Accounting
The overall idea behind the accounting field isn't about the importance of money rather it shows how to administrate money and how to get the most out of it. The knowledge obtained in this field helