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Hub You - Branches of Accounting, Uses of Accounting and Limitations of Financial Accounting
When the EEOC sued Ralph Loren because one of their photo shoots needed all blondes in it and denied a brunette an audition, one could conclude that political correctness and employment lawsuits hit an all time low. Swim suit models who were dark haired complained that they did not get the part? Die your hair for the week. They pay over $5,000 per day plus residuals per commercial shown.Does that mean that the Blue Man crew has to hire a guy who auditions in a Devils Suit that is red? Or that if a white actor auditions for the part of Martin Luther King Jr. Doctor and doesn’t get the part he can sue too? I suppose the EEOC is going to sue the rolling stones too? I am sure that Ralph Loren has had photo shoots requiring black women in bikinis too, or brunette only photo shoots. What is the big deal here?Don’t we have better things to do with our time or is the EEOC trying to get its spotlight and grandstanding like the Enron investigators and politicians on C-SPAN. The only reason they even got press was because that was the most ridiculous lawsuit the government has ev
Uses of Accounting
Accounting plays important and useful role by developing the information for providing answers to many questions faced by the users of accounting information.
(1) How good or bad is the financial condition of the business?
(2) Has the business activity resulted in a profit or loss?
(3) How well the different departments o
Bar code label software is used to print symbols on bar codes. This software can render a pattern of black stripes and dots, each unique from the other, which is used to print bar code stickers. The software prints intricate patterns for each product. The pattern may be several black lines of different thicknesses or it may be a crisscross arrangement of thick and thin black dots.The software can also identify the product from the pattern. The pattern is fed into the bar code scanner, which transmits it to the computer. There the software can decode the pattern and identify the product.Bar code label software is used to code and decode stickers on a wide array of products. Departmental store goods, warehouse products, photo IDs, driving licenses and more contain unique bar code labels produced by such software.Bar code label software is virtually error-free. It can judge labels from the thickness of the lines and dots that by permutation can give several millions of different labels. The software can accurately identify the label from its wide database. The entire proce
Accounting vs. Accountancy
Body of knowledge (consisting of principles, postulates, assumptions, conventions, concepts and rules) governing the science of recording classifying and analyzing financial transactions is accounting. Whereas the practice and art of the science of accounting is termed as accountancy.To meet the ever increasing demands made on accounting by different interested parties (such as owners, management, creditors, taxation authorities etc.) the various branches have come into existence. Financial AccountingThe object of financial accounting is to ascertain the result (profit or loss) of business operations during the particular period and to state the financial position (Balance Sheet) as on a date at the end of the period.
Cost Accounting
The object of cost accounting is to find out the cost of goods produced or services rendered by a business. It also helps the business in controlling the costs by indicating avoidable losses and wastes.Management AccountingThe object of management accounting is to supply relevant information at appropriate time to the management to enable it to take decision and effect control.In this web primer, we are concerned only with financial accounting. The objects of financial accounting as stated above can be achieved only by recording the financial transactions in a systematic manner according to a set of principles. The recorded information has to be classified, analyzed and presented in a manner in which business results and financial position can be ascertained.
Uses of Accounting
Accounting plays important and useful role by developing the information for providing answers to many questions faced by the users of accounting information.
(1) How good or bad is the financial condition of the business?
(2) Has the business activity resulted in a profit or loss?
(3) How well the different departments of
When I'm traveling to someplace new, I like to get directions beforehand. Sure there's something to be said for the proverbial "scenic routes" and "roads less traveled," but, as Yogi Berra noted, "You've got to be very careful if you don't know where you're going, because you might not get there."A business plan serves a similar purpose. It's like MapQuest®, except that you choose both the destination and the route you want to take. And, like MapQuest®, it needn't be overly detailed, drawn in pretty colors, or able to fit in your pocket; it just needs to give you a good sense of where you're going and how you intend to get there. If you're serious about starting or growing your business, M.A.P. out your route by following these three steps:Make a Master Plan. One of the benefits of a written plan is that it forces you to think carefully and with focus about what you are providing, how, to whom and, significantly, why you want to do this. What is the vision in your mind's eye for who you can help and how they will benefit? To build a successful business, it helps
Cost Accounting
The object of cost accounting is to find out the cost of goods produced or services rendered by a business. It also helps the business in controlling the costs by indicating avoidable losses and wastes.Management AccountingThe object of management accounting is to supply relevant information at appropriate time to the management to enable it to take decision and effect control.In this web primer, we are concerned only with financial accounting. The objects of financial accounting as stated above can be achieved only by recording the financial transactions in a systematic manner according to a set of principles. The recorded information has to be classified, analyzed and presented in a manner in which business results and financial position can be ascertained.
Uses of Accounting
Accounting plays important and useful role by developing the information for providing answers to many questions faced by the users of accounting information.
(1) How good or bad is the financial condition of the business?
(2) Has the business activity resulted in a profit or loss?
(3) How well the different departments o
Not Rocket ScienceBecoming financially independent is more a matter of common sense and long term discipline than anything else.The great Cambridge economist and investor John May nard Keynes, placed his funds in no more than two companies at any one time. This simplistic approach was later adopted by Warren Buffet.Invest Before You SpendThe most basic of all rules is to make sure you allocate funds into your investments first, only then spending what is left over. A good rule of thumb is to invest 30% and live of 70%.Never Lose MoneyThe Golden Rule of investing is to never lose money. You must be careful to take advice from and invest with people who have better track records than yours.A wealthy businessman I know of uses the following simple rule. Whenever approached to invest in shares or property, he simply asks to see the adviser’s tax returns for the last 3 years. If the returns are better than his (and very few are on account of the fact that he never hears from most people again), only then does he strategically invest some of his h
Cost Accounting
The object of cost accounting is to find out the cost of goods produced or services rendered by a business. It also helps the business in controlling the costs by indicating avoidable losses and wastes.Management AccountingThe object of management accounting is to supply relevant information at appropriate time to the management to enable it to take decision and effect control.In this web primer, we are concerned only with financial accounting. The objects of financial accounting as stated above can be achieved only by recording the financial transactions in a systematic manner according to a set of principles. The recorded information has to be classified, analyzed and presented in a manner in which business results and financial position can be ascertained.
Uses of Accounting
Accounting plays important and useful role by developing the information for providing answers to many questions faced by the users of accounting information.
(1) How good or bad is the financial condition of the business?
(2) Has the business activity resulted in a profit or loss?
(3) How well the different departments o
Developing rapidly since the introduction of the first fully automated plain-paper photocopier by Xerox in 1959, present-day copiers work more like computers, combining copying, faxing, laser printing, scanning and more into a single machine.Although there are two types of copiers – analog and digital – the former is no match to the latter these days. In fact, most manufacturers have stopped producing new analog models. To make matters worse for the analog models, the more modern digital machines with similar features are now available at almost identical prices.The digital type enjoys a lot of advantages over its analog rival. Digital models combine copying, network printing, and faxing. As there are fewer moving parts in the digital type, the instances of mechanical breakdown are less. Less noisy, the digital copiers are more efficient in reproducing fine lines and photographs.Some people argue that analog copiers are more simple and user-friendly. You have just one button to press to get a copy. But the digital copiers are not difficult to operate either. A minimal a
Uses of Accounting
Accounting plays important and useful role by developing the information for providing answers to many questions faced by the users of accounting information.
(1) How good or bad is the financial condition of the business?
(2) Has the business activity resulted in a profit or loss?
(3) How well the different departments o
Job promotions are not something that happens all of a sudden. Getting promoted is not only about your growth but it is equally proportional to the benefits an organization expects you to deliver for them. In short to expect a promotion one has to prove his abilities and capability as an individual or in other words be an efficient employee.In order to achieve the status of an efficient employee one must keep the following things in mind:· Ensure that you do your job well within the time and at desired quality levels. Meeting deadlines is one factor that determines you are capable and shows your competence for the role.· Master your job: make sure you know the current job you are on as well as the back of your hand. Be an expert.· Try and keep yourself away from workplace politics and gossips. Having said that, sometimes it can be beneficial to be involved in the workplace politics because it will give you more insight, so the key is to be selective and know when to be involved.· Be a good listener, this will always help you to enhance your working capabi
Uses of Accounting
Accounting plays important and useful role by developing the information for providing answers to many questions faced by the users of accounting information.
(1) How good or bad is the financial condition of the business?
(2) Has the business activity resulted in a profit or loss?
(3) How well the different departments of the business have performed in the past?
(4) Which activities or products have been profitable?
(5) Out of the existing products which should be discontinued and the production of which commodities should be increased.
(6) Whether to buy a component from the market or to manufacture the same?
(7) Whether the cost of production is reasonable or excessive?
(8) What has been the impact of existing policies on the profitability of the business?
(9) What are the likely results of new policy decisions on future earning capacity of the business?
(10) In the light of past performance of the business how it should plan for future to ensure desired results ?
Above mentioned are few examples of the types of questions faced by the users of accounting information. These can be satisfactorily answered with the help of suitable and necessary information provided by accounting.
Besides, accounting is also useful in the following respects :-
(1) Increased volume of business results in large number of transactions and no businessman can remember everything. Accounting records obviate the necessity of remembering various transactions.
(2) Accounting record, prepared on the basis of uniform practices, will enable a business to compare results of one period with another period.
(3) Taxation authorities (both income tax and sales tax) are likely to believe the facts contained in the set of accounting books if maintained according to generally accepted accounting principles.
(4) Cocooning records, backed up by proper and authenticated vouchers are good evidence in a court of law.
(5) If a business is to be sold as a going concern then the values of different assets as shown by the balance sheet helps in bargaining proper price for the bus
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