provides information about the financial resources, obligations, and activities of an enterprise that is intended for use primarily by external decision makers (Meigs, 2000). Such external users are those who have a financial interest in the entity, but are not involved in its day-to-day operations. These external users include the following: investors, creditors, labor unions, governmental agencies, suppliers, customers, trade associations and the general public (Meigs, 2000). See more:Â  Perseverance essay Financial accounting provides information about the company’s liquidity and solvency, which is of particular importance to creditors and suppliers as they need to know the entity’s capability to pay off its obligations. Investors would find financial information regarding the company’s viability useful, since they need to know whether it would be a wise investment. Since providing information to fit the different needs of the various stakeholders is difficult, financial reporting of such information is usually geared towards the needs of creditors and investors, the two primary groups. Another field of accounting is managerial accounting, which involves the development and interpretation of accounting information intended specifically to aid management in running the business (Meigs, 2000). Information produced helps managers in carrying out their responsibilities, which include planning, directing and motivating, and controlling (Garrison, 2000); it helps provide data necessary for developing strategies and managing the company’s operations. Managerial accounting makes use of means such as cost-volume-profit analysis, financial statement analysis and capital budgeting, to name a few, to produce such information. Managerial accounting will provide the information needed by the management of Claire’s Antiques to decide what is the optimum antique production mix and whether to implement the Just In Time inventory management system; it will also help the company to reach its goal to grow the business to other regions, increase its profit margin and expand its product distribution centers. Included within managerial accounting is performance measurement. Performance measurement is the quantification of a companys or segments efficiency or effectiveness in conducting business operations for the accounting period (Answers. com, 2008). This involves establishing budgets and/or goals of a company, and comparing the actual turnout with that established by the management. The budget established must always be realigned with the company’s goals, in order for the information to be truly useful. Performance measurement would prove useful to Claire’s Antiques in deciding their strategy on how the company can achieve its above mentioned goals. Performance measurement draws the management’s attention to areas in which the company has performed poorly, giving them a chance to find a solution to such inefficiency; it also indicates which areas the company has been doing well in. These pieces of information, taken collectively, will help the company in deciding which actions it will take to bring itself closer to its goals. As the new accountant of Claire’s Antiques, one would be engaged in both managerial and financial accounting, which means that one would be providing and interpreting financial information for both internal and external users, respectively. As an accountant in private practice, one can be a financial forecaster, a cost accountant or an internal auditor. These roles fall under the above mentioned fields. However, accountants in general are not limited to these fields. They may have career opportunities in public accounting, government accounting and accounting education as well.

JFK Essay -- essays research papers

Evaluation Of JFK   Ã‚  Ã‚  Ã‚  Ã‚  Through out the course of history, America has seen great Presidents. These men all exhibited characteristics which helped them to be successful in their endeavor to become the nations leader. Among those characteristics are traits such as being a good spokesperson or leader and being fair towards all which makes for a good President.   Ã‚  Ã‚  Ã‚  Ã‚  As President, one must make numerous speeches. Someone who has a phobia of making speeches in front of a large group of people, may find this job difficult. Remaining composed and in control of the situation may be crucial in gaining your viewers support. The President also must be able to convey his thoughts clearly so his nation knows where he stands on issues.   Ã‚  Ã‚  Ã‚  Ã‚  Being President is being the leader of a great nation. If the President is afraid to step up, make the decisions and take action, then the nation as a whole may suffer. This would take confidence and some skill in sweet talking to those who are relevant, into uniting behind him. Rising to the occasion and shining when looked upon would be expected from a man with leadership.   Ã‚  Ã‚  Ã‚  Ã‚  A good President is one that is fair. The duty of making sure the Constitution is followed and obeyed is up to the President. This document should be the foundation on which our government is shaped. So he should be able to put himself in the place of those his decision will be...

