Business idea

It is very important to have accountant in your business. In video Maureen Costello said if you don’t have understanding of accounting that your business will fail. The important of accounting is to control money. She stated how cash is important for business even if you have profit coming in but you don’t have cash your business will fail.

Why are financial statements important? Financial statements are very important for IRS. Make sure you paying taxes on your business and you need to have statement for all the money that is coming in business and out business.

Also Finances statements are important for banks if you asking for loan. It is important to give prove of your income and run of your business to be approved for that loan.

Using the information presented in the video and the material from Chapter 13, discuss at least three other ways in which accounting knowledge can benefit a small business owner or entrepreneur. Accounting can benefit business from fraud and waste of money. If you have bank statement that don’t match with your checks books you can see if someone changed you extra then they should so you can stop future problems.

For example, at my job there was lady who cashed same check twice and company didn’t know until end of the month when they were doing analyzes on money going out. Other reason why accounting can benefit small business owns is to determent salaries, paid time off, vacations, sick days, benefits, if they can hire more people, and other things when it comes to employees. Also accounting can help you make decision for future of your company. For example, if you want to make your business bigger account can help you make decision what you can afford and what you can’t to make your business bigger.

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An Adventurous Attitude was Characteristic of Roosevelt

“It is common sense to take a method and try it,” explained Franklin D. Roosevelt in 1933. “If it fails, admit it frankly and try another. ” This adventurous attitude was characteristic of Roosevelt, who in his four terms as President, made boundless efforts to end the Depression of the 1930s, and to turn back the Axis Powers in World War II.

Depression-stunned Americans first elected Roosevelt to office in 1932, after he promised them a new deal for American people. Roosevelt plunged into the Presidency determined to restore American confidence, because he felt that he national government had the final responsibility for the people”s welfare. Between March and June 1933, known as the First Hundred Days, Roosevelt easily persuaded Congress to create a series of New Deal agencies to combat the Depression.

The agencies formed included the Civilian Conservation Corps, Federal Emergency Relief Administration, Agricultural Adjustment Administration, Tennessee Valley Authority, Farm Security Administration, Home Owners Loan Corporation, and following months brought the creation of the Securities and Exchange Commission. Also enacted during the First Hundred Days was legislation such as the Emergency Banking Relief Act, and the The Civilian Conservation Corps was created to put jobless young men to work in state forests and parks, planting trees, and constructing roads and erosion-control dams.

At its peak, 500,000 men between the ages of 18 and 25 were put to work by the Corps, and a total of 2. 5 million had seen service The most pressing problem facing Roosevelt when he took office was to aid the 13 to 15 million unemployed workers and their families. The Federal Emergency Relief Administration was created and given a $500 million ppropriation to provide food and other necessities for the unemployed.

FERA led to the creation of the Civil Works Administration, which put millions of unemployed workers back to work through $900 million worth of maintenance and repair of local facilities, such as schools, airports, and sewage systems. The CWA was soon absorbed by the Public Works Administration, which concentrated on construction and conservation projects. To improve the situation of the American farmer, Roosevelt set up the Agricultural Adjustment Administration, whose solution was to boost farmers” ncome by reducing the number of crops.

Farmers who agreed to limit their output of staple crops were given payments by the Administration. As the supply of crops decreased, farm prices increased. In three years, farm income increased from $5. 6 billion to $8. 7 billion. The Tennessee Valley Authority was created to develop the largely untapped resources of the Tennessee River and its tributaries. The purpose of the TVA was to control the river”s destructive flood waters, improve its navigational facilities, and produce low-cost electrical power for the surrounding area.

Flood waters were contained through the construction of 32 dams, which opened up large tracts of land for agricultural and industrial use. Cargo shipping was increased by over 70 times the previous amount through constructing locks in 9 dams, which enlarged and deepened the channel, and encouraged the construction of port facilities. The TVA has also conducted an effective forestry program, replanting eroded timberland, and exploring new methods of fire prevention and forest management.

