Use accounting templates Example

Essays on Use accounting templates Essay Entities prepare journals to record the transactions entered into during a particular period. In all the transactions, the double entry requirements must be adhered to. After recording the entries in the journal, the entries are then posted to the trial balance before preparing the final financial statements (Dyckman, Magee Pfeiffer, 2011). From the income statements, a firm’s net profit is calculated whole the balance sheets shows the assets and liabilities of the firms. Date Transaction Debit (Dhs) Credit (Dhs) January 1 cash 180000 capital 180000 (to record amount cash invested In business) 3 Prepaid rent 12000 cash 12000 To record rent paid 4 equipment 20000 cash 20000 To record purchase of equipment 5 Prepaid insurance 15000 Cash 15000 Payment of insurance in advance 6 furniture 10000 Creditors(Cartin) 10000 Acquisition of furniture on credit 7 Supplies 30000 Cash 30000 To record payment of supplies 9 advertisement 20000 Creditors (Gulf newspaper) 20000 Records amount owed to gulf newspaper 10 Cash 40000 Creditors(Alsafa) 40000 Record prepaid audit income 11 Debtors 60000 Audit income 60000 Records audit income owing 12 Creditors (Catrin) 50000 Cash 50000 Records cash payment to Catrin 18 Creditors(Gulf newspaper) 15000 Cash 15000 Records advertisement cost paid to Gulf newspaper) 25 Cash 80000 Consulting income 80000 To record amount earned for consulting services 26 capital 20000 cash 20000 To record amount withdrawn from business 28 Creditors (Al Safa) 40000 Auditing income 40000 To record audit income earned 29 Utility expense 12000 cash 12000 To record amount incurred on utility 30 salaries 8000 cash 8000 To record salary payment 31 rent 1000 Prepaid rent 1000 To record rent expense 31 Insurance 1250 Prepaid insurance 1250 To record insurance expense General ledgers Trial balance as at 31th January 2010 Particulars Debit ( Dhs) Credit (Dhs) Cash 118,000 Capital 160,000 Salaries 8,000 Prepaid Rent 11000 Rent Expense 1000 Equipment 20,000 Prepaid Insurance 15,000 Insurance Expense 13750 Creditors (35000) Supplies 10,000 Furniture 10,000 Supplies expense 20000 Advertisements 30,000 Debtors 60,000 Audit income 100,000 Consulting income 80,000 Utility Expense 12,000 Suspense 10000 Total 315,000 315,000 Income statement for the month ended 31st January 2010 Particulars (Dhs) (Dhs) income Audit income 100000 Consulting income 80000 180000 Expenses rent 1000 insurance 1250 advertisement 30000 supplies 20000 Utility expense 12000 salaries 8000 Total expenses 72250 Net profit 107750 Balance sheet as at 31 January 2010 Noncurrent assets Furniture 10000 Equipment 20000 Current assets 30000 Prepaid rent 11000 Prepaid insurance 13750 debtors 60000 supplies 10000 Cash 118000 Total current assets 212750 Total Assets 242750 equity 160000 Net profit 107750 Current liabilities Creditors (35000) Suspense 10000 242750 In summary, the firm recorded a profit in the year. The financial statements of the business must be prepared to show the financial performance to the stakeholders who are interested in the determination of the firm’s success. Reference Dyckman, TR, Magee, RP Pfeiffer, GM 2011, Financial accounting (3rd ed.), Cambridge: Business Publishers, Westmont.

Justice Is It Still Existent - 1172 Words

Justice? Is it Still Existent? Is justice existent in the world today? Martin Luther King Jr. once said that â€Å"Injustice anywhere is a threat to justice everywhere.† Many would argue that justice is here and it is shown through our criminal justice system. However, if justice exists, where is the justice when white cops shot unarmed black men because they â€Å"claim† their life was in immediate danger and get off scot free? Show me the justice when black fathers are being snatched away from their kids and being incarcerated for simple mistakes that they made. Why is it that people of color get harsher sentences for simpler crimes, yet if a Caucasian commits the same crime they get a slap on the wrist? Justice is not any of those. If justice is†¦show more content†¦Statistic show that â€Å"97 percent of police violence cases in 2015 resulted in the officer facing no criminal charges.† (Calacal, Think Progress ) Police are supposed to protect and serve its citizens. These results show how law enforcement view their officers are more important than the people they kill because nothing happens. Officers who commit such heinous crimes should be administered their deserved punishment. However, it seems like they are rewarded for such appalling behavior. Likewise, in a study conducted by The Sentencing Project on the incarceration rates for ethnic groups in every state, using the Bureau of Justice Statistics data, it showed an enormous imbalance between imprisonment rates for, Caucasians, African-Americans and Hispanics. The Study shows that â€Å"In state prisons, African-Americans are incarcerated at 5.1 times the rate of whites.† (Nellis 3). Due to this trend of mass incarceration, African-American kids grow up in fatherless homes. They may lose their fathers, brothers, uncles etc. to the prison system and this means that they also lose the idea of having a positive male role model in their life to teach them how to be a gentleman. According to a study conducted by the National Center for Fathering show that â€Å"57.6% of black children, 31.2% of Hispanic children, and 20.7% of white children are living absent their biological fathers.† (National Center ForShow MoreRelatedWhat Is Christology? Often People Who Know T he Lord As1300 Words   |  6 Pagesthat Christ is pre-existent? Before earth and before man was ever created, Christ was. Christ was before the beginning of time itself and is not bound by time, He is the creator of time, in other words, God is pre-existent. â€Å"Christ the second person had a being before he was born of a virgin.† (Deschner 28) You are probably thinking, but wait, I thought you said Christ is pre-existent, but in your last sentence you said God;’ well good observation I did say God is pre-existent. What some people doRead MoreThe Red Scare Of Nicola Sacco And Bartolomeo Vanzetti1138 Words   |  5 Pagessocial revolution in the United States wasn’t even remote, it was completely non-existent. Nevertheless, the fear of the ‘reds’ was all pervasive in American society. This was a time where you could use the red scare as an excuse to suppress the people you didn’t want at liberty; the government could basically pick them right up. And they did, by the thousands. The Bill of Rights and Constitution were essentially non-existent during this time. It’s like the book â€Å"The Crucible† by Author Miller, whereRead MoreAn Unstable Backbone Can Obstruct The Re Establishment Of Public Services Essay733 Words   |  3 Pagespromote economic development and alleviate poverty. 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The immense harmful effects of racism upon the American society have causedRead MoreEssay about Swot Analysis: Police and Society979 Words   |  4 Pagesmy analysis of these two agencies. I will start with the Drug Enforcement Administration (DEA). The DEA is part of the Department of Justice. As stated on their online website, â€Å"The mission of the Drug Enforcement Administration (DEA) is to enforce the controlled substances laws and regulations of the United States and bring to the criminal and civil justice system of the United States, or any other competent jurisdiction, those organizations and principal members of organizations, involved inRead MoreThe Non Existent American Dream1374 Words   |  6 PagesThe Non-Existent American Dream Why is America never America? â€Å"America never was America to me† is a line repeatedly written in the poem ‘Let America be America Again’ by an African American poet Langston Hughes. This poem was published in 1936, when being African American was one’s greatest sin. African Americans were treated as things that elite whites can own rather than free- willed humans. In this poem, the pain and suffering of colored Americans, who were considered less thanRead MoreThe United States Environmental Protection Act1034 Words   |  5 PagesThe United States Environmental Protection Act (hereinafter referred to as EPA) defines environmental justice as ‘’the fair treatment and meaningful involvement of all people, regardless of race, colour, national origin or income with respect to the development, implementation and enforcement of environmental laws, regulations, and policies’’ (Bullard 2005, 4). Throughout the world, poor people and people of colour, who have the least political power and who are the most marginalized, are selectivelyRead MorePlato s View On Form1429 Words   |  6 Pageschair doesn’t change: it stays pure and real. Plato’s view on justice and beauty are stated as transcendent and objective realities and have nothing to do with one individual perception of it. This leads us to understand that the world of forms never changes but the world of senses like images and objects as a part of the physical world are in a constant change. Plato’s allegory of the cave brings us to the understanding of what justice and beauty is conceived as through intellect and not in the sensesRead MoreHuman Trafficking Has Been Existent For Thousands Of Years983 Words   |  4 PagesIn 1863, the United States enacted laws that formally abolished slavery. However, modern day manifestation of slavery still exists; it is called â€Å"human trafficking.† Human trafficking, ac cording to the Trafficking Victims Protection Act of 2000 is â€Å"trafficking in which a commercial sex act is induced by force, fraud, or coercion, or in which the person induced to perform such act has not attained 18 years of age; or the recruitment, harboring, transportation, provision, or obtaining of a person forRead MorePolice Brutality Based On Racial Profiling1682 Words   |  7 Pagesin a senseless fatality. Minority groups such as African Americans and Hispanics have often been the victims of this form of abuse by officers, however little justice has been done in order to protect these individuals from this form of cruelty by the hands of those with the most power. For many individuals, police brutality is a non-existent matter because it does not directly affect them or the community in which they live. Yet for others, this is an everyday occurrence and few limitations have been

Challenges in Accounting in Global Finance-Samples for Students

Question: Discuss about the Challenges in Accounting in Global Finance. Answer: Introduction The primary functions of financing have always been trying to control costs, making and maintaining proper budgets. Finance department of any organization is laden with the task of planning a budget which will dictate the financial transactions and operations of the companies. Another important role of finance is internal auditing. This is an essential aspect of business running, which ensures the organisations are operating in a correct manner (Burns Needles, 2014). However, in the age of globalization, as organizations are expanding rapidly and are operating business overseas the finance departments and auditing firms are being faced with new and more intricate challenges every day. Their tasks and responsibilities transcend from being burdened with simple capital structure making to profit repatriation policies of the companys subsidiaries. Capital budgeting decisions should reflect not just the divisional differences, but also has to show the complicacies that arise due to the d ifferent currencies, exchange rates, taxation policies and the different laws and regulations in different countries (Prencipe, Bar-Yosef Dekker, 2014). The companies incentive system must be able to assess, acknowledge and reward the actions and operations of the managers who work under different economic and financial settings across the globe. This paper will be aimed at 3xamining the role of the accounting strategies in the environment of globalization and try to identify the challenges that are faced by the accounting firms. Project objective The prime objectives of this paper are: To understand the impact of global trends in the globalization setting To observe the changing accounting practices in todays integrated world, and To indentify the key challenges of accounting in todays global economy Project scope The paper would try and identify the challenges of accounting in global finance and then go on to give probable solutions that would help firms to execute auditing and accounting for the global companies in a smoother way. The paper, once completed would have a scope of delivering new strategies to the global companies that would make global finance accounting easier and devoid of complicated hassle. Literature review The rise of the ideas and theories on globalization has brought with it many other dimensions and new parameters were introduced which had a significant impact on the accounting practices as well as the accountants in the globally functioning organizations (Rathee Kapil, 2015). Compared to the traditional accounting, modern auditing and financial accounting firms have taken on new identities and new roadways have opened up. While the traditional form of accounting was concerned with simple auditing and financial management, modern financial accounting has sprouted new branches and a lot more aspects have been included in the whole process, some of which are corporate governance, anti-corruption laws, regulation standards, accountability in large multinational corporations (MNCs) and many more (Bebbington, Unerman O'Dwyer, 2014). The factor that makes all of these even more complicated is the fact that, all these parameters have to be adhered to under different laws and regulations in every country, hence no uniform code of conduct or action plan cannot be devised easily. Accounting is a neutral take on the financial and economic conditions of a given organization or industry. The economic powers and factors that are at play in the setting of different countries all are incorporated in these financial reflections (Johnson, 2014). The accounting practices and the outcomes give an organization the necessary insight to make vital economic and budgeting decisions. The figures that are presented by the accounting departments of the organizations, shape the decision making process of the companies. Internal audits help companies to understand and identify the areas or countries which would offer them cheap but skilled labors. Knowledge like this is important to make decisions which would enable companies to curb costs and increase their profit margin (Gereffi Fernandez-Stark, 2016). If the companies wish to stay ahead of the competition in the fierce market conditions of todays world, they must make the right decisions that would enable them to optimize their operations which would keep them on top of the industry. To make these decisions, it is vital for the organizations to keep innovating and be creative about the operations in order to be sustainable (Ebrahim, Battilana Mair, 2014). While making the decisions it must be kept in mind that the organization has all the necessary information that are generated by the accounting department. Even excluding the aspect of globalization, there a number of other factors that affect the role of accounting in organizations. The advent of modern technology and its applications have affected every aspect of business operations, including management and financial auditing. In the era of free information and technology, the ideas about how products and services are delivered to the consumers have changed drastically, forever altering the business operations of every organization. Evolving market competition has prompted organizations to adopt new methods of management accounting which comprises of innovative ways like Just In Time (JIT), Total Quality Management (TQM) and other similar methods. Previously, organizations were only faced with competition from local or at most, the national markets, but today every company has to overcome the obstacles that are created by overseas companies as well (Stauffer, 2015). There are several trends that are practiced in managerial accounting processes in the context of glob al organizations. Green accounting: With the threats of global warming and environmental pollution becoming apparent every day, it is increasingly becoming a popular concept of a business organization that will take care and maintain a balance between the environment and the operations. It has become of paramount necessity to keep its operations clean and environment friendly if an organization aims to keep a good relation with every customer and even the governmental bodies of the country it is operating in (O'Connor, Sexton Smart, 2013). this new aspect and requirement of the customers have put accounting and analytics departments in an even more challenging position as they are tasked with coming up with a budget and economic plan that would enable the companies to attain Green GNP (Bodie, 2013). Investing in projects and other areas which facilitate protection of the environment has become one of the key features of every global organization. Harmonization: In a time where many companies run several businesses in many countries, it is very important to have a uniform accounting measure and process for every organization which would help every company to keep track of their own financial operations more easily. It prime objective of international harmonization is to make the different financial information from different countries comparable so that companies can efficiently assess their own performances in every country and identify where they need to work on. Literature gap Although the previous work has been successful in identifying the different challenges that create an obstacle while accounting for finance in a global context, the work is mainly focused upon the statistical interpretation of the data. The ethical and moral grounds of the issues have been barely talked about in depth, even though these issues are just as important to understand how the behavioral pattern of the accountants are affected. This research would be more concerned with the ethical aspects of operating a business in the global context and financial accounting under the setting of a globalized era which makes the accountants face situations of moral dilemma. This particular gap will be aimed to be solved in the following paper. Hypothesis Null Hypothesis: The challenges faced by accounting in global finance are going to help the business organizations if properly met with Alternative hypothesis: The challenges faced by accounting in global finance are not helpful for organizations even if they are met with the right solutions Research design A number of tools and methods can be used to make sure that the research reaches its desired goal of identifying the challenges of global finance accounting. Two different types of research methods are given most importance in a broader sense: Qualitative research: This is a set of methods that are non-numerical in nature and are used for social science researches. These methods target specific populations and help to interpret the collected data that gives a comprehensive idea about the social life. Qualitative research methods help researchers to derive behavioral pattern from the results of the surveys, which help to predict actions and behavior of the individuals and organizations in the future. This type of research helps the researchers identify the parameters and the attributes that shape the general behavior of the subjects and the population behavioral pattern is derived based on that approximation (Liamputtong, 2013). The qualitative methods that are to be used in the current research have been selected to be: Direct observation: This is the simplest method of qualitative research which involves the researcher to observe the activity of the subjects without interfering in the process. The research at hand would be employing the researcher to first understand how the accountants of the global companies operate and what are the methods and tools that are used as well as the limitations of those methods. Questionnaire: The accountants will be given a set of questions that will talk about different issues that they face while working: the issues regarding international laws and regulations and the drawbacks of the current methods of global finance accounting. Interviews: The research will then be followed by in depth interviews which would help the researcher to understand the issues each individual faces while working as a management accountant in global organizations. It must be remembered that qualitative data can be tampered with very easily and may yield biased results. Moreover, since this type of research method is the primary focus of this paper, these will be used extensively and a behavioral pattern will be tried to retrieve by trying to understand how the accountants react to certain situations (Clemence, Doise Lorenzi-Cioldi, 2014). Quantitative research: This type of research method deals with statistical interpretations of the gathered data through using mathematical tools which categorize answers and coming up with definitive patterns which back up the qualitative results. This research method deals with numerical data and the results are solidified by computational techniques. Specific conditions and phenomenon are given logical explanation through scientific research. The current research would take and apply a number of quantitative research methods to observe and identify a pattern that the accountants feel are the biggest challenges in global financial accounting process. In many cases, secondary data are the only source of collected data which form the basis for quantitative research analysis. Surveys are also used to gather data which would provide with the necessary parameters to calculate and analyze. The accountants and the organizations will be asked to provide data regarding the biggest and the most frequent issues that they have faced while making internal audits or managerial accounting, in order to understand and decipher a pattern for the problems and the most difficult part of the process (Elo et al., 2014). The statistical results will be immensely helpful in terms of establishing the assumptions in a firmer way. Research limitations The biggest limitation of the research is, which is a problem for almost every survey ever, is that the sample population size is too small (Brinkmann, 2014). While it may be easier to calculate the smaller size of data, the opinions and perspectives of every individual cannot be known from just a few. Small sample size can often lead to results being riddled with misinterpretations and laden with false conclusions (Geppert, Matten Williams, 2016). On the other hand, it is virtually and physically impossible for any research to survey entire populations and collect data from everyone on the planet. The problem of random sampling will always remain and the current research is not devoid of the same problems. Time schedule Figure: Time schedule chart Source: created by author Conclusion From the above discussion it can be concluded that the problems faced by the global companies in the context of financial accounting are very much an issue and the current research would come in handy to identifying the most important and biggest problems. The research has selected the methods in such a way that will facilitate in this regard and would most definitely help to come up with probable solutions that would be of use to reduce the challenges. In the era of globalization, companies have to adhere to a lot of aspects and in order to maintain a good position in the industry and a good reputation, every single of these aspects have to be met References Bebbington, J., Unerman, J., O'Dwyer, B. (Eds.). (2014).Sustainability accounting and accountability. Routledge. Bodie, Z. (2013).Investments. McGraw-Hill. Brinkmann, S. (2014). Interview. InEncyclopedia of Critical Psychology(pp. 1008-1010). Springer New York. Burns, J. O., Needles, B. E. (Eds.). (2014).Accounting Education for the 21st Century: The global challenges. Elsevier. Clemence, A., Doise, W., Lorenzi-Cioldi, F. (2014).The quantitative analysis of social representations. Routledge. Ebrahim, A., Battilana, J., Mair, J. (2014). The governance of social enterprises: Mission drift and accountability challenges in hybrid organizations.Research in Organizational Behavior,34, 81-100. Elo, S., Kriinen, M., Kanste, O., Plkki, T., Utriainen, K., Kyngs, H. (2014). Qualitative content analysis: A focus on trustworthiness.Sage Open,4(1), 2158244014522633. Geppert, M., Matten, D., Williams, K. (Eds.). (2016).Challenges for European management in a global context: Experiences from Britain and Germany. Springer. Gereffi, G., Fernandez-Stark, K. (2016). Global value chain analysis: a primer. Johnson, P. F. (2014).Purchasing and supply management. McGraw-Hill Higher Education. Liamputtong, P. (2013).Qualitative research methods. O'Connor, J., Sexton, B., Smart, R. S. (Eds.). (2013).Surface analysis methods in materials science(Vol. 23). Springer Science Business Media. Prencipe, A., Bar-Yosef, S., Dekker, H. C. (2014). Accounting research in family firms: Theoretical and empirical challenges.European Accounting Review,23(3), 361-385. Rathee, S., Kapil, S. (2015). AN INVESTIGATION INTO RECENT TRENDS AND CHALLENGES OF ACCOUNTING'CLIMATE INSTRUMENTS'.Journal of Services Research,15(1), 7. Stauffer, A. (2015). Introduction. InVirtual Victorians(pp. 1-8). Palgrave Macmillan US.

Yoruba drumming Essays - Zimbabwean Music, African Drums, Drums

Yoruba drumming -------------------------------------------------------------------------------- There are many things that set Yoruba drumming and Shona mbira music apart from one another. Most plainly of which is the sound that each produces. Typically, Yoruba drumming consists of a section of drummers playing various sizes, shapes and styles of drums, and is usually accompanied by vocalists. The mbira is a pitch and tone producing instrument that is plucked, rather than a percussive instrument that is struck or beat. Therefore, Mbira music is almost never accompanied by anything other than another mbria. However, the dundun drum itself is widely known for its ability to produce a wide range of pitches, also known as the talking drum. The use of dundun drums in African culture plays an important role, due to its close relationship with the African language of the Yoruba people. Because the African language is tonal, the dundun drum imitates the speech patterns of the language when it is played, hence the nickname talking drum. In the Eegun oje, a Yoruba masquarade, the dance is usually accompanied by bata, an ensemble of conically-shaped, double-headed membrane drums, and one of Yorubas most ancient instrumental ensembles. A bata ensemble consists of four drums: the iyaalu (the mother drum), and three supporting drums (the omele abo, the omele ako, and the kudi). The omele ako and the kudi often play very repetitive patterns and rhythms, while the omele abo often engages in dialogue with the iyaalu. The iyaalu is played by a master drummer, whose text-based improvisations are accompanied by the ostinato patterns of the supporting drums (Omojola, 2005, par. 2). Yoruba drumming is most often performed during rituals, or masquerade dances, in which a number of dancers dance to rhythmic cues given to them by the master drummer, and those not dancing often partake in a call-and-response style of vocal singing. However, vocals are perceived to be more of an accompaniment to the more dominant drumming. The texts of the songs were often sung as self-praise to motivate the dancers into action. Although many masquerades are used to represent the ancestor spirits of the Yoruba people, the Eegun oje is not. It is used plainly for entertainment. The representation or worship of ancestor spirits in song is one of the few things that Shona mbira music shares as a similarity. The Shona people have strong beliefs in life after death, in the sense that when death occurs, the spirit of the loved one transitions to another plane of existence. It is important to the Shona people that when this occurs, they stay in close communication with the deceased, in order to guide the spirits away from danger. They believe that the music of the mbira provides the most important means of communication to these spirits. The mbira consists of three rows of different sized metal strips, attached to a wooden resonator that are plucked to create different pitches. Cowry shells or bottle caps are also attached to the box, causing them to vibrate when a metal strip is plucked. One of the most important types of mbiras is the mbira davadzimu. It is an instrument closely associated with spirit possession ceremonies, known as the bira. In a bira ceremony, the mbria is played to create an open line of communication between the living and the dead. Although both the Yoruba and the Shona have affiliations with the spirit world, the difference is that the Shona use music to actively communicate with the dead, whereas the Yoruba typically just use music to worship spirits and gods in rituals and masquerades. Mbiras are typically played by themselves, indoors, but can also be played outdoors with the addition of a deze, a calabash resonator used for amplification. It is also not uncommon for Mbria players to play along with other Mbira players, or with the help of shakers and light percussion sections. In comparison to the four different drums sections used in the Eegun oje, there are typically two parts in mbria music: a leader (kushaura) and a follower (kutsinhera). Typically these parts are played by two different players, but they can also be played by a single, virtuoso mbira player.