We were introduced to Microsoft Excel, after many classes of hard work, and patience of making balance sheets by hand! On Excel, it is much easier to use and less troublesome, because if you made a mistake you simply press backspace, but when I made my balance sheets by hand, I would constantly be erasing and restarting again. On Excel, there are bunch of cells, (rectangles) and you would just punch in all the information and organize it into the format of a balance sheet!
(^Example of a Balance Sheet, made during class)
Balance sheets are really important, day to day information needed and put together to help find the financial position of a person or an organization. On the right side, we have our assets, and on our left we have liabilities. Assets are things that we own and have, and we list the original value along with the assets. Liabilities are things we owe others, and the list of what we owe and how much is provided by the balance sheet. Little things to keep in mind, is that when creating a balance sheet, assets are usually listed by liquidity. Which means how easily or fast the item could be converted into cash. As well double underline total liabilities & equity and total assets. Don’t forget the dollar signs too! Dollar signs are usually placed on the first amount of both assets and liabilities column. As well as the total liabilities & equity and total assets!
The accounting equation, is the core of the balance sheet. It represents the relationship between assets, liabilities and owner’s equity. The standard accounting equation is Assets = Liabilities + Owner’s Equity. The accounting equation could be manipulated, and be used in different ways such as Assets-Liabilities= Owner’s Equity. Typically in a balance sheet, you would use this formula to find out the net worth/owner’s equity/capital of the person/business by subtracting the total amount of assets by liabilities.
The manufacturing business Volkswagen has been one of world’s best selling cars in the world, but recently they have been experiencing an extreme crisis. When the crisis broke out, within 3-4 days, Volkswagen lost 1/3 of their company’s capital. As well as suffering extreme lost of share. They are charged for several lawsuits and also having to pay all the charges. Volkswagen is slowly losing its reputation within the population of car-buyers.
CFO is responsible for managing the financial risk of the business. CFO gives their professional advice to help make wise decisions. Recommendations of courses, Financial Accounting, Applied Statistics, Auditing and Business Taxes. Minimum of a master’s degree in accounting, taxes and auditing or finance. Also several years of experience.
Here’s a list of things CFO touch bases with:
Here’s a link on more information about CFO:
http://allaccountingcareers.com/chief-financial-officer
Here’s a link to a job opening for CFO:
http://www.cpasource.com/job-details/135654-Senior-Vice-President-Finning-International
“Becoming a Chief Financial Officer.” Accounting Schools for Chief Financial Officer Careers. N.p., n.d. Web. 29 Sept. 2015.
Just like most jobs, the higher the education you possess, gives you a better world of opportunities, including the business world. Accounting Managers takes a higher level of education to qualify for this field of finance. Besides keeping the records of the company’s/client’s records, they also hold a responsibility in other accountants. Requirements for the job, graduate degree, accounting certification, and a few years of hands on experience.
This role also leads to higher positions in the finance world, such as:
Here is more information on Accounting Managers:
http://allaccountingcareers.com/accounting-manager
Here is a job offering for an Accounting Manager:
“Becoming an Accounting Manager.” Accounting Schools for Accounting Manager Careers. N.p., n.d. Web. 29 Sept. 2015.
Hello World!
This is a blog dedicated to my Accounting 11 class! I hope to pursue a career in business, and becoming an accountant was my first option since I was in 6th grade. And here I am, starting my first Accounting class in high school! So come along and join me on my journey!
acc 11. 