Accounting and reporting for a business entity – Savvy Essay Writers

The accounting and reporting for a corporate entity must be maintained apart from the other financial matters of the owners.

 

An income statement should be dated at a specific moment in time (such as “December 31, 2006”), whereas a balance sheet should be dated for a period (such as “For the year ending December 31, 2006”).

 

Businesses create financial statements at the conclusion of the year and more frequently as necessary.

 

In the majority of industrialized nations, generally accepted accounting rules (GAAP) are nearly equivalent.

 

An audit ensures that there are no errors in the financial statements.

Multiple Choice Questions

The primary purpose of the balance sheet is to

A) measure the net income of a business up to a particular point in time.

B) report the difference between cash inflows and cash outflows for the period.

C) report the financial position of the reporting entity at a particular point in time.

D) None of the above is correct.

On January 1, 2006, two individuals invested $500,000 each to form Jordan Corporation. Jordan had total revenues of $200,000 during 2006 and $250,000during 2007. Total expenses for the same periods were $120,000 and $140,000respectively. Cash dividends paid out to stockholders totaled $20,000 in 2006 and$25,000 in 2007. What was Jordan’s total stockholders’ equity at the end of 2006and 2007?

A) $1,000,000 and $1,065,000 respectively.

B) $1,060,000 and $1,145,000 respectively.

C) $1,100,000 and $1,170,000 respectively.

D) $1,210,000 and $1,410,000 respectively

Atlantic Corporation reported the following amounts at the end of the first year of operation, December 31, 2006: contributed capital $100,000; sales revenue $400,000; total assets $300,000; $20,000 dividends; and total liabilities $160,000. Retained earnings and total expenses would be

A) retained earnings $40,000 and expenses $340,000.

B) retained earnings $60,000 and expenses $320,000.

C) retained earnings $140,000 and expenses $240,000.

D) retained earnings $160,000 and expenses $220,000.

E) None of the above is correct.

Financial accounting

A) provides information primarily for external decisionmakers.

B) is required for corporations but probably would not be done by other business entities.

C) provides information primarily for the use of managers of the company.

D) has been practiced in this country for approximately the past 15 years

Hong Kong companies prepare their financial reports in terms of Hong Kong dollars, whereas Japanese companies report results in yen. This practice is an example of the:

A) Historical cost principle.

B) Materiality constraint.

C) Full disclosure principle.

D) Unit-of-Measure Assumption.

A company purchased a car, office furniture, and office supplies by issuing a check for $5,000 and a note payable for $19,500. The market value of the items was $28,500. The total recorded value of the items is

A) $28,500.

B) $19,500.

C) $24,500.

D) $31,300.

On a balance sheet, assets are listed in the order of

A) dollar amount (largest first).

B) date of acquisition (earliest first).

C) ease of conversion to cash.

D) importance to the operation of the business.

MJ company declares a cash dividend to be paid to its stockholders next month. The effect of the transaction is to:

A) decrease assets and liabilities.

B) increase assets and stockholders’ equity.

C) decrease assets and stockholders’ equity.

D) increase liabilities and decrease stockholders’ equity.

“Accounts Payable” refers to

A) an amount owed to a business.

B) an amount a business owes to a third party.

C) the bottom line on the income statement.

D) the total cash paid by a business during the year

When delivery of goods and services for $25,000 results in a cash receipt of$15,000 and the balance of $10,000 on account, the reported revenues for the time period are

A) $15,000.

B) $25,000.

C) $10,000.

D) $35,000

Exercises

Using the income statement model and the balance sheet model, fill in the missing amounts for each independent case below. Assume the amounts given are at the end of the company’s first year of operation.

Company Total Total Total Total Net Income/ Stockholder

Name Revenue Assets Expenses Liabilities Loss Equity

Randolph  $600,000  $350,000  $450,000  $130,000  ?  ?

Newman  $125,000  ?  ?  $90,000  $20,000  $55,000

Wiseman  ? $160,000  $90,000 ?  ($20,000)  $110,000

On December 1, 2009, Lucky SK Company, was started with $100,000 invested by the owners as contributed capital. On December 31, the accounting records contained the following amounts:

Accounts payable  $  100  Office supplies  $  500

Accounts receivable  3,900  Rent expense  1,500

Cash  25,000  Salaries expense  2,000

Contributed capital  50,000 Supplies expense  100 Consulting fees earned 10,500  Telephone expense  200 Dividends declared  2,100

Office equipment  24,100

Prepare an income statement in good form for December 31, 2009 which is the first month of operation.

