describe what profit and loss accounts are. PROFIT AND LOSS ACCOUNT By law business are required to provide annual financial statements‚ which will appear in their company report‚ there are two main types of financial statements‚ one is balance sheet and the other is a profit and loss account. A profit and loss account is a record which can be updated regularly and generally shows businesses transactions made over a period of time (usually within 12 months)‚ An example profit and loss account
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Wild Water Sports Ch 10A Balance Sheet Budget vs. Actual As of April 30‚ 2016 Apr 30‚ 16 ASSETS Current Assets Checking/Savings Bank of Florida Short-Term Investments $ Over Budget % of Budget 76‚237.45 19‚600.00 60‚000.00 30‚000.00 16‚237.45 -10‚400.00 127.1% 65.3% Total Checking/Savings 95‚837.45 90‚000.00 5‚837.45 106.5% Accounts Receivable Accounts Receivable 492‚017.50 500‚000.00 -7‚982.50 98.4% Total Accounts Receivable 492‚017.50 500‚000.00 -7‚982.50 98.4% Other Current
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Profits Katherine Carpenter Liberty University Econ 213 Gwartney states that profits are; “An excess of sales revenue relative to the opportunity cost of production. The cost component includes the opportunity cost of all resources‚ including those owned by the firm. Therefore‚ profit accrues only when the value of the good produced is greater than the value of the resources used for its production.” An example of a profit would be bakery offers a cheesecake for $20 and the total cost to make
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D. Cite at least one example of when your leadership had an impact on or changed a certain situation‚ and justify how an IE Master’s Degree program would help you to strengthen or improve this competence (400-600 words) The first project I was put in charge of was a small part of a larger project that dealt with analyzing the IT applications portfolio of a utility company. Our small team included myself and a newly hired analyst with little professional experience. As this was my first opportunity
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A baker is one who specializes in the manufacturing of baked goods. Baked goods include breads as well as desserts such as cakes‚ pies and all other kinds of food. The reason I have chosen this is because I like cooking every much. Some point I want to be baker and after having some good experience in it. I want to open my own restaurant in Goa. Salary:- Bakers can earn between £13‚000 and £19‚000 a year. With experience‚ specialist skills or supervisory responsibilities; this could rise to
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The actual democratic states are the one which are also the welfare states. The states like Norway‚ Denmark and Finland are the welfare states. The people select the people who are going to lead the country and the people then work hard for the betterment of the people who select them. They work for the welfare of the people and take the leadership as a pure responsibility towards the state and towards the people as well. This article started a new debate in the corners of the country
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The Diversity Profit Equation Corporate White Paper Written By: Craig B. Clayton‚ Sr. Published By The Diversity Profit Rutgers University - Paper Attached Journal – “The Diversity Factor” Equation dPE This document explains the process of calculating the impact of Diversity and Inclusion efforts on the organizations top line‚ bottom line and pipeline. It was written by Craig B. Clayton‚ Sr. one of the worlds leading experts on D&I and ROI. He holds a process patent on the Diversity
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: [ 4 x 5 = 20 marks ] (ii) Anil and Mukesh are partners sharing profit and losses in the ratio of 3 : 2. Govind is admitted for ¼th share of firm. Thereafter Madan enters for 20 paisa in a rupee. Compute new profit sharing ratios under both the admission of partners. (iii) The following Goodwill Account was opened by the partners of R and S‚ on the admission of H as a new partner into firm Om and Sons. Calculate the share of profit agreed to be
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and the continuous comparison of actual with budgeted results‚ either to secure by individual action the objectives of that policy‚ or to provide a firm basis for its revision. The primary objective of budgetary control is to help the management in systematic planning and in controlling the operations of the enterprise. The primary objective can be met only if there is proper communication and coordination amongst different within the organization. Thus the objectives of budgetary control can be stated
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Capital Structure and Profit Capital Structure Definition A unite of a company’s long-term debt‚ specific short-term debt‚ common equity and preferred equity. The capital structure is how a firm finances its overall operations and growth by using different sources of funds. Debt comes in the form of bond issues or long-term notes payable‚ whereas equity is classified as common stock‚ preferred stock or retained earnings. Also‚ Short-term debt such as working capital requirements is considered
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