1. Who are the stakeholders involved in this decision? Although Anne‚ the CEO‚ and Sue‚ the accountant are involved in this decision it is the banks‚ Linkage Construction Inc. employees and investors‚ and subcontractors if any are used are the affected stakeholders involved in this decision. 2. What are the ethical issues involved? The ethical issue involved is changing the expense report to show lower expected profits for the current year just to manipulate the growth trend of the company which
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Dora’s Balance Sheet Balance Sheets A general ledger is the foundation of a company ’s financial records‚ as they constitute the central summary of a company ’s financial system. Every transaction is recorded through the general ledger. These records remain as a permanent track of the history of all financial transactions since the opening day of the company (Exodus Wellness Center.). The purpose of any business is to increase the owner ’s equity through solid revenues. These revenues increase
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HSM 260 Checkpoint Scavenger Hunt Week 1 July 29‚ 2011 GAAP- (Generally Accepted Accounting Principles) - The rules that govern the way accountants generate financial reports. http://www.investopedia.com/terms/g/gaap.asp Basic accounting formula- The formula used in accounting that shows the total assets‚ liabilities‚ and the shareholders equity. Assets = Liabilities + Shareholder Equity. http://www.investopedia.com/terms/a/accounting-equation.asp Transaction‚ t-account- An analysis
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Definition Scavenger Hunt HSM/260 1. GAAP: Generally Accepted Accounting Principles. A collection of rules and procedures and conventions that are put together and defined as accepted accounting practice. This all includes the broad guidelines and the detailed procedures. http://wordnetweb.princeton.edu/perl/webwn?s=gaap 2. Basic Accounting Formula: Assets= Liabilities + Shareholders’ Equity. Assets: tangible and intangible assets of a business (cash‚ accounts receivable‚ inventory‚ fixed
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Accrual Method Checkpoint October 2‚ 2011 HSM/260 In a nonprofit organization it is important to make sure we are utilizing the best accounting system for our organization. Organizations that are non-profit are expected to provide financial statements that are based upon the accrual method of accounting. The accrual method of accounting differs from cash basis accounting. In the accrual method‚ income is recognized when services are rendered (Kokemuller‚ 2013)
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Accrual Method HSM/ 260 -Financial Management for Human Services Managers July 12‚ 2012 Accrual Method The accrual method records the transaction even before the organization has received the money for the services. The accrual method works the best for nonprofits organizations then profit organizations. For example‚ if the organization supplying a service records the cost of the services‚ and does not wait until they receive the money for the services rendered. The accrual method shows
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Capstone 9 Usha Dillard April 17‚ 2013 HSM/260 Wanda Rainey-Reed I think it is very important especially if you want to improve the services that are being provided to the clients‚ no organization wants to have a loss‚ and every organization wants to have growth‚ especially when it deals with health sector. So having a proper financial management for the human service organization would give it an edge over other organization in Quality of Service and Net growth per year. Which I think that
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Catalog of Federal Domestic Assistance HSM/260 Catalog of Federal Domestic Assistance Financial support is a commonly agreed issue for human service organizations. Programs offered to the target population can be costly and knowing where to seek funding is a must. The XYZ Company is a nonprofit making agency integrated in section 501c3 of the United States Internal Revenue Code. This organization provides consumers in El Paso County‚ Texas who are in great requirement of psychiatric counseling
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books. It provides a method of organization. http://blog.reallifeaccounting.com/2005/12/07/t-accounts-a-great-tool-for-solving-accounting-transactions/ * General ledger: All transactions are documented in the general ledger. It is the foundation to track all transactions. http://www.businesstown.com/accounting/basic-general.asp * Debit: Either a decrease in liabilities or an increase in assets that is to pay off an outstanding debt. http://www.ehow.com/about_4686299_definition-of-debit
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increase in assets or decrease in liabilities | 6. Credit | * All entries on right side of a t account; increase in assets | 7. Account balance | * The total of a t account once all the credits and debits have been calculated | 8. Trial balance | * A way of checking the math in an account to ensure the credits and debits are equal | 9. Journal | * Transactions listed in the order which they occurred. For instance‚ a check book record could be considered a type of journal
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