Critical Lens Essay

Trust is a very valuable thing is one’s life. Without trust, it is next to impossible to go through life. Graham Green happens to agree with this as she had once said, â€Å"†¦ it is impossible o go through life without trust†¦Ã¢â‚¬  One can interpret this quote as trust being an essential aspect to life and in order to go through it, there must be someone or something a person can put his or her faith in. Two works of literature that reflect this quote are The Fault in Our Stars by John Greene and A Raisin in the Sun by Lorraine Hansberry. Trust sometimes helps people strengthen themselves to be able to go through tough times in life. John Greene proves so in his book, The Fault in Our Stars. Hazel and Augustus are able to build a strong relationship. The author uses characterization in order to build trust between the two characters. Since Hazel was able to put her faith in Augustus, her character became stronger and started to have more confidence in herself. Augustus, a philosophical teenager, helps Hazel live her life in the limited time that she has although he, himself was dying. Both characters became stronger and were able to live their life as much as they could because of how they made each other feel. Augustus made sure Hazel never looked down on herself. When it was time for Augustus to go, Hazel was strong enough to give him a proper good-bye. In Lorraine Hansberry’s A Raisin in the Sun, trust is used in order strengthen the relationships within the family. When Mama receives the insurance check that the family was waiting for, Mama decides to buy a house with the money. Doing so creates a conflict between Walter Lee. To make things right, Mama entrusts him with the rest of the money. But, Walter Lee breaks the whole family’s trust by investing the money in the liquor store even though he told not to do so. When his friend runs away with the money, Walter Lee realizes his mistake. It was the family’s faith in Walter Lee, which let them forgive him. The family knew that he truly regretted what he had done and that he would do everything in his power to try and gain their trust. Trust is the key to building relationships and maintaining them. In John Greene’s The Fault in Our Stars and Lorraine Hansberry’s A Raisin in the Sun, the trust and faith is what keeps the characters headstrong. Hazel and Augustus’s trust helps them stay optimistic through their illness. The Younger family’s trust within themselves helps maintain their relationships with each other and get through tough obstacles in life. Both works of literature prove that trust is essential to life.

Financial Performance And Management Assessing The Value...

Name Professor Course Date Financial Performance and Management Assessing the value of investment is a vital consideration any organization needs to undertake before embarking on an investment or a strategic plan. Most organizations fail due to failure in follow through and research of proposed strategies. Some of the strategies developed by organizations are utterly dysfunctional, while others are very efficient but the implementation lets the strategies down. Investment analysis is the systematic process of assessing the functionality and performance or organizational investments. Arguably, one of the key strategies employed in investment analysis is the use of multiple techniques to assess the performance of any given investment.†¦show more content†¦As such, the expected service from the machine is a total of 7 years, with a goal of achieving revenue of $25 million by 2015, three years from the investment is introduced to the organization. The organization expects a 10% return on investments with an 8% cost on capital. This paper seeks to evaluate if the purchase would lead to organizational success or steer the organization into a financial pitfall. As such, evaluation of this investment is crucial for the success of the business. A complete investment analysis using the aforementioned techniques is conducted below. Investment Analysis Accounting rate of return (ARR) ARR = Average Accounting Profit Average Investment Annual Depreciation = (Initial Investment − Scrap Value) à · Useful Life in Years Annual Depreciation = ($950,000 – 0) à · 7 = $135,714.30 Average Accounting Profit = $95,000 − $135,714.30= -$40,714.30 -$40,714.30 / $950,000 = -0.04286 Accounting Rate of Return = -4.2% or 4.2% annual loss. Payback period Payback Period = Cost of Project / Annual Cash Inflows Payback Period = 950,000/95,000 = at least 10 years. However, the machine loses its value in 7 years and will have no salvage value. Net present value (NPV) Year 0 2013 2014 2015 2016 2017 2018 2019 -950,000 95,000 95,000 95,000 95,000 95,000 95,000 95,000 -$950,000 + 95,000/(1.08)1 + 95,000/(1.08)2+ 95,000/(1.08)3 + 95,000/(1.08)4 + 95,000/(1.08)5 +95,000/(1.08)6 + 95,000/(1.08)7 = 87962.96296 + 81447.1879 + 75414.06 +