The Great Depression caused more than two-fifths of the nation”s farmers o lose their farms, and become tenant farmers. To halt the decline in farm ownership, the Farm Security Administration was set up to provide low-interest, long-term loans that would enable tenant farmers to buy and operate their own farms and retire worn out land from use. The FSA also regulated the wages and hours of migrant workers, and helped nearly 40,000 Many homeowners were threatened with foreclosure as the Great Depression wore on, and the Home Owners Loan Corporation was established to help.

The HOLC was authorized to use $3 billion in bonds which were exchanged for ortgages, which were then converted into monthly installments over 15 years at low interest rates. About 1 million homeowners were given financial aid, on approximately 20% of all urban dwellings. To enforce the Truth-in Securities Act, which required that all stocks and bonds offered for public sale be registered with the Federal Trade Commission, the Securities and Exchange Commission was established. Set up to stop an economic depression from occurring again, the SEC was empowered to license all stock exchanges and regulate the manner in which securities were

The Emergency Banking Relief Act confirmed the President”s right to close banks, setting standards for their reopening, and giving the President broad powers over the nation”s money and banking systems. Banks began to reopen under strict new regulations and government supervision, and the export of gold was prohibited, and the US was taken off the international Gold Standard. The act soon led to basic reforms of the banking system. The National Industrial Recovery Act suspended anti-trust laws, permitting firms to ease competition by rationing production and making price greements.

In exchange, they promised to improve working conditions, reduce the work week, abolish child labor, and guarantee the right of their employees to organize and bargain collectively. Tailored to meet an immediate crisis, these early New Deal actions, though failing to end the economic slump, greatly eased the burdens of farmers, workers, and industrialists. A series of Supreme Court decisions that struck down the AAA and the NIRA led Roosevelt to launch a Second New Deal, which included the Social Security Act, Wagner Act, and set up the Works

Many older Americans saw their life savings wiped out during the Great Depression, and were forced to rely on their children for support. To alleviate the burden of the family, and to provide a measure of security for the unemployed and their families, the Social Security Act was passed. The Act provided survivors” and disability insurance, public assistance, unemployment insurance, and old age retirement insurance. Various welfare measures were also mandated such as aid to dependent children, and aid to The Wagner Act gave Congress jurisdiction over the labor practices of mployers engaged in interstate commerce.

The Act upheld the workers” rights to organize and bargain collectively through representatives of their own choosing. Under the Act, the National Labor Relations Board was established to deal with charges of unfair labor practices and to issue cease and desist orders. The number of unionized workers grew rapidly from 3. 5 million to about 15 million in the first years of the Wagner Act. The purpose of the Works Progress Administration was to reduce dependence on private charity and federal, state, and local relief by putting eople to work on a variety of needed projects.

Over 8. million individuals were put to work on over 1. 4 million individual projects, including building schools, hospitals, and post offices. Hundreds of artists and writers also found work under the Federal Arts Program, which was created by the WPA. The last major reform of the New Deal was the Fair Labor Standards Act of 1938. The Act abolished child labor, and provided for an initial minimum wage of 25 cents an hour and a maximum workweek of 44 hours. Hourly wages were gradually lifted to 40 cents and the workweek reduced to 40 hours, with ime and a half pay for overtime.

These controls applied only to firms engaged in interstate commerce, and affected nearly 2 million workers. Franklin D. Roosevelt and his New Deal committed the federal government to act forcefully to prevent future economic disasters through direct intervention in virtually every aspect of economic life-from agricultural prices to the workings of the stock exchange. The New Deal energized the labor movement, and so swelled the number of people in the Democratic Party that it remained the nation”s major political party for several decades.

