Accounting and the Four Basic Accounting Statements Accounting is a body of principles and conventions as well as established general process for capturing financial information related to an entity’s resources and their use in meeting the entity’s goals (Kaliski‚ 2007). It is essential for companies to have educated and trained accountants to analyze and maintain their financial information. Accountants use four different types of financial statements to accomplish this. The purpose of accounting
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List and explain the four basic functions of management and provide an example of how a manager would use each function in their work. In order to be a good and effective manager one must possess four basic characteristics. He or she must be able to plan‚ be organized‚ have good leadership skills‚ and have control of their work environment. Management is explained by Robbins & Coulter (2007)‚ as someone who coordinates and oversees the work activities of others so that their activities are
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communicating economic events that affect a company (Weygandt‚ 2008). Because various factors can influence an organization ’s financial situation‚ the role of accounting is vital in which these three activities are conducted. FOUR BASIC FINANCIAL STATEMENTS The four basic financial statements are: income statement‚ retained earnings statement‚ balance sheet‚ and statement of cash flows. Companies typically produce different forms based upon the information needs
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Basic Financial Statements Accountants‚ business owners‚ investors‚ creditors and employees use four basic financial statements of an organization to determine the financial well-being and future earnings potential of that organization. Financial statements are a key tool in seeing and understanding the past‚ present and future condition of an organization. What are these financial statements and what do they mean to the reader? Do the financial statements mean something completely different to
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The Four Basic Financial Statements In the field of accounting‚ the basis of all decisions comes from the calculating and reporting of financial statements. Without these statements‚ a company may lack in organization skills which could lead to huge errors being made. These huge errors could cost a company millions of dollars. Knowing that‚ it is important to make sure that these reports are done accurately and in a timely fashion so that mistakes do not become catastrophes. Income Statement
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element In generally used computers one can find that there are four basic computer elements following are the elements. (1) ALU (Arithmetic Logic Unit): The ALU is the digital circuit that is able to perform different types of functions‚ such as Addition‚ Subtraction‚ and Multiplication etc. (2) Control Unit: The control unit is the part of CPU (central processing unit) or other devices that performs the duty to direct its operations‚ the control unit is just like a finite state machine
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(http://www.dictionary.com) In kitchen chemistry today‚ there are many types of food molecules such as minerals‚ vitamins‚ fiber‚ and water. But there are four molecules that people refer to as food‚ also known as the four basic food molecules‚ which can be used to produce energy which are carbohydrates‚ lipids‚ proteins‚ and alcohol which is not considered a basic nutritional component of food. Protein is a compound that’s made up of amino acids that are joined by peptide bonds. It is considered the most
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The Four Basic Styles of Communication Passive Aggressive Passive-Aggressive Assertive 1. PASSIVE COMMUNICATION is a style in which individuals have developed a pattern of avoiding expressing their opinions or feelings‚ protecting their rights‚ and identifying and meeting their needs. Passive communication is usually born of low self-esteem. These individuals believe: “I’m not worth taking care of.” As a result‚ passive individuals do not respond overtly to hurtful or anger-inducing
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The definition of psychology is referred to as an investigation of various mental processes and how a person behaves‚ (Kowalski & Weston‚ 2011). Psychology in itself has developed many schools of thought over the years. Below‚ this paper will discuss psychology’s schools of thought as well as the biological foundations of behavior that accompany it. The four main perspectives of psychology are psychodynamic‚ behaviorism‚ evolutionary‚ and cognitive. Beginning with the psychodynamic theory‚ this
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the sender to show that the receiver had understood the message given by the sender. Those Five steps shows how the communication process can work successfully but there are four goals in Business Communication that needs to be concerned as it will shows us whether the communication is successful or not. The Four Goals of Business Communication are:- Receiver Understanding As we all know that an effective communication process involves sending information from the sender to the receiver
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