Reference no: EM13985230
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 aims to identify, record, ad communication reliable and comparable information about business activities, it helps assess and exploit business opportunities, products, investments, and social and community responsibilities.
Recommendation: Financial reports can clearly state the profit and deficit that this company made in the past. The financial reports sometimes could help people to decide to make the investment or not. So, the owners should keep making the financial reports be clearly and enough for checking and estimating the investments. It really helps a lot in the company and investments.
Question 4:
What information would you like to obtain from your financial accounting system; besides how much income you are producing?
Business Owner: I would like to obtain how much I got and the problems that we faced in the past. I would like to obtain the tax and the cost of producing, too.
Business Owner answer converted to text-book language: The owner has to learn the businesses revenues and expense, net profit, or net loss and tax.
Attachment:- questions.zip
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