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Pre Production Evaluation

I have done my pre-production task, producing an advertisement for a new mobile phone that would possibly appear in a magazine or be displayed on a billboard. My work was split into two parts, the research and the designing. Research The research was carried out so that I know what the audience would like to see in a phone. I designed a questionnaire containing 10 questions. The questions asked were based on mobile phones. The research was conducted on 5 males and 5 females around the age of 13 to 16. The phone is being targeted on teenagers.

All the questions asked were multiple-choice and were straight forward and wouldn’t have taken a long time. The feedback which I got back from my questionnaires gave me a clear idea of what my audience wanted. Most people, if offered a 1000 Dhs. to go and spend on a mobile, would go and buy a Nokia. They would look for phones with special features. Most people use their phones for messaging. They would want a small and handy phone and black colour is preferred. In an advertisement for a phone they would like to see a famous person, but the advert would have to make the reader think. Design

Using the information from the research and the questionnaires I would have to produce an advertisement advertising the product. I had made two different advertisement ideas. Both the designs were first drawn by hand on an A4 plain paper. Then, on coloured paper, I stuck pictures, converting the drafts into something more presentable. My final design idea contained both the previous designs put together to make it more appealing. Design 1: The first design is a simply laid out advert. There is an image showing the front and the back of the back phone. An actual size picture of the phone was placed on the advert.

A list of special features was added. This was important because lots of people are attracted by special offers. Underneath, I used three words to describe the phone. A picture of Chad Smith, from the Red Hot Chili Peppers was placed alongside a quote commenting on the phone. This design had a pale background making the phone stand out more. This was a simple advert, and nowadays simplicity is the best thing. Design 2: A lot of people wanted small and handy sized phones.

This advert has an image of pocket with a mobile phone, an iPod and a camera. There is a caption saying ‘Pockets Ful’ Below the image, is an image of actual size of the phone with all the same features as an iPod and a camera, all in one. The basic idea is that instead of carrying three things, you could make your life easier by just carrying one. This design could be incorporated with the first design idea. A famous person could be used. Design 3: This was my final idea and in my opinion was the best so far. I had taken pictures of myself with a camera, an iPod and a phone being used all at once. I had written in bold, HANDS FULL? Then I took pictures using only the phone for the same jobs as the iPod and the camera.

And then wrote, ‘… be smart. ‘ This advert is basically trying to say that teenagers carry around a lot of stuff like an iPod and a camera. Instead they could just ‘be smart’ and have only a mobile phone which is capable of holding songs and a high mega pixel camera. My body language in all the pictures had to be careful. The background is pale as well, making the pictures and the phone stand out. It may look even better with a white background. After completing each design, I had to make sure that they were all worth presenting. The first advert is simple and will attract quite a few people.

I don’t think the second one is as effective. The third advert is really funny and effective. If used with a model or someone really famous then this advert would be the most affective. Conclusion This phone is being targeted at teenagers. It has all the features that the current audience is looking for. The audience research has been helpful in finding out what appeals to the audience. I think that the third design is the most effective and will definitely serve the purpose. It will most likely be perfected in the production stage using the computer and software such as Photoshop.

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Analyze the Generally Accepted Accounting Principles Essay

The revenue recognition principle states that, under the accrual basis of accounting, you should only record revenue when an entity has substantially completed a revenue generation process; thus, you record revenue when it has been earned. The match inning (expense recognition) principle is one of the cornerstones of he accrual basis of accounting. Under this principle, when you record revenue, also record at the same time any expenses directly related to the revenue. Thus, if there is a cause-and-effect relationship between revenue and the expenses, record them in the same accounting period.

The materiality principle states tattoo are allowed to ignore an accounting standard if the net impact of doing so has such a small impact on the financial statements that a reader of the financial statements would not be misled. Accounting assumptions The going concern principle is the assumption that an entity will remain in cuisines for the foreseeable future. The monetary unit principle states that you only record business transactions that can be expressed in terms of a currency.

