Benefits of Accounting
Benefits of Accounting
Accounting II has proven to be a successful course to take, especially when entering into the business field. Accounting has many key concepts in which I feel that I have benefited from. Although at times I found myself struggling, I pushed through and persevered. The key concepts that I feel that will help me as I enter the business field is the ability to understand how accounts receivables and payroll affect a business. I think the hardest concepts for me in this course were stock transactions and dividends. So those will have to be a couple that I still need to focus on, as I feel they will be essential to having a successful business. Accounts receivables is a claim against the customer created by selling merchandise or services on credit and are classified on the balance sheets as a current asset. Accounts receivable is generally considered in calculating the value of a business or the business’ problems in paying its own debt. Since I plan to open my own business sometime in the near future, I feel this is a vital concept on which I should have a firm grasp and clear understanding. I don’t want to be overly-eager and buy or start a business and place too high a value to the accounts receivable without considering the chances of collection and placing myself in a position where I may have more debt than profit. Accounting has provided me with useful concepts on accounts receivable and I feel that I am now more prepared to enter the next phase of the business world. Payroll is the total amount paid to the employees for a certain period and is subject to federal and state regulations. As an employer I would be obligated to have certain forms, such as, W-4’s also known as ‘Employee’s Withholding Allowance Certificate’ filled out by employees to ensure proper deductions for income tax purposes per FICA. Payroll is a very important concept to any business. Employees are sensitive to payroll errors and irregularities, so
Accounting II has proven to be a successful course to take, especially when entering into the business field. Accounting has many key concepts in which I feel that I have benefited from. Although at times I found myself struggling, I pushed through and persevered. The key concepts that I feel that will help me as I enter the business field is the ability to understand how accounts receivables and payroll affect a business. I think the hardest concepts for me in this course were stock transactions and dividends. So those will have to be a couple that I still need to focus on, as I feel they will be essential to having a successful business. Accounts receivables is a claim against the customer created by selling merchandise or services on credit and are classified on the balance sheets as a current asset. Accounts receivable is generally considered in calculating the value of a business or the business’ problems in paying its own debt. Since I plan to open my own business sometime in the near future, I feel this is a vital concept on which I should have a firm grasp and clear understanding. I don’t want to be overly-eager and buy or start a business and place too high a value to the accounts receivable without considering the chances of collection and placing myself in a position where I may have more debt than profit. Accounting has provided me with useful concepts on accounts receivable and I feel that I am now more prepared to enter the next phase of the business world. Payroll is the total amount paid to the employees for a certain period and is subject to federal and state regulations. As an employer I would be obligated to have certain forms, such as, W-4’s also known as ‘Employee’s Withholding Allowance Certificate’ filled out by employees to ensure proper deductions for income tax purposes per FICA. Payroll is a very important concept to any business. Employees are sensitive to payroll errors and irregularities, so