Week 3 Summary Question

In: Business and Management

Submitted By liontheleo1972
Words 360
Pages 2
Most businesses need immediate feedback about how well they are doing. For example, management usually wants monthly reports on financial results, most large corporations are required to present quarterly and annual financial statements to stockholders, and the Internal Revenue Service requires all businesses to file annual tax returns. Many business transactions affect more than one of these arbitrary time periods. For example, a new building purchased by Bank of America or a new airplane purchased by Southwest Airlines will be used for many years. It does not make sense to expense the full cost of the building or the airplane at the time of purchase because each will be used for many subsequent periods. Instead, we determine the impact of each transaction on specific accounting periods. When determining the amount of revenues and expenses to report in a given accounting period can be challenging. Proper reporting requires an understanding of the nature of the company’s business. Two principles are used as guidelines; they are the revenue recognition principle and the matching principle.
The revenue recognition principle requires that companies recognize revenue in the accounting period in which it is earned. For example, in a service company, revenue is considered to be earned at the time the service is performed. When recognizing expenses, a simple rule is followed; “Let the expenses follow the revenues.” Which means expense recognition is tied to revenue recognition.
The practice of expense recognition is referred to as the matching principle because it dictates that efforts (expenses) be matched with accomplishments (revenues). Recognizing expenses too early overstates current period expense; recognizing them too late understates current period expense.
Cash-basis and accrual-basis accounting use different criteria for determining when to recognize and record…...

Similar Documents

Week 7 Discussion Question 3

...Week Seven DQ 3  Post a 150- to 300-word original response to the following discussion question by clicking on Reply and changing the subject line to read:  [Your Name]'s Response  If you own your car or house and are no longer making payments, should you still have insurance on them? Explain why or why not. I'd have to say that if you owned your house out right you'd be crazy not to have that large of an Investment cover by insurance policies... I say policies because I'd want to protect my investment against all kinds of damage. Flood insurance is almost unheard of where I live, but just last year there were houses with basements flooded because of snow melt overflowing the river that has been low for decades... A lesson I don't want to learn the hard way, and have to cover the costs of the repairs out of pocket. It was a complete freak occurance but it dosn't rule out the possibility of it happening again. So now we have flood insurance.  And with the cars the same thing. i didn't buy my car to not have it running and in good condition for as long as I can. And the other drivers on the road are just as unpredictable as the weather. So I personal don't see any reason why you wouldn't have full coverage on your vehicle. It cost just as much to insure it as when you still had to make payments on it. And most cars these days are a whole lot to fix any more. With all of the cars computers and sensors being mounted on the shell of the vehicle. The cost of repairs could......

Words: 334 - Pages: 2

Week 3 Disscussion Questions

...research to figure out how to make more profitable when transporting goods. They may look at changing routes or how they split loads between drivers. DQ 2 Three things to research would be when these complaints are happening day or night? Who are these complaints about one employee or multiple employees? What are the company policies for customer service? DQ 3 Quantitative data is easier to read it can be translated to numerical expression. This is much easier to use when trying to determine if they should change something and how things are going. DQ 4 The essential characteristics distinguishing a true experiment require experimental and control groups and making sure that all parts of the experiment are validated. When conducting experiments with humans things can change constantly making it hard to validate. DQ 5 Some of the focus group questions I would use are. Does the IPhone have the capability to do what you need it to? Are there any features you do not like about it? How was the battery life? Were all the features easy to navigate? DQ 6 A method of sociological investigation that uses question based or statistical surveys to collect information about how people think and act. For example, a possible application of survey research to a business context might involve looking at how effective mass media is in helping form and shift public opinion” (Business Dictionary. 2013). If not done correctly or aimed at the proper population you can get biased......