The time period principle is the concept that a business should report the financial results of its activities over a standard time period, which is usually monthly, quarterly, or annually. The business entity concept states that you must separately record the transactions associated with a business from those of its owners or other businesses. Effective Internal Control Environment 1. Management integrity 2. Competent and ethical personnel: Selection/Good salaries/Training/Rotation 3.

Establishment of responsibilities: Organization chart – clear lines of authority, defined areas of responsibilities Delegation of authority for key activities Policies and Procedures 1. Proper authorization 2. Separation of duties Operations from accounting Custody of assets from accounting Authorization of transactions from custody of assets 3. Control of documents and records Adequate records of transactions (egg invoices, purchase orders, cheeses, stockpiles, journals and ledgers) Proper control (pre-numbering invoices and receipts, lock and key, PC swords) 4.

Electronic and computer controls Monitoring 1 . Supervision of Employees (all levels) Reduce temptation to steal or defraud company 2 Audits Internal Control of Cash 1. Using a bank account Receiving vs. paying cash [l physical handling of cash vs. accounting Accounting for cash receipts vs. accounting for cash payments 3. Cash receipt controls Physical controls (lock and key) Deposit cash receipts daily Counter-check cash receipts before depositing Match receipts per cash registers with bank deposit slips 4. Cash payment controls Approval for purchases to be separate from queue-signing

Proper documents to support payments Authority limits for queue-signing to be strictly adhered to Two signatories for cheeses 5. Bank reconciliation +1- corrections of bank errors +/- corrections of book errors = Adjusted bank balance = Adjusted book balance Bank reconciliation should be done by a person separate from the one handling receipts/ payments If duties cannot be separated, bank reconciliation should be reviewed by a supervisor 6. Petty cash controls Petty cash = small amount of cash kept on office premises to facilitate miscellaneous expo.

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India Super Growing Economic Power

India is a new emerging economic power in the world. Though the 21st first decade saw a global level financial crisis, India didn’t wilt under its pressure due to it’s the Government’s progressive policies and full-fledged reforms. Particularly, nationalization and liberalisation were the real saviors of India from the recession. Also, the national sectors and global raid helped to maintain the economy in proper way. Introduction

India is an exponentially growing economic powering the world. Indian economy stands today as one of the influential and attractive economy. The liberalization move by the Government of India in 1990s has given a boost to the Indian economy and put her into a fast track economic growth route. In 2009, Indian GDP based on purchasing power parity stood at 3.5 trillion dollar making it India the fourth largest economy. Its service industry accounts for 62.5% of the GDP while the industrial and agricultural sectors contribute 20% and 17.5% respectively.

Its average GDP growth from 2004 to 2010 was 8.40% reaching an historical high of 10.10% in 2006. The GDP expanded 8.9% in the third quarter of 2010. To put to the stock, India had social domestic policies from 1947 to 1991. Apparently, the economy was characterized by extensive regulation, public ownership, pervasive corruption and slow growth. Since 1991, continuing economic liberalisation has moved the country toward a market based economy. A revival of economic reforms and better economic policy in first decade of the 21st century accelerated India’s economic growth rate.

India unaffected of global recession 2010 saw the ghost of great economic recession worldwide. Through collective action the western economies were able to avert a catastrophe. But the economic growth took a severe blow. Amidst such shake up, Indian economy showed resilience. Though the growth declined from 9% earlier to 6.7% last year, India’s performance was remarkable given the economic backdrop. Due to the bleak financial scenario, the stock market took a hit, and so did many brokers. However, most other sectors have managed to hang on until the worst was over. When the major economies like the US and China are affected, India is not immune to the gigantic recession. The primary reason behind the immunity of Indian economy is that India is a domestic demand driven economy, unlike China, which is an export-oriented economy. And the other reason is its demographics. India is much younger nation to its western counterparts.

