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What is Finance, Approaches to finance function, Traditional approach, Modern approach, Limitations Of Traditional Approach, Profit maximization approach, Wealth Maximisation approach,
Small business owners are entrepreneurial spirits with a particular talent or trade. While passionate about their craft, the financial aspects of running a business often present new challenges they are unprepared for. Even experienced business owners encounter new aspects of financial management as their businesses grow and expand. In this presentation, we will cover the principles of effective financial management every small business should know.
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ACC560 Week 10 Homework:
Chapter 14: Financial Statement Analysis
E14-11 Wiemers Corporation’s comparative balance sheets are presented below.
Honghao Lu
February 7 2016
Chapter 1- Introduction to Accounting
Question 1: How does the business maintain its financial records? Who does the accounting for the business? What accounting or record system is used?
Business Owner: Keep recording every single income and output in the company and be sure to make everything be legal. The accountant will do the accounting things. Everything would be recorded on the book and then upload into the computer data.
Business Owner answer converted to text-book language: The collection, processing and reporting of data used to make business decisions are critical. Both internal and external users use the accounting information, analysis completed and reports generated. They would use the managerial accounting, income statement, balance sheet, owners equity, cash flow statements, and
Recommendation: Make sure to record every data by some modern technology such as computers and do not only let the accountants do the accounting for you, but also let everyone who engaged into your business understands some concepts of accounting to make some correct business decisions.
Question 2: Who periodically review and analyzes the accounting records? What reports are generated? How are they used to manage the business?
Business Owner: Managers and the superiors will periodically review and analyzes the accounting records. Those reports include all the income and output that has been used in the past time. They are used to record everything and make sure everything be legal.
Business Owner answer converted to text-book language: The internal users include managers, officers, internal auditors, sales staff, budget officers, controllers and employees would periodically review and analyzes the accounting records. The businesses assets, liabilities and owners equity as the last day of an accounting period are generated. They are used to produce the various business analysis and make business decisions.
Recommendation: Everyone in the company should know some knowledge to face some emergency situations. Especially for managers and officers, they should review and analyzes the records every month or even every week because the accounting reports periodically record the profit and deficit that the company made. Those are really important for the owners to control the company’s economy.
Question 3: How well do you understand the financial reports generated by your accounting system? How well do you utilize the information to make business decisions?
Business Owner: I understand that the financial reports clearly record my company’s profit they made in the past. The information that I have will lead me to think more about its back meaning so that I can make decisions.
Business Owner answer converted to text-book language: Accounting is an informative system that.
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4. Forward Some of the information in this presentation is complicated and generally takes more than one day to learn. The best way to learn it is through practice using a work book and real-life examples. We recommend consulting a professional before making any big financial decisions or changes
6. Getting Started: Key Terms Bookkeeping – basic recording of various financial transactions. Asset – something you currently, or will own in the future. Liability – something you owe to someone else. Accounts receivable – money owed by customers. Accounts payable – money owed to others.
7. Key Terms Cash flow – a revenue or expense stream Cash receipt – cash received Cash disbursement – cash paid Revenue – all incoming money Expenses- all outgoing money
8. Key Terms Profit/Surplus – when revenue minus expenses results in a positive number Deficit – expenditures were greater than revenues Net – total before deductions Gross- total after deductions
10. Process: Basics There are two ways to do this: Cash basis Accrual basis. The greatest difference between the two is how you record transactions.
11. Process: Posting Your Transactions There are several ways to keep track of your financial records. I’ll give you a high-level overview of two methods: 1. Single entry 2. Double entry
13. Process: Double Entry The double entry method is the preferred method of recording transactions. This method may seem complicated at first, but it will make things easier in the long run. When done correctly, your books will always balance
23. Profit and Loss Statement Shows changes in assets throughout the year Reflects if an organization is operating with a surplus or deficit Highlights areas of concern Is typically required for loans
24. Balance Sheet Shows the overall value of your organization Shows total assets, subtracts total liabilities, and reports net assets Generally reviewed at year end Banks or accountants may ask for this document.
25. Cash Flow Statement Provides information about all cash inflows and outflows from operations and investments Shows changes in cash throughout a given time period (quarter or year) It is important to know how much cash your organization has
27. Manual Record Keeping Advantages: You can organize the information using your own system You will gain a better understanding of the process and it can be an excellent learning experience Disadvantages: There is a lot of room for error You need to be highly organized and stay on top of the process Your accountant may not understand your system Can be very time consuming and stressful
28. Computer Based Record Keeping Advantages: Makes entries easier and quicker Automatically updates ledgers Easily creates financial reports Disadvantages: You may not understand how the accounting process really works You may become less diligent about keeping records Software can be expensive and may take time to learn
29. Outsourcing Advantages: Create and manage your income and expenses Handle all of your federal and state report forms Handle your key documents Create Reports Ensure compliance with regulations & industry standards Decreases opportunity cost of time spent supervising, training, & correcting records, entries, and other flaws
30. Outsourcing Disadvantages: You are removed from the process You may not understand how the accounting process really works This can become costly (but doesn’t have to!)
32. Conclusion Financial management is necessary for every organization Several methods can be used to fulfill common tasks and reach common goals Financial management can be complex, although with the right knowledge, resources, and tools, it doesn’t need to be stressful, or overly expensive Consult a professional if you have concerns about your organization's finances