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Case Upon - Understanding Accounting Vocabulary
In order to form a corporation in California, the first step is to reserve a corporate name. The articles of incorporation are drafted and submitted to the California Secretary of State, Corporate Division. After the articles of incorporation have been submitted, the first meeting of directors and stock issuance will be held. The basic formation of a California corporation is thus complete. The following points constitute a guide to California corporations.There are 3 basic ways to submit a form for incorporating in California. They are filing the paper work yourself, hiring an attorney to
For example, if you were a carpenter you might pay cash for a bucket of nails to assemble hand made wooden deck chairs. The nail purchase is a transaction and will have to be counted as a business expense. In your workshop, you th
If you've ever bought inkjet printer cartridges, whether for your own business or your employer, you know how expensive they can be. It doesn't really matter what industry your business is in, you've probably got reams of reports, announcements, invoices and other paperwork that you have to print regularly.The end result of this constant stream of printing is that you have to replace the ink in one or more of your printers on an ongoing basis. This can send your monthly office supplies expenses through the roof, particularly if you buy your ink cartridges from your local office supply stor
When you learn something new like accounting concepts and terms, it helps to create links between what you know and what you are trying to learn. In some ways, it is like learning a second language and decoding the new word is part of the learning process. For example, trying to translate the Spanish word necesario you might brainstorm with necessary - and you would be right. How about blanco? Blanco is like blank which is like white. So, blanco is Spanish for the color white.
Try to make some logical connections about the accounting vocabulary. Take the word - accounting - and think about it. Really, the accounting system is a basic counting of what goes on in your business.
Let’s move on to transactions. Transactions are the business activities, or actions, that build day by day and become your expenses and income. Try to think about the term - transactions. Actions are business activities, and trans means across or thru. These are the basic building blocks of an accounting system. Transactions are to accounting like what raw materials are to a factory, or gasoline is to your engine - the transactions are real and how your accounting system handles them impacts your business.
You must keep a record of your transactions to know how much money your business earned and how much money your business spent. Sounds obvious, right? Ask your bookkeeper or accountant how obvious some transactions are. It can get tricky quickly if you are not clear about what happened in the transaction and how you want it recorded.
For example, if you were a carpenter you might pay cash for a bucket of nails to assemble hand made wooden deck chairs. The nail purchase is a transaction and will have to be counted as a business expense. In your workshop, you the
Are you a homeowner or a business owner in the Dallas area? If so, is your home or office carpeted? If it is, there is a good chance that you may need to have your carpets cleaned. Although carpeted flooring is nice, it can show signs of wear and tear or dirt quicker than hardwood or tiled flooring. If you are in need of having your carpets cleaned, whether those carpets are in your home or in your office, you may be wondering whether or not you should seek professional assistance.When it comes to carpet cleaning, there are many Dallas homeowners who choose to do their own carpet cleani
Try to make some logical connections about the accounting vocabulary. Take the word - accounting - and think about it. Really, the accounting system is a basic counting of what goes on in your business.
Let’s move on to transactions. Transactions are the business activities, or actions, that build day by day and become your expenses and income. Try to think about the term - transactions. Actions are business activities, and trans means across or thru. These are the basic building blocks of an accounting system. Transactions are to accounting like what raw materials are to a factory, or gasoline is to your engine - the transactions are real and how your accounting system handles them impacts your business.
You must keep a record of your transactions to know how much money your business earned and how much money your business spent. Sounds obvious, right? Ask your bookkeeper or accountant how obvious some transactions are. It can get tricky quickly if you are not clear about what happened in the transaction and how you want it recorded.
For example, if you were a carpenter you might pay cash for a bucket of nails to assemble hand made wooden deck chairs. The nail purchase is a transaction and will have to be counted as a business expense. In your workshop, you th
When you speak in your native language, you don't have to think about the grammar or the words you use. Correct sentences seem to just come to you. Your brain uses sentences you've already seen or heard. If you want to learn to speak the English language fluently, you have to learn it the way you learned your native language, by reading and listening.Reading and listening to the English language will help you develop English language intuition. Learning the English language is all about putting lots of proper sentences in your head. Your brain can then imitate them and produce similar Engl
Let’s move on to transactions. Transactions are the business activities, or actions, that build day by day and become your expenses and income. Try to think about the term - transactions. Actions are business activities, and trans means across or thru. These are the basic building blocks of an accounting system. Transactions are to accounting like what raw materials are to a factory, or gasoline is to your engine - the transactions are real and how your accounting system handles them impacts your business.
You must keep a record of your transactions to know how much money your business earned and how much money your business spent. Sounds obvious, right? Ask your bookkeeper or accountant how obvious some transactions are. It can get tricky quickly if you are not clear about what happened in the transaction and how you want it recorded.
For example, if you were a carpenter you might pay cash for a bucket of nails to assemble hand made wooden deck chairs. The nail purchase is a transaction and will have to be counted as a business expense. In your workshop, you th
The Power Team is a loosely knit group whereas an alliance is much different. The alliance is where an already established company needs expertise in a certain area. This expertise comes from an outside source such as a contractor or expert in the area. The alliance in simple terms, hires the expert for a short period of time to do the work. I have an alliance with a company that specializes in doing financial analysis for an equity partner. When they need someone to analyze the business processes for additional information, they call me in. I also, in turn, call in the financial analyst when I n
You must keep a record of your transactions to know how much money your business earned and how much money your business spent. Sounds obvious, right? Ask your bookkeeper or accountant how obvious some transactions are. It can get tricky quickly if you are not clear about what happened in the transaction and how you want it recorded.
For example, if you were a carpenter you might pay cash for a bucket of nails to assemble hand made wooden deck chairs. The nail purchase is a transaction and will have to be counted as a business expense. In your workshop, you th
To install or not to install?This question is at the forefront of debates concerning the management of nursing homes. At present, the issue of whether or not to put security cameras in nursing homes and where these should be placed is extremely controversial and is far from resolved.Merits of Installing Security Cameras in Nursing HomesThe most important argument in favor of security cameras is their deterrent value against abuse and substandard care. These security cameras have been given the moniker "granny cams" and are said to be a positive step in reducing the potential
For example, if you were a carpenter you might pay cash for a bucket of nails to assemble hand made wooden deck chairs. The nail purchase is a transaction and will have to be counted as a business expense. In your workshop, you then assemble the chair using a pneumatic nail gun, sand paper, stain and varnish. The next day you deliver the chair to a customer in a neighboring town. You hand the customer a sales slip and they then write you a check. That, too, is a transaction. It is easy to see the transactions when money is spent or received. Did you, however, see the other transactions?
The stain and varnish, nail gun use and chair parts were also part of the transaction. What about the gasoline and truck used to deliver the chair? Did you have any left over nails or did you use them all? Maybe there is a little life left in the sand paper but it is not new anymore, is it? If we do not account for those costs we are missing a piece of the picture-an important piece-that could affect how much money you have at the end of the year.
In all your business activities, try to think in terms of transactions because once you can identify what transactions occur in your business, you will be able to organize them into a meaningful manner. Right now, take a minute to list what transactions occur in your business each day, week and year. Always thinking in terms of transactions might seem miserly, but it is important to be cost-conscious and honest with yourself about all your transactions. Your success in business depends upon it.
Some transactions are initiated by customers and suppliers. Other transactions can take place inside your business or back office. The bookkeeping department creates transactions when they adjus
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