Nationalisation is the act of taking assets into state ownership. Nationalisation made the stability of Indian economy. It is a prodigious step of the then Prime Minister Indira Gandhi. Despite the provisions and regulations of RBI, banks in India except SBI were under private ownership. By 1960, Indian banking was a tool to facilitate Indian economy. Thus the Indian Government nationalized 14 largest commercial banks with effect on July 16, 1969 and 6 more India 1980. Consequently, the nationalized banks grew at 4%, closer to the average growth rate of Indian economy.

Liberalisation and Rao’ reforms

Economic liberalisation of India means the process of opening up of Indian economy to trade and investment with rest of the world. Till 1991 India had an import protection policy wherein the trade with outside was limited to exports. Also India started getting huge capital inflows. India response, PM Narsimha Rao along with his Finance Minister Dr. Manmohan Singh, initiated the economic liberalisation of 1991. Rao’s reforms did away with the License Raj and ended many public monopolies, allowing automatic approval of Foreign Direct Investment in many sectors. The next stage of Indian banking has been set up with the proposed relaxation in the norms of FDI, where all India investors India banks may be given voting rights.

Since liberalization, India’s contributions to total global trade have increased to 5%. China, UK, US, Russia, Japan and EU are the major trading partners to India. Both imports and exports have taken a leap of 20% on an average. In July 1991 with the announcement of sweeping liberalization dismantled import controls, lowered customs duties, and devalued the currency… virtually abolished licensing controls on private investment, dropped tax rates, and broke public sector monopolies. Yet the aggregate growth data tells us that the acceleration of economic growth began earlier, in the early or mid-1980s, long before the exchange crisis of 1991 and the shift of the government of Narasimha Rao and Manmohan Singh toward neoliberal economic reforms. To the extent that we trust aggregate national-level income accounts, it is clear that by 1985 Indian aggregate economic growth had undergone a structural break.

Roles of Sectors Indian Sector analysis

Industry and service

Economic reforms brought foreign competition, led to privatization of certain public sector industries, opened up sectors hitherto reserved for the public sector and led to the expansion India the production of burgeoning consumer goods. The share of India’s IT industry to the country’s GDP increased from 4.8% India 2005-06 to 7% in 2008.in 2009 7 Indian firms were listed among the top 15 technology outsourcing companies India the world. Mining also is a major segment of Indian economy as it producing 79 different minerals India 2009-10.

Agriculture

As for worldwide farm output, India ranks second. Agriculture and allied sectors accounted for 15.7% of the GDP India 2009-10, employed 52.1% of the total workforce. Yields per unit area of all crops have grown since 1950, due to the special emphasis placed on agriculture India the 5 year plans and steady improvements in irrigation, technology, application of modern agricultural practices and provision of agricultural credit and subsidies since the Green Revolution in India. However, international comparisons reveal the average yield in India is generally 30% to 50% to the highest average yield in the world.

Banking and finance

The Indian money market is classified into organized and unorganized sectors. The unorganized sector and micro credit are still preferred over traditional banks in rural and sub-urban areas, especially for non –productive purposes. The nationalisation of banks made it mandatory to provide 40% of their net credit to priority sectors like agriculture, retail trade, etc. To ensure that banks fulfill their social goal. India’s gross domestic saving in 2006-07 was high at 32.7. The public sector banks hold over 75% of total assets of banking industry, with the private and foreign banks holding 18.2% and 6.5% respectively.

External trade and investments

Trade and external sector

The trade and external sector of the country reached US$ 279.1 billion as on the end of March 2010. As on the November 2010, the resources stood at US$ 293, 979 million, as per RBI’s Statiscal supplement. The ‘OECD Investment policy Reviews: India 2009’ report hails India as the both major destination for the foreign direct investment (FDI). The reports add that India has become a major global player with high economic rates and its program in the past years has been particularly impressive in view of the global collapse in FDI flows.