Ignore taxes.

Last Updated on September 23, 2022

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How to Structure a Compare and Contrast Essay – Savvy Essay Writers

How to Structure a Compare and Contrast Essay

In this article, we are taking you through the structure of a compare and contrast essay, a construction that can be used to write any good compare and contrast essay of any study level.

A comparison and contrast essay is a great way to demonstrate your understanding of the topic you’ve chosen.

In this type of essay, you’ll compare two different things that are similar or have some connection.

You’ll then explain why they’re similar or different by giving examples and explaining how they work together.

Section: The first step in writing a compare and contrast essay is drafting your introduction section.

This will be your chance to introduce yourself as an author who can write well about something specific, so take this opportunity!

Section: Next up: Write out your body paragraphs.

Each one should begin with a sentence that tells readers “Here’s what I’m going to talk about.”

Then follow up with brief explanations of how each part compares/contrasts with another part so far (and ends with one last sentence that summarizes what’s been said).

Your Introduction in the Structure of your Compare and Contrast Essay

How to Structure a Compare and Contrast EssayThe introduction of your compare and contrast essay should be a short, simple paragraph.

You want the reader to know what they’re getting themselves into before they start reading the rest of your paper.

It’s also important to use this section as an opportunity to preview some of the information you’ll discuss later on in the body of your essay.

This will help keep readers engaged and make sure they stay tuned in until all their questions are answered!

For example: “The two novels discussed are Jane Eyre by Charlotte Bronte and Pride and Prejudice by Jane Austen.”

This short introductory paragraph is an excellent way to give your reader a preview of the novel you’re discussing.

You can also use this section to explain what makes your novel unique and how it fits into the larger context of literature.

For example: “Jane Eyre and Pride and Prejudice are both classic works of fiction that belong on any English literature syllabus.

Thesis Statement must be included in the Structure of a Compare and Contrast Essay

The thesis statement is a one sentence summary of your topic.

It should be the last sentence of your introduction, and it should be clear, concise, and specific.

Your thesis statement should also be debatable—that is to say that there are multiple ways you could write it depending on which point of view or perspective you have chosen to take on the topic at hand.

For example:

“In this essay I will compare and contrast two different methods for measuring the success rate of sports teams across various leagues around the world by looking at how they differ from each other in terms of their effectiveness in achieving goals set out by executives within organizations such as soccer associations or hockey leagues.”

The thesis statement should also be debatable—that is to say that there are multiple ways you could write it depending on which point of view or perspective you have chosen to take on the topic at hand.

Point-by-Point Organization (Block Method)

Compare and contrast essays are organized by comparing two or more things, or contrasting two or more things.

The first section of a compare and contrast essay should be the introduction.

This is where you explain what you’re going to do in your essay, how it relates to other essays that have been done before, and why this particular topic is important for your reader.

After that, there are several different types of compare-and-contrast structures:

  • Point-by-point organization—this type of organization involves organizing points into paragraphs based on similarities between them (e.g., “The first paragraph talks about similarities between both stories.”).

You can use this method when comparing two different ideas (like comparing apples with oranges).

  • Block structure—this method organizes points into blocks with each block consisting of three parts: topic sentence; main idea/jumping off point; supporting details/inference(s).

How to Structure a Compare and Contrast EssayYou can use this if there are multiple topics being discussed at once (e.g., comparing apples vs oranges), but only one main idea needs to be listed per page.

Instead, multiple main ideas on each page as well as additional supporting details within those sections.

This will help connect everything together into one cohesive whole rather than separate pieces floating around somewhere out there in space somewhere else entirely unrelated but similar enough.

Nonetheless, since both have something important in common which makes them similar enough despite differences between them both being so vast even though they seem small now but not necessarily because sometimes all those little things add up over time.

Topic 1 – Detail/Example

In this section, you will be writing about the topic of your essay.

You must give a detailed example of each of your topics and how they relate to one another.

Be sure to take into consideration every aspect of your paper when writing this section:

  • Detail/Example: Include specific facts and details about what you are discussing in your paper (for example, “I have found that by using such and such method, we were able to increase our sales by 20% in three months”). Also include any supporting evidence that supports these claims (e.g., graphs or charts).
  • Contrasting Examples: Compare one thing with another thing(s) through examples from both sides so that readers can see how they differ in some way; also note any similarities between them as well (e.g., similar benefits).

