Bright Academic Experts

Category: Accounting

  • ACC 201 Milestone One

    In previous modules, you examined the initial stages of the accounting cycle and practiced journalizing financial transactions. In Milestone One, you will complete the first part of your course project to demonstrate your ability to accurately record financial data, which will continue to be used to complete other parts of the project.

    Scenario

    You were recently hired as an entry-level bookkeeper for a service corporation that just opened this month. Your first task is to record business transactions for its first month using the source documents and transaction data the company will provide to you. This corporation hasnt set up its computerized accounting system yet, so you will apply the accounting cycle in Microsoft Excel to record transactions and generate financial reporting results for the organization.

    Directions

    Record Financial Data: Use generally accepted accounting principles to accurately capture business transactions for the month in the Company Accounting Workbook Template, which is linked in the What to Submit section below. Use the data provided in the Accounting Data Appendix document, which is also linked in the Supporting Materials section below.

    Specifically, you must address the following rubric criteria:

    • Accuracy: Prepare entries that are accurate and fully reflect the appropriate information.
    • Completeness: Prepare entries that are complete for each month, including transferring posted entries to T accounts.
    • Unadjusted Trial Balance: Prepare the unadjusted trial balance portion of the Trial Balance tab of the Company Accounting Workbook, ensuring that the total debits and credits match.

    What to Submit

    Using the provided template, submit your with the following portions completed: the General Journal tab, the Ledger Accounts tab, and the Trial Balance tab. This assignment should be completed and submitted using the Microsoft Excel workbook template. Note that the first tab of the workbook provides you with the chart of accounts. These are the accounts you will use in recording transactions for the month.

  • Contract proposal

    Make a contract about an accounting employement contract

  • Accounting Question

    Hello, I hope you are doing well.

    You will do a Case Assignment.

    1. Use an Excel spreadsheet to answer ALL questions.

    2. For full credit, you must show ALL steps of your analysis.

    I have attached the prompt with all the information and requirements/directions, as well as lecture video notes and a helpful Excel sheet note.

  • “Nature and Purpose of Business”

    1. Human Activities

    Human activities are actions performed by human beings to meet their needs. They are divided into two types:

    • Economic Activities: Activities performed with the objective of earning money and creating wealth (e.g., a teacher teaching in school, a farmer growing crops to sell).
    • Non-Economic Activities: Activities performed out of love, affection, sympathy, or patriotism without any expectation of monetary gain (e.g., a mother cooking for her family, social service).

    2. Meaning and Definition of Business

    Business refers to an economic activity involving the regular production and distribution of goods and services with the primary motive of earning profit by satisfying human needs.

    3. Characteristics of Business

    • An Economic Activity: It is done to earn a livelihood/money.
    • Production or Procurement: Business involves either producing goods or buying them from others to sell.
    • Sale or Exchange: There must be a transfer of goods or services for value (money).
    • Regularity in Dealings: A single transaction is not business; it must be a continuous process.
    • Profit Motive: The main goal is to earn profit.
    • Element of Risk: There is always uncertainty regarding future profits or the possibility of loss.

    4. Objectives of Business

    Business objectives are divided into four main categories:

    • Economic Objectives: Earning profit, market standing (increasing customers), and innovation (new products).
    • Social Objectives: Providing quality goods at fair prices, generating employment, and avoiding unfair trade practices.
    • Human/Individual Objectives: Providing good salaries, welfare facilities, and job satisfaction to employees.
    • National Objectives: Contributing to the country’s revenue (taxes) and helping in national self-sufficiency.

    5. Classification of Business Activities

    Business is broadly divided into two categories: Industry and Commerce.

    A. Industry (Production side)

    • Primary Industry: Concerned with the extraction of natural resources (e.g., Farming, Mining, Fishing).
    • Secondary Industry: Concerned with processing materials to produce goods (e.g., Manufacturing, Construction).
    • Tertiary Industry: Provides support services to primary and secondary industries (e.g., Transport, Banking, Insurance).

    B. Commerce (Distribution side)

    Commerce includes all activities that help in the exchange of goods from producers to consumers.

    • Trade: Buying and selling of goods (Internal Trade and External/International Trade).
    • Auxiliaries to Trade: Activities that remove hindrances to trade:
      • Transport: Removes the hindrance of place.
      • Banking: Removes the hindrance of finance.
      • Insurance: Removes the hindrance of risk.
      • Warehousing: Removes the hindrance of time (storage).
      • Advertising: Removes the hindrance of information.

    6. Business Risk

    Business risk refers to the possibility of inadequate profits or even losses due to uncertainties or unexpected events.

    • Nature of Risk: It arises due to uncertainties, is an essential part of business, and the reward for taking risk is profit.
    • Causes of Risk:
      • Natural Causes: Floods, earthquakes, famine.
      • Human Causes: Theft, strikes, dishonesty by employees.
      • Economic Causes: Change in market demand, competition, price fluctuations.
      • Other Causes: Political instability, technical changes.

    7. Starting a Business: Basic Factors

    Before starting a business, an entrepreneur must consider:

    • Selection of the line of business (what to produce/sell).
    • Size of the firm (Small scale or Large scale).
    • Choice of form of ownership (Sole proprietorship, Partnership, etc.).
    • Location of the business.
    • Financial requirement (Capital).
    • Physical facilities and Tax planning.

    Summary: This chapter teaches that business is not just about making money; it is a systematic activity of providing goods and services to society while managing risks and fulfilling social responsibilities.

  • Accounting Question

    Company Selection

    Each student must select one non-financial company from:

    Bahrain Bourse, or

    Saudi Exchange (Tadawul)

    Students must use financial data from the most recent two years.

    • All submissions will be checked using Turnitin.
    • The maximum acceptable similarity index is 15%.
    • The maximum acceptable AI-generated content is 15%.
    • must submit: 1. Written report (Word)
    • 2. Excel file with ratio calculations
    • 3. oral presentation summary

  • You solve the question

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  • Accounting Question

    Company Selection

    Each student must select one non-financial company from:

    Bahrain Bourse, or

    Saudi Exchange (Tadawul)

    Students must use financial data from the most recent two years.

    • All submissions will be checked using Turnitin.
    • The maximum acceptable similarity index is 15%.
    • The maximum acceptable AI-generated content is 15%.
    • must submit: 1. Written report (Word)
    • 2. Excel file with ratio calculations

  • Accounting Question

    Company Selection

    Each student must select one non-financial company from:

    Bahrain Bourse, or

    Saudi Exchange (Tadawul)

    Students must use financial data from the most recent two years.

    • All submissions will be checked using Turnitin.
    • The maximum acceptable similarity index is 15%.
    • The maximum acceptable AI-generated content is 15%.
    • must submit: 1. Written report (Word)
    • 2. Excel file with ratio calculations

  • Accounting Question

    Company Selection

    Each student must select one non-financial company from:

    Bahrain Bourse, or

    Saudi Exchange (Tadawul)

    Students must use financial data from the most recent two years.

  • Accounting Question

    Company Selection

    Each student must select one non-financial company from:

    Bahrain Bourse, or

    Saudi Exchange (Tadawul)

    Students must use financial data from the most recent two years.