ACC 561 Week 1 paper

Romney, M., & Steinbart, P. (2012). Accounting information systems. (12th ed., p. 143). Upper Saddle River, NJ: Prentice Hall.

A financial statements are documents prepared communicating with a business financial activities. Financial statements are a key component of accounting. Financial statements are presented in a structured manner with conventions accepted by accounting and regulatory personnel. There are four different financial statements which includes the balance statement, income statement, retained statement, and the statement of cash flow.

investors, auditors, executives of the business, etc.) an overview of the financial results and condition of the company. The major financial statements that come out of the accounting cycle are income statements, balance sheets, Statement of cash flows and Statement of retained earnings. Income statements are considered the most important of all the financial statements since it presents the operating results of an entity , e.g. revenues, expenses, and profits/losses generated during the reporting period (Bragg, 2017). Balance sheets provide reports of assets, liabilities, and equity of the entity as of the reporting date and can be considered the second most important statement because it provides information/figures about the liquidity, as well as the capitalization of a company (Bragg, 2017). Statement of cash flows exhibits the cash inflows and outflows that occur during a reporting period, which provides a useful comparison to the income statement, particularly when the amount of profit or loss reported does not reflect cash flows encountered by the businesses (Bragg, 2017). Statement of retained earnings is the least used financial statement that provides information regarding changes in equity during the reporting period and can include information such as: sale or repurchase of stock, dividend payments, and changes caused by reported profits or losses. Statements of retained earnings are often

Over the past five weeks, data has been collected from the process of getting my daughter, Sophie, ready for daycare in the morning. I have tracked six key areas, or steps, in the process: The time it takes to wake her up, The time it takes to get her to go to the bathroom, The time it takes to get her stuff ready, The time it takes to get her dressed, The time it takes to brush her teeth and hair, and The time it takes to get her into the car. In this paper, I will discuss what I have discovered based on this data, I will identify roadblocks to the process and recommend strategies to overcome them, and I will discuss the variables which affect the steps in the process. Finally I will discuss

Accounting is commonly described as the language of business. It is very important for all business owners to have very good understanding of their finances. Having the knowledge of your business finance, you will know where the money is going. Every business owner should have a good understanding of finance. To have a good understanding business owners needs to understand basic accounting steeps, how does accounting play a role in their business, how to define a financial statement and how the omission of any of these steps would affect the success of a business. Once you have an understanding of accounting/finance and the how it plays

Edmonds, T., Tsay, B., & Olds, P. (2011). Fundamental Managerial Accounting Concepts (6th ed.). New York, NY: McGraw-Hill/Irwin.

Folk, M., J., Garrsion, H., R., & Noreen, W., E., (2002). Introduction to Managerial Accounting. New York, NY: McGraw-Hill/Irwin.

Discuss filing requirement? - Filing requirements are specified by law for each type of taxpayer. In addition, all corporation must file a tax return annually regardless of their taxable income. Therefore, estates and trusts are required to file annual income tax returns if their gross income exceeds $600. In the filing requirements for individual taxpayers are a little more complex as they depend on the taxpayer’s filing status, age and gross income. The gross income thresholds are calculated as the sum of the standard deduction, additional deduction for taxpayers age 65 or older and personal exemptions that should be applied to each respective filing status. In addition, the amounts are indexed each year for inflation. Thus, when a taxpayer is due a refund which happened to occur only when

1) Complete summary of the case study that identifies the key problems and issues, provides background information, relevant facts, the solution employed, and the results achieved.

S., & Hassan, M. K. (2012). The domination of financial accounting on managerial Commerce & Management, 22(4), 306-327. doi:10.1108/10569211211284502

The first procedure an auditor could use is completeness testing. This is used to make sure the auditor has all information he or she would need to accomplish the task they have been given. A second procedure that could be used is classification. This is when information given must be clarified to the auditor. This would be needed for this circumstance when there was no clear answer given as to why GM chose the 6.75 discount rate. Another procedure that should be used is verification, this is when an auditor verifies that the completed records given to him occurred. A fourth procedure is existence. An auditor should verify that the company has existing investments that our meeting the objectives of the pension plan. A final action that should be taken is clarifying the objectives of the pension plan to ensure it is on the correct track for employee retirement benefits.

Garrison, R., Noreen, E., & Brewer, P. (2015). Managerial accounting (Fifteenth ed.). New York, NY: McGraw-Hill Education.

Financial statements of the company are significant for the investors who would like to venture into the business operation. It gives them the insight whether the business is making profits or it is doomed to fail;

Employees should also be presented with the financial statements of the company so that they can realize the fruits of their efforts. With knowledge come great rewards. The impact of knowing the financial status of the company provides incentives for employee performance; work hard and get a bonus. Also, the offering of financial statement will show the employees are not separate from the work that has help to mold and maintain operations but instead include them in what is going on to offer suggestions for improvement. This makes the workers to feel appreciated and increase their efforts in helping the

Accountants, business owners, investors, creditors and employees use four basic financial statements of an organization to determine the financial well-being and future earnings potential of that organization. Financial statements are a key tool in seeing and understanding the past, present and future condition of an organization. What are these financial statements and what do they mean to the reader? Do the financial statements mean something completely different to an investor, creditor, and employee?