Topic 2 – Detail/Example

In this section, you’ll be comparing two opposing views or ideas.

You can use specific examples to illustrate your point, or simply describe how they are similar or different.

How you choose to structure your compare and contrast essay, or how you structure an argumentative essay is up to you; there’s no wrong way!

A good example of this would be comparing two political parties’ platforms on healthcare reform: Democrats want universal coverage while Republicans want more private options for people who can afford them.

The Democrats’ platform focuses on health care as a human right and subsidizing insurance for everyone who needs it; meanwhile, the Republican platform emphasizes affordable access to high-quality health care through measures like tort reform (reducing lawsuits against hospitals).

This is just one example of a political comparison essay you could write.

You could also examine how two different authors’ works reflect their cultural context, or compare the effects of globalization on local economies.

The possibilities are endless!

Conclusion (re-word your thesis statement)

The conclusion is a place where you can summarize your points and provide a final thought.

To make sure you’re getting your point across, try re-writing your thesis statement in the last sentence of this section:

“The compare and contrast essay is a good way to compare two different things while providing an interesting perspective on each.”

It’s important that readers understand what they’re reading and why it matters, so here’s how I would rewrite my original conclusion:

“The compare and contrast essay is a good way to compare two different things while providing an interesting perspective on each.”

I’ve highlighted two sentences that are particularly important.

The first sentence emphasizes how the compare and contrast essay is a good way to compare two different things while providing an interesting perspective on each.

The second sentence explains why this type of essay can be so useful: readers will be able to understand what they’re reading and why it matters.

Comparing and contrasting can be a tricky thing.

When it comes to comparison and contrast, there are two common misconceptions that students often have.

First, comparison is not the same as contrast.

Second, a single idea doesn’t necessarily need both types of writing.

The two terms are actually very different when it comes to structure:

  • Comparison focuses on similarities between two or more things; contrast focuses on differences between them.

For example: “My favorite animal is a monkey because they’re funny.”

In this sentence you can see how comparing different things works in practice—you compare monkeys with other animals (their physical characteristics), then make comparisons within the topic area of your essay (funny vs serious).

Contrasting implies taking two separate topics together for comparison at once—for example: “Monkeys aren’t always funny but they can be very smart!”

You might also use contrasting when comparing one thing with another that has nothing else in common besides being similar, like comparing apples and oranges (or sayings).

Conclusion of the Structure of a Compare and Contrast Essay

Take a minute or two to think about your paper.

Write down the topic you want to address, and use that as the framework for your introduction and conclusion.

Use the rest of your essay to compare and contrast 2 or 3 ideas from each side.

Section: Identify the main ideas of your essay

Section: Summarize these main points in a clear way using concrete examples

Section: Draw connections between them with specific details (e.g., “We can see that…”)

Section: Explain how these ideas relate to each other (e.g., “These two examples show that…”)

Last Updated on October 3, 2022

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Three Main Approaches to Database Programming – Savvy Essay Writers

List the three main approaches to database programming.

What are the advantages and disadvantages of each approach?

If you are starting to learn about databases and programming for them, you might be wondering what the best approach is.

There are many ways to access a database but each one has pros and cons.

This article will help you decide which approach works best for your situation by comparing three main approaches:

Three main approaches to database programming:

Database programming is a type of programming, which uses databases to store and retrieve data.

There are three main approaches to database programming:

Structured Query Language (SQL) is a language used by programmers to access data in relational databases.

SQL can be used to create tables containing information about the contents of those databases, such as names, addresses, phone numbers and so on.

It also allows you to retrieve specific rows within these tables by specifying criteria like “find all people whose name begins with ‘N’” or “find all customers who bought more than $100 worth of goods within the last six months”.

This method allows us great flexibility when it comes time for us “to get our hands dirty”

1. Using the database-specific APIs provided by database vendors, such as Oracle’s JDBC and ODBC drivers, Microsoft’s ADO.NET, and so on.

The first approach is to use the database-specific APIs provided by database vendors, such as Oracle’s JDBC and ODBC drivers.

This approach provides a unified way to access data from multiple databases and can be used to access data from a single database using multiple languages.

