Writing Assignment

894 words - 4 pages

How do you start a business? Did you make a profit or not? Do you have any assets or liabilities? How should you expand the business? Can you get a loan from the bank if necessary? All of the following questions are needed to be answered when trying to run a successful business. Financial information is the keys to answering those questions accurately. It can be overwhelming at first when looking at numbers that doesn’t make sense to you. Therefore, it is recommended that entrepreneurs take the time out to learn the accounting system. Hiring an accountant to do the job because you’re too lazy to learn might seem like a good option, but knowing the overall of your business is what you should strive for. By maintaining an accounting system, businesses are able to keep information such as financing, operating, and investing organized.
Assets, liabilities, and stockholders’ equity are terms that are related to financing, operating, and investing. Between them, they created the basic accounting equation which is (assets= liabilities + stockholders’ equity). In fact, the total liabilities and stockholders’ equity is the total assets. Assets are resources that can be used by a business to make a profit on. Assets are found on the balance sheet. The ones that can be converted into currency are listed first. It’s categorized into different types: current assets (cash, account and notes receivable, supplies), long term investment (stock investment, investment in real estate), property, plant, and equipment (land, equipment), and intangible assets (goodwill, patents, copyrights). Liabilities are debts and obligations that you owed to creditors. Liabilities are also found in the balance sheet. There are current liabilities and long term liabilities. Current liabilities (notes and account payable, interest payable) are expected to be paid back in one year or an operating cycle. Long term liabilities (long term debt, deferred income taxes) are expected to be paid after one year. Stockholders’ equity consists of two parts: common stock and retained earnings. Common stock is the contribution of assets into the business by the stockholders. Retained earnings are income the company keeps for use.
The accounting system uses four basic financial statements. First, Income Statement helps show the progress of a company during a period of time. Two main components of an Income Statement are revenues and expenses. When you subtract expenses from revenues you should either get a net loss or net income. Past net income/net loss can help predict future net income/loss. Net income/loss is also useful when determining the ending retained earnings. Second, Retained Earnings Statement shows the amounts of changes in retain earnings during the income...

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