Words: 373 - Pages: 2

Week 3 Questions Cis 333

...CIS 333 Security Week 3 1. What are the three fundamental elements of an effective access control solution for information systems? Authorization, Identification, and authentication 2. What two access controls can be setup for Windows Server 2003 folders and authentication? Authorization and access control. http://technet.microsoft.com/en-us/library/cc782880(v=ws.10).aspx 3. If you can browse a file on a Windows network share, but are not able to copy it or modify it, what type of access controls and permissions are probably configured? What type of access control would best describe this access control situation? List folder contents permissions http://technet.microsoft.com/en-us/library/bb727008.aspx This falls under security policy based control 4. What is the mechanism on a Windows server where you can administer granular policies and permissions on a Windows network using role-based access? Group policy editor. http://technet.microsoft.com/en-us/library/bb726984.aspx 5. What is two-factor authentication, and why is it an effective access control technique? Two of the three knowledge(password, pin number, etc), ownership (mobile phone, email address, etc) or characteristics (fingerprint, biometric) authentication and gives the user the ability to identify themselves through at least two points of information. This helps the user in the event that one of the pieces of information is lost or forgotten. 6. Relate how Windows......

Words: 497 - Pages: 2

Acc 220 Week 3 Questions

...Week Three Discussion Questions 1. Why does a company choose to form as a corporation? What are the steps required to become a corporation? What are the advantages and disadvantages of the corporate form of doing business? The main reason a company chooses to form as a corporation is to protect themselves from legal and financial liability. It separates the business from their personal assets. To become a corporation, the company must find an available name, appoint directors, file the articles of incorporation, and obtain required licenses. There are many advantages of the corporate form of doing business. Some advantages are protection from liabilities or lawsuits, it adds credibility having “inc” or “llc” at the end of the business name, the business continues on when the owners sells or dies, tax benefits, and others. 2. Why is preferred stock referred to as preferred? What are some of the features added to preferred stock that make it more attractive to investors? Would you select preferred stock or common stock as an investment? Why? Preferred stock is referred to as “preferred” because they have preference over common stock of the company assets if it liquidates. Preferred stock has a fixed rate and usually not expiration. The investor gets priority. 3. What are the different types of dividends corporations may issue? When should a corporation pay dividends? Do you prefer a stock dividend or a cash dividend? Why? - Corporations offer cash,......

Words: 896 - Pages: 4

Discussion Questions Week 3

...1. What are some of the major functions of micronutrients? What are some different ways you might ensure that you get all the necessary daily nutrients? Which methods are you currently using? 2. What are some common problems that result from micronutrient deficiencies? How might these problems affect overall health and life expectancy? 3. What are some similarities and differences between macro- and micronutrients? Why is it important to understand what macro- and micronutrients are and how they work in the body? 4. How might taking vitamin supplements have both positive and negative effects on your body based on your diet? What is the general consensus among nutrition experts regarding supplements? What is your opinion on taking supplements? 5. Sam is a fast-food fanatic. For breakfast, he stops for coffee and doughnuts. Lunch is an iced tea, ham-and-cheese sub with lettuce and mayonnaise, and a cookie. Dinner consists of a soft drink, burger, and fries. Name two vitamins likely to be lacking in Sam’s diet if he eats this way every day. What problems might Sam experience because of nutritional deficiencies in his diet? 6. Why might someone with kidney failure develop a vitamin D deficiency? 7. What are some ways to deal with pressures that cause one to overeat or undereat? 8. How can one deal with setbacks in reaching weight-management goals? 9. Why are fads and trendy diets effective for the short term? 10. Why is slow weight loss......

Words: 251 - Pages: 2

Week 3 Summary Question

...Running head: Week 3 Individual Summary Question 1 Week 3 Individual Summary Question ACC/290 WEEK 3 INDIVIDUAL SUMMARY QUESTION Week 3 Individual Summary Question All businesses need to record an accurate record of their financial states. In 2 order to do so, businesses employ one of two systems; the cash system and the accrual system. Both have their strengths and weaknesses when it comes to financial reporting. While both do their jobs reasonably well, they are vastly different in how they report financial movements within a business. The cash system of accounting is often used for smaller businesses. The cash system of accounting counts revenue for a business when cash (or a check) from the customer arrives into the company. Prior to this happening, there is no record of revenue coming into the company. In addition, you do not count something as an expense toward the company until it has been fully delivered, paid for, and if necessary, installed (Kimmel, 2009). The pros of this type of system are that it is simple. When money physically comes in the door is the time that you count it towards income. When cash is physically going out the door is when you count it toward expenses. In addition, this type of accounting system gives business a more accurate view of what their present cash-flow situation is at any given time (Kimmel, 2009). In stark contrast to the cash method of accounting, the accrual method eschews the need to actually see the money in order...