In addition, this approach can also be used when you want to access the same table in multiple languages at the same time (for example, if it’s an application written in C++).

2. Using a vendor-independent API or APIs that supports multiple database products with a common interface, such as JDBC and ADO.NET.

How to code against a database is one of the most important decisions you will make when developing an application.

You have to choose between two approaches:

  • Using a vendor-independent API or APIs that supports multiple database products with a common interface, such as JDBC and ADO.NET; or
  • Using an API that is vendor-specific and therefore tied to a specific database product (e.g., Oracle).

3. Using data access objects (DAOs). This is the most flexible approach and is independent of specific databases and their APIs

If you’re using a legacy database and don’t have access to the source code, then you’ll have to use DAOs. A DAO is a simple Java class that encapsulates the details of accessing a database.

This means that it hides all of the complexity of accessing the database from other classes in your application, which makes it easier to reuse across applications.

But if you do have access to source code, then there’s another option: writing your own custom stored procedure or function instead—something we’ll explore later on in this article series!

Conclusion

This essay has covered the three main approaches to database programming.

We’ve looked at how you can use vendor-specific APIs and a common interface, as well as data access objects (DAOs).

References

Troussas, C., Krouska, A., & Sgouropoulou, C. (2022). Double-Layer Controller for Detecting Learners’ Erroneous Knowledge in Database Programming. In International Conference on Intelligent Tutoring Systems (pp. 204-212). Springer, Cham.

Sarcar, V. (2020). Database Programming. In Getting Started with Advanced C# (pp. 283-339). Apress, Berkeley, CA.

Last Updated on October 12, 2022

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Team Building Skills – Savvy Essay Writers

What are the pros and cons of having a diverse team? As a leader (or hypothetical leader), how would you structure a diverse team in order to have a creative and innovative team?

There is a misconception that gender diversity is about hiring more women, but it’s about creating an environment where both genders feel empowered to speak’. Being able to have a diverse and dynamic workforce allows the organization to innovate, create and contribute at a higher level.

This will enable the organization to be successful in the long run and will assist with achieving the CEO’s goals.

Diversity envisions every individual having the opportunity to reach his/her full potential, and is an essential ingredient to success. It’s not only a macro social issue but a positive enterprise advantage as well (Cakir, 2021).

The argument for having female leaders is that women have different leadership styles than men which leads them to make better decisions in some situations.

For example, in sales, they are more likely to lead by building rapport and understanding the customer instead of just following orders like their male counterparts.

The most obvious argument for having gender diversity is that there should be equal opportunity for both genders to have a job opening no matter what their gender is. This is apparent in the workforce because of the representation of females in jobs.

Having a diverse team can be similar to having women on all teams, but not just limited to that, it can be just having a mix of genders on an individual team.

A key aspect of having gender diversity is understanding each person’s strengths and weaknesses and finding a way for them to still function as an integrated unit. Having gender diversity can help in collaboration by acknowledging the differences between men and women so that everyone feels comfortable working together.

It also creates a culture of flexibility which can help create an environment where people are able to expand their leadership style; leading to more innovation and creativity. It is good for a business because it helps them think more critically, and it’s a good thing because it reduces the gender pay gap.

For instance, women have different leadership styles compared to men. A woman with power over others is not the same as a man who has authority. Women tend to be more collaborative, nurturing, and sensitive than men. Women may shy away from using power over others, instead of being authoritative.

Women are also less assertive and can be more indecisive in certain situations. During these situations, men may take over and make a decision on their own without the influence of others or their team. This is an example where gender diversity comes into play because women would have made a different decision in this situation (Sharma, 2018).

Women are more likely to share the credit for the work that they do. In turn, this leads to women being less likely to have a job that is based on merit instead of who they know or what connections they have.

Frustration can arise if a lack of gender diversity is seen as the cause of problems that can be fixed by having female leadership. However, excluding women from leadership positions may result in losses in talent due to the under-representation of females in leadership roles.

 

References

Cakir Ömer. (2021). Cultural diversity management challenges and advantages of culturally diverse teams in the company (1. Auflage). GRIN Verlag. Retrieved October 25 2022 from https://nbn-resolving.org/urn:nbn:de:101:1-2021051203323997952152.

Sharma N. Singh V. K. & Pathak S. (2018). Management techniques for a diverse and cross-cultural workforce. IGI Global Business Science Reference.

Last Updated on October 25, 2022

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