Unit 7 Final Project Part 1
One concept that I have chosen is percentages. A percent is a fraction that has a denominator of 100. Finding the percent of a number, and finding the missing percent could be very useful in the profession that I have chosen. The profession that I would like to pursue is accounting. Using percentages is used in many ways in accounting. One way is to do a trend analysis. A trend analysis calculates the percentage change for one account over a period of time of two years or more. An example of this would be to do a trend analysis on the accounts receivable account, in 2010 the net accounts receivable was $18,748 and in 2011 the net accounts receivable was $19,212. To find the increase or decrease for that period you start by subtracting the later year by the earlier year, second divide the change by the earlier years balance, the result is the percentage change. $19,212 - $18,748 = $464. $464/$18,748 = 2.5%.
Another concept that could be used in an accounting profession is combining like terms. Like terms are terms that have identical variables and exponents. Like terms must have exactly the same letter parts. Using like terms may not be exactly the same in accounting as in algebra, but it is the same concept. You can only add things to the same accounts; you cannot add a cash total balance to an insurance expense account. An example of combining like terms in accounting is having $600 spent on rent, $350 spent on supplies, $75 spent on insurance expenses, and $123 spent on supplies. You cannot add all of the numbers together they are different accounts the only two that can be combine are the two supplies expenses. $350+$123=$473 on supplies. Reference:
Tobey, J., Slater, J., & Blair, J. (2010).College Algebra . Upper Saddie River: Custom Publishing.
Please join StudyMode to read the full document