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Acct 205 Unit 1 Ip Essay

687 words - 3 pages



March 26, 2012

When you hear the word accounting what comes to your mind? Is it a scene of an old woman sitting at a desk with a spreadsheet and a calculator? Or is it depicted in your mind as something a CPA is certified to do? Let’s conquer your confusion about accounting and bring to surface the importance of the subject matter.

Accounting is described as “a systematic recording, reporting, and analysis of financial transactions of a business”, according to Accounting allows a company to be mindful of a businesses’ financial performance. ...view middle of the document...

Collecting information is not where the work ends. You must facilitate the dissemination of information among different user groups.

Now after getting a generalized understanding of accounting, it’s effective to get the basic terminology used as well as associated with accounting. There are so many words and definitions when thinking about the world of accounting. Since there are so many, I will narrow it down to the most important.

1) Accounts Receivable: This means short term monetary assets that arise from sales on credit to customers at either a wholesale or retail level.
2) Balance Sheet: A balance sheet is a financial statement that shows the financial position of a business at a particular date.
3) Profit Margin: A profit margin is known as the measure of profitability or the percentage of each sales dollar that results in net income.

Now I am going to be very real with you! I only use the most simple and basic of accounting in my daily life. I use it in aspects of keeping up with what’s going in and out...

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