Further, as per the world investment report 2009, India has been named as one of the top 5 most attractive location of FDI for 2009-11. Despite a surge in foreign investments, rigid FDI policies resulted in a significant hindrance. However, due to some positive economic reforms aimed at deregulating the economy and stimulating foreign investments, India has positioned itself as one of the frontrunners of the rapidly growing Asia –pacific region during 2009-2010 the country attracted $178 billion of the FDI while the amount FDI inflow into India during the Fiscal Year 2010-11 stood at US$ 2 billion, according to Department of Industrial Policy and Promotion (DIPP). Service sector attracted the maximum FDI during April September with US$ 2 billion. The country received maximum FDI from countries like Mauritius Singapore and us with US$ 3.8 billion and US$ 724 million respectively, during April September 2010

Conclusion Global economy is seems to be expanding after a recent shock. Indian Economy, however just felt the blow of the global economic recession and the real economic growth have seen a sharp fall followed by the lower exports, capital outflow and corporate restructuring. It is expected that the global economies continue to stay strong in the short-term as the effect of stimulus is still strong and the tax cuts are working. Due to strong position of liquidity in the market, large corporations now have access to capital in corporate credit markets. Since 1991, after liberalisation Indian economy has grown tremendously. It was only in late 2000 due to global economic meltdown that the Indian economy growth saw a decline. But, the present scenario by proper implementation of Government policies, the economy of India is on the recovering trend and is exploring new horizons in various sectors.

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Bank Of America

Analysis Bank of America was founded in 1874 in North Carolina. They of all of the basic and standard services of any bank. Bank of America is a very powerful Bank. In fact bank of America is one of the four big banks of the United States which account for 39 % of customer deposit. They own the largest retail deposit market share in the U. S. They also own 5,328 Banking Centers and 16,354 ATM machine. They are number 3 in distributing Credit Cards and number 1 in Online Banking capabilities.

When analysis Bank of America Internal strength one key strength is that they are the second biggest bank of the United States based on Assets. Right behind J. P Morgan and Chase, Bank of America has over 2 billion dollars in total assets. Not to mention the fifth largest company in the United States based on revenue. Another one of their strengths is there constant acquisition of customer not Just in the US market but globally. They are known and operate in all 50 states plus an additional 40 countries.

Lastly Bank of America is the largest Wealth distributor in the World with their acquisition of Merrill and Lynch. Some of their internal weakness include their Frequent Law suit and mortgage battles. For example Bank of America was sued for $10 billion by American International Group Inc. In August 2011. Also another one of their weakness is their heavily dependent on the U. S market. 90 percent of their revenue heavily depends on the US market. On top of that Bank of America has also lost some of it reputation with it acquisition of Merrill and Lynch.

Some of its stockholder felt mislead with their acquisition and in fact filed a lawsuit against them. Lastly Bank of America last weakness is dissatisfied customers. Customers have logged in 20,512 complaints against them since December 2011 for example. Some of their opportunities that felt Bank of America should make is for starters is to continue purchasing other small Banks and business. That way Bank of America continue to dominate the Banking Industry as well as grown in others.

They also need to expand n their technological prowess for easement. With more efficient products and services their customer base will be a lot happier and would want to invest more into the company. Some of their biggest threats are Government Regulation, their competition of course and High Interest Rates and fees. The problem of Government Regulation is key because they have to be aware of what they can and cannot do. With the 2008 financial crisis the Government has played a major role in monitoring the Banks.

Their Competition should also be one of their biggest concern because they can lose client to this other company if there not offering the same type of services as they are. J. P Morgan is number one in total assets when it comes to banking and they have pretty satisfied customer base. Lastly they need to make sure they do not increase interest rate to high and extend their fees to high or else they would lose some of their customer. They need to give a clear and concise reason on why they are increasing their interest rate and fees.

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Does Bank of America call previous employers as part of its employment verification process?

Yes. The representatives of the Bank of America may call your previous employers usually to ask two significant questions: what is the likelihood of rehiring you and what are the dates when you’re started and finished working at the firm. If they find some discrepancies with the employer’s answers and your given info, they will have grounds to stop your employment verification process

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