Words: 500 - Pages: 2

Acc 561 Week 3 Discussion Question 3

...This work ACC 561 Week 3 Discussion Question 3 includes solutions to the following question: "Identify an industry in which a job order cost system or a process cost system could be used. How might each of the cost systems be implemented within this particular industry? Does an industry exist in which the job order and the processing cost systems would not be suitable? Explain your rationale." Business - Accounting Alternative Costing Methods The text presents job and processing costing systems as virtual “polar extremes,” there are many situations where it may be best for a company to use a hybrid system that combines attributes of both systems.  Describe such a situation and discuss how the hybrid system may be better than either pure job or pure process systems. Think Twice Assume you own a business that makes two complementary products for which you allocated manufacturing overhead proportionally.  A competitor is trying to undercut your price for one of the products.  How might ABC costing help you better compete with this pending threat? Activity Base Costing- How do managers cost products or services using ABC systems? When should managers consider using an ABC costing system? How should they decide to adopt this method? Alternative Costing Methods I would like you all to select a costing method: process, job, or activity based. Describe the nature of your chosen method. What types of organizations should choose that......

Words: 375 - Pages: 2

Bus 475 Week 3 Summary

...This pack includes BUS 475 Week 3 Summary Discuss the objectives for 5 weeks. Your discussion should include the topics you feel comfortable with, any topics you struggled with, and how the weekly topics relate to application in your field. Write a 350- to 1,050-word summary of the team’s discussion. Business - Management Individual Strategic Plan, Part III: Balanced Scorecard Resource: Exhibit 7-1 in Ch. 7 of Strategic Management Develop the strategic objectives for your business in the format of a balanced scorecard. The strategic objectives are measures of attaining your vision and mission. As you develop them consider the vision, mission, and values for your business and the outcomes of your SWOTT analysis. Consider the following four quadrants of the balanced scorecard when developing your strategic objectives: ·  Shareholder Value or Financial Perspective, includes strategic objectives in areas such as: o  Market share o  Revenues and costs o  Profitability o  Competitive position ·  Customer Value Perspective, includes strategic objectives in areas such as: o  Customer retention or turnover o  Customer satisfaction o  Customer value ·  Process or Internal Operations Perspective, includes strategic objectives in areas such as: o  Measure of process performance o  Productivity or productivity improvement o  Operations metrics ·  Learning and Growth......

Words: 316 - Pages: 2

Acc 421 Week 3 Summary

...This file comprises ACC 421 Week 3 Summary Business - Accounting ACC421 Week 3 E5-5 E5-12 E5-15 E24-2 E24-4 E5-5 (Preparation of a Corrected Balance Sheet) Bruno Company has decided to expand its operations. The bookkeeper recently completed the balance sheet presented on the next page in order to obtain additional funds for expansion. BRUNO COMPANY BALANCE SHEET DECEMBER 31, 2010 Current assets Cash $260,000 Accounts receivable (net) 340,000 Inventories at lower of average cost or market 401,000 Trading securities—at cost (fair value $120,000) 140,000 Property, plant, and equipment Building (net) 570,000 Office equipment (net) 160,000 Land held for future use 175,000 Intangible assets Goodwill 80,000 and so on ... Instructions Prepare a revised balance sheet given the available information. Assume that the accumulated depreciation balance for the buildings is $160,000 and for the office equipment, $105,000. The allowance for doubtful accounts has a balance of $17,000. The pension obligation is considered a long-term liability. E5-12 (Preparation of a Balance Sheet) Presented below is the trial balance of Vivaldi Corporation at December 31, 2010. Debits Credits Cash $ 197,000 Sales $ 7,900,000 Trading Securities (at cost, $145,000) 153,000 Cost of Goods Sold 4,800,000 Long-term Investments in Bonds 299,000 Long-term Investments in Stocks 277,000 Short-term Notes Payable......

