Refletions Post 4

In class we have went over the accounting portion of a business and learning some of the accounting equations for thins like assets and owners equity. We have also been preparing for our group project and spending some class time to get everything ready for presentations.

connections post

In class we have previously talked about fairness in the work place and one issue or law is the equal pay act. Even though the equal pay act was put into place so ppl who are (females/males, possibly color) can not be treated unfairly with different pay for the same job. Companies find many ways to get around this act and i think it does not do much, but i can not blame the government for this because ppl do live in different situations where the same job say in a different state should be payed differently. I read in a newspaper article the other day of someone suing because she had the same job as a male working but they worked 5 miles away from each other and the male had a higher wage. Like i said this is unfair but it is very hard to stop companies from doing this.

Reflection 4

In class we have only covered one chapter from the last test. I missed class during this lecture but this is what i got from the book. Accounting in a business is extremely important. The accounting aspect of a business can be used to determine how mistakes were made in the past and how things will look in the future. It will telll you if something makes financial sense. Audits in a company have to meet standards of the generally accepted accounting principles or GAAPS. Sarbanes Oxley Act was put into place to make sure accounting was done right. The accounting process involves 5 steps 1)documents analyzed, 2)transactions recorded, 3) appropriate ledger accounts, 4) accounting equation in balance, 5) finacial statements prepared for trail balance. Accounting is a major role in the success of a company and the success of its possible stock buyers. Accounting can be used to make judgements on business in the future.

Reflections Post 4

Sense the last test we have covered chapter 17 dealing with accounting. We discussed audits which are financial statements and accounting practices, GAAP which stands for generally accepted accounting principles, and Sabanes-Oxley which are accounting firms restricted in services they can provide to companies they audit they also protect whistleblowers. We also looked at the summary of what a company owes owns and their overall net worth, which fall under assets, liabilities, and equity. There are three types of assets; current assets which are used in one year, fixed assets which are held or used for a period longer than a year, and intangible assets which are assets that don't physically exist but have value. There are two types of depreciation, which is apportioning the cost of a fixed asset over its useful life. The two types are straight-line depreciation and salvage value. The two different types of liabilities are current and long-term, both are debts that need to be returned. Retained earnings fall under equity, the company's net worth. The cost of goods sold falls under revenue, which is the amount earned for the goods and services. Most of the above having equations to figure financial transactions, losses, gains, worth, debt, etc. The final section covered was financial ratios, including three; return on sales, working capital, and debt-to-equity ratio.

Connections 3

In class today we looked at accounting and the different ways to collect, analyze, and report financial information. A fixed asset are assets that will be held or used for a period longer than one year. At my job this would be the land the property is on, equipment that the employees are using; such as ovens, microwaves, and other equipment used to cook and keep a restaurant working, another fixed asset would be the store itself. At the place I am currently working the sales revenue is high resulting in a good net income to keep the business going, pay their employees, and make a profit.

Connections Post 2

I have been able to relate to some of the labor laws, most importantly being the Eual Pay Act of 1963. I am a woman who works full time and has quite a bit of banking experience and I had a coworker who was a male with not much experience to speak of. He transferred to another branch within the same company with the same title, but was given a $1.50 raise. This is very interesting to me. Given that different areas of the country hive a higher cost of living while other areas have a lower cost, the work should match the cost of living. Though I feel that companies can always find a way around the labor laws, that is if they would want to. To keep this male employee happy, they transferred him so he could get his pay raise. In chapter 9 we learned about what is leagal and what is illegal when it comes to the work place, this incident seems to be entirely leagal.

Scribe post: 11/29

Last class, we went over our Test, and worked on out group projects.  Next class we will be covering out last chapter. 

The next scribe will be Dee.