Accountants
A system by which economic information is identified, recorded, summarized and reported for the use of decision makers.
What is accounting?
Costs that a business must incur, but they are one-time expenses (or yearly). For example, a restaurant will buy tables and chairs.
What are fixed costs?
The sales of products, merchandise and services that a company makes to customers due to the normal business activities
What are Revenues?
You tutored and made $20. You put that money into your checking account and wrote it in your checkbook registry. This would be an example of:
Financial Statement.
Explain your answer.
The moral rights and duties that people must respect in business life.
What are business ethics?
Private: Work for businesses, the government , or nonprofit agencies to do their accounting or check their accounting.
Public: Receive a fee for services provided to individuals, businesses and governments.
What is the difference between private and public accountants?
The expenses that a business will constantly have to consume. For example, in a restaurant the food they use to make meals
What are variable costs?
What are three types of revenue for a major league baseball team?
Ticket Sales, Merchandise, Refreshments, etc.
(These are just a couple, there are many more)
Explain 2 of the following 3: Discounted Cash Flow, Net Present Value or Present Value
DCF: Value of expected cash receipts and expenditures at a certain date.
NPV: Method applies a rate of discount based on the marginal cost of capital to future cash flow to bring them back to present.
PV: Current worth of a future sum of money.
You have learned about different companies faced or challenged with business ethics. Give an example of a company and a brief explanation of what occurred.
Answers will vary.
Name an accountant you learned about through this course. Who is the person, what does he/she do (be specific)?
Answers may vary
How does supply and demand impact costs?
Depending on what the market is calling for, it will influence how much of an item a business will make that will raise or lower the variable costs.
How does revenue relate to costs?
Revenue is about how much money is being brought in. If more money is being brought in, there is a greater chance that there will be higher costs.
Name 5 parts of the accounting process
Any of the 5 and give description or example:
-Identify the transaction
-Analyze the transaction
-Journal Entries
-Post to ledger
-Trial balance & Identify the transaction
-Adjusting entries
-Adjusted trial balance
-Financial statement
-After closing trial balance
When discussing ethics, we also discussed compliance in regards to income tax. What type of cost would a person who is going to college be ethically allowed to report?
What are Educational Costs?