Words: 362 - Pages: 2

Mkt 450 Week 1 Discussion Questions and Summary

...The work MKT 450 Week 1 Discussion Questions And Summary includes answers of the following questions: 1. How is domestic marketing different from international marketing? Why should organizations be concerned with international marketing? What is the relationship between the four Cs and the four Ps? 2. What conditions have led to the development of global markets? How can an increased interest in global markets by American organizations be explained? Why is it important for organizations to have a global awareness? 3. What are three elements that impact the international marketing environment? What impact do these elements have on the international marketing environment? and also Week 1 Summary. Business - Marketing Course Project: Marketing Plan Objective | Guidelines | Milestones and Grading Rubrics | Best Practices Objective The Marketing Plan assignment gives you the opportunity to practice developing an integrated business and marketing strategy for a product or service of your choice. This activity will make the course "come alive" through the application of the principles from the textbook, course materials, and threaded discussions. Assignments such as this also help you develop business-oriented communication skills. The development of the marketing plan is an integral part of the course, and will require several weeks of research, critical analysis, critical......

Words: 339 - Pages: 2

Week 3 Summary

...ACC/300 Douglas Hartman Week 3 Summary The video presented during week 3 titled ‘Balancing the Books: Understanding Financial Reporting’ follows a new accountant trainee as he is quizzed on the basic of accounting through a mock game show style presentation. The key topics covered during the video were accounting and information, the balance sheet, calculating profit and loss, cash control, and assessing financial performance. There is a game show host, and the trainee Calvin appears as a contestant on the show, which has been designed to test his skills and knowledge. Through a series of progressive questions the goal of the game show is for the contestant Calvin to attempt to make a million dollars. As every question is asked there is a respective flashback that is played associated with the question being asked that is designed to provide insight on what is being quizzed. The flashbacks are great learning tools, and assist with the learning process in two ways. First they explain in detail so that viewers are able to understand and relate to the material, and secondly the video flashbacks provide real world context. This context is an important learning tool because it can assist with different learning styles that individuals may have. Reading about accounting and finances in the text is one thing, however seeing the information presented in real world scenarios assists in further making the material easier to grasp. Another aspect that was enjoyable about the......

Words: 378 - Pages: 2

Bus 415 Week 3 Discussion Question 3

...BUS 415 Week 3 Discussion Question 3 Get Tutorial by Clicking on the link below or Copy Paste Link in Your Browser http://hwguiders.com/downloads/bus-415-week-3-discussion-question-3/ For More Courses and Exams use this form ( http://hwguiders.com/contact-us/ ) Feel Free to Search your Class through Our Product Categories or From Our Search Bar (http://hwguiders.com/ ) BUS 415 Week 3 Discussion Question 3 Distinguish between a joint tenancy and a tenancy in common with regards to real property. What are the differences in the owners’ rights and obligations between the types of ownership? BUS 415 Week 3 Discussion Question 3 Get Tutorial by Clicking on the link below or Copy Paste Link in Your Browser http://hwguiders.com/downloads/bus-415-week-3-discussion-question-3/ For More Courses and Exams use this form ( http://hwguiders.com/contact-us/ ) Feel Free to Search your Class through Our Product Categories or From Our Search Bar (http://hwguiders.com/ ) BUS 415 Week 3 Discussion Question 3 Distinguish between a joint tenancy and a tenancy in common with regards to real property. What are the differences in the owners’ rights and obligations between the types of ownership? BUS 415 Week 3 Discussion Question 3 Get Tutorial by Clicking on the link below or Copy Paste Link in Your Browser http://hwguiders.com/downloads/bus-415-week-3-discussion-question-3/ For More Courses and Exams use this form ( http://hwguiders.com/contact-us/ )......

Words: 1819 - Pages: 8

Short Answer Question/Week 3

...Short answer Question/Week 3 Debra Thompson, R.N. Nur 478/week 3 September 1, 2015 Marjorie Jessen, DNP, FNP Short Answer Question As nursing has become an advanced, specialized and independent field, her role is changing. Every action made, by the nurse, she must maintain accountability and take responsibility for all decision made. Ensure that efficient and effective care is provided to protect the hospital and the patient within her care. Within this realm of her responsibility, she must also function under the law and her nursing code of ethics. To practice within the law, and the code of ethics, decisions are more difficult with the evolving medical technology and expanding autonomy scope of practice. As the role of nursing changes, there have also been an increasing number of implications in medical malpractice cases, concerning nurses, when in the past most of these cases are, referred to physicians. Some of the causes for the nurses’ implication is because they work long hours, the stressful work environment, and the decreased staffing. With all of these added stressors related to the profession, an indicator that have been a factor and prominent problems for some of the nurses’ malpractice suits is impairment on duty. With this dilemma, what would you do if you discovered a co-worker or very close friend that was impaired by drugs or alcohol? A moral turmoil presents, as what to do with the situation, once you suspected. What would be even......

