What type of business would you like to own

Assignment Help Accounting Basics
Reference no: EM131132951

Disc 1-1: Using Accounting

As a potential business owner, discuss why and how you can use accounting in your business by answering the following questions:

1. What type of business would you like to own?
2. How will you be able to tell if your business is successful?
3. What accounting knowledge do you think you will need to have?
4. What do you think will be your biggest accounting challenges?
5. Why?

2-1 Disc - Cash-vs-Accrual Accounting

Using the same business listed above, consider the impacts of the basis of accounting by answering the following questions:

1. What is the cash basis of accounting?
2. What is the accrual basis of accounting?
3. How will the accounting for your specific business be different if you use the accrual basis (please use specific examples) instead of the cash basis?
4. What will accrual basis statements tell you specifically that cash basis statements will not tell you?

Reference no: EM131132951

Questions Cloud

Compute the profit-maximizing price and quantity : Compute the profit-maximizing price and quantity, and illustrate with a complete graph.
Strategies of formal imperialism : Why did King Leopold hire Stanley to stake out Belgian's territorial claims in the Congo, as opposed to utilizing strategies of formal imperialism?
Which design would be practical for a large study : Which design would be practical for a large study? Which one would be practical for a small study?
System of slavery and exploitation in belgian : Why was King Leopold able to enforce the system of slavery and exploitation in Belgian? How did Leopold's imperialism differ from British or French Colonization? Do you think the difference is one of quantity or quality?
What type of business would you like to own : What type of business would you like to own? How will you be able to tell if your business is successful? What accounting knowledge do you think you will need to have? What do you think will be your biggest accounting challenges?
Determine the profit-maximizing quantity for a monopolist : From the following list, indicate which curves you will request: average total cost, average fixed cost, average variable cost, marginal cost, demand, marginal revenue.
A legal right granted by a national government : A legal right granted by a national government to preclude others from duplicating an invention for a specified period of time in return for disclosure of the invention is known as?
Why did morel refuse to remain quiet : Why did Morel refuse to remain quiet once he had discovered the truth about slavery in the Congo, unlike other journalists, bureaucrats or businessmen who celebrated Leopold's regime?
How that knowledge impacts future of probation and parole : The importance and function of probation and parole in the US criminal justice system. Ensure your response includes how probation and parole impacts communities, victims, offenders, recidivism, and society as a whole.

Reviews

Write a Review

Accounting Basics Questions & Answers

  For the following taxpayers compute 1 taxable income and 2

for the following taxpayers compute 1 taxable income and 2 the income tax liability.be sure to include the new medicare

  Type eighty words per minute

Lyle was told when she was hired that typing speed was extremely important to her position. At the time, she maintained that she could type eighty words per minute, so she was not given a typing test. It later turned out that Lyle could type only ..

  Identify the source of any difference between the companies

Daggar capitalizes the lease, whereas Bayshore records the lease as an operating lease. Both firms depreciate assets by the straight-line method, and both treat the lease as an operating lease for federal income tax purposes.

  Ivan company has a goal of earning 160000 after-tax income

ivan company has a goal of earning 160000 after-tax income. ivan would need to pay 29000 of income taxes at the target

  What is faith adjusted basis for her one-tenth undivided

Faith inherited an undivided interest in a parcel of land from her father on February 15, 2005. Her father had purchased the land on August 25, 1965, and his basis for the land was $325,000.

  In an effort to expand the usefulness of its activity based

in an effort to expand the usefulness of its activity based costing system wayne kaegis verde vineyards decides to

  Many companies now manufacture products that are untouched

1. proprty taxes on na manufacturing plant are an element of aproduct cost period cost1. yes no2. yes yes3. no yes4. no

  A company had net income of 230000 depreciation expense is

a company had net income of 230000. depreciation expense is 26000. during the year accounts receivable and inventory

  Net working capital other than cash

McConnell Corp. has a book value of equity of $13,280. Long-term debt is $8,350. Net working capital, other than cash, is $3,220. Fixed assets are $17,530 and current liabilities are $1,690.

  Accounting methods used by a company to determine income

1. accounting methods used by a company to determine income for financial reporting purposes frequently differ from

  Consider the following data regarding budgeted operations

consider the following data regarding budgeted operations for 20x7 of the portland division of machine products average

  What competitive advantage could company obtain from

what competitive advantage could a company obtain from a successful cost management program? discuss using real world

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd