Final Acc 340
University of Phoenix
For each from the following training course objectives, explain in 200-400 words the things you learned from this course and just how you could apply your learning of this course objective to your personal lifestyle or career. Refer to the syllabus to assist you in understanding what material was covered below each target.
1) CHANGING DYNAMICS OF ACCOUNTING
The steps of accounting periods are earnings, expenditures, conversion/ production, funding, fixed assets, and financial reporting. Earnings most often take place as the result of the advertising of a products. These transactions are noted in the form of cash receipts and sales orders. Expenditures certainly are a result of the materials and labor ought to generate earnings. For example a dry washing business would require certain chemical compounds, bags and hangers to get cleaned garments, and employees to operate the company. Conversion presents the production and also the good or perhaps service offered by the firm. In other conditions the time/ cost to make and market the good or service. Financing is also known as and exceptional debt, just like stocks or any outstanding you possess. The set asset details the order, disposition, and depreciation of company assets. Once every journal articles have been posted and all accounts closed a trial harmony is ready and is accustomed to identify problems and eventually put together the economic reporting pertaining to the company. Accounting systems have be automated and the need for human being intervention has become more limited. Automation of the systems really does allow for improved efficiency and accuracy and has allowed manual accounting task to be performed more quickly. Human being intervention is essential though in order that the data getting entered is correct. Human involvement can also assistance to identify problems that may have been completely made in the original inputting info. As technology evolves it...
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