Words: 472 - Pages: 2

Acc 400 Week 3 Summary

...ACC 400 WEEK 3 SUMMARY To purchase this visit here: http://www.nerdypupil.com/product/acc-400-week-3-summary/ Contact us at: nerdypupil@gmail.com ACC 400 WEEK 3 SUMMARY ACC 400 Week 3 Summary Home Work Hour aims to provide quality study notes and tutorials to the students of ACC 400 Week 3 Summary in order to ace their studies. ACC 400 WEEK 3 SUMMARY To purchase this visit here: http://www.nerdypupil.com/product/acc-400-week-3-summary/ Contact us at: nerdypupil@gmail.com ACC 400 WEEK 3 SUMMARY ACC 400 Week 3 Summary Home Work Hour aims to provide quality study notes and tutorials to the students of ACC 400 Week 3 Summary in order to ace their studies. ACC 400 WEEK 3 SUMMARY To purchase this visit here: http://www.nerdypupil.com/product/acc-400-week-3-summary/ Contact us at: nerdypupil@gmail.com ACC 400 WEEK 3 SUMMARY ACC 400 Week 3 Summary Home Work Hour aims to provide quality study notes and tutorials to the students of ACC 400 Week 3 Summary in order to ace their studies. ACC 400 WEEK 3 SUMMARY To purchase this visit here: http://www.nerdypupil.com/product/acc-400-week-3-summary/ Contact us at: nerdypupil@gmail.com ACC 400 WEEK 3 SUMMARY ACC 400 Week 3 Summary Home Work Hour aims to provide quality study notes and tutorials to the students of ACC 400 Week 3 Summary in order to ace their studies. ACC 400 WEEK 3 SUMMARY To purchase this visit here: http://www.nerdypupil.com/product/acc-400-week-3-summary/ Contact us......

Words: 373 - Pages: 2

Acc 421 Week 3 Discussion Question 3

...ACC 421 WEEK 3 DISCUSSION QUESTION 3 To purchase this visit here: http://www.nerdypupil.com/product/acc-421-week-3-discussion-question-3/ Contact us at: nerdypupil@gmail.com ACC 421 WEEK 3 DISCUSSION QUESTION 3 ACC 421 Week 3 Discussion Question 3 Home Work Hour aims to provide quality study notes and tutorials to the students of ACC 421 Week 3 Discussion Question 3 in order to ace their studies. ACC 421 WEEK 3 DISCUSSION QUESTION 3 To purchase this visit here: http://www.nerdypupil.com/product/acc-421-week-3-discussion-question-3/ Contact us at: nerdypupil@gmail.com ACC 421 WEEK 3 DISCUSSION QUESTION 3 ACC 421 Week 3 Discussion Question 3 Home Work Hour aims to provide quality study notes and tutorials to the students of ACC 421 Week 3 Discussion Question 3 in order to ace their studies. ACC 421 WEEK 3 DISCUSSION QUESTION 3 To purchase this visit here: http://www.nerdypupil.com/product/acc-421-week-3-discussion-question-3/ Contact us at: nerdypupil@gmail.com ACC 421 WEEK 3 DISCUSSION QUESTION 3 ACC 421 Week 3 Discussion Question 3 Home Work Hour aims to provide quality study notes and tutorials to the students of ACC 421 Week 3 Discussion Question 3 in order to ace their studies. ACC 421 WEEK 3 DISCUSSION QUESTION 3 To purchase this visit here: http://www.nerdypupil.com/product/acc-421-week-3-discussion-question-3/ Contact us at: nerdypupil@gmail.com ACC 421 WEEK 3 DISCUSSION QUESTION 3 ACC 421 Week 3 Discussion Question 3 Home Work...

Words: 577 - Pages: 3

ROGAINE MEN'S FOAM (3 MONTH SUPPLY) 5% minoxidil topical 3 6 9 for men regaine | Minecraft - PS4 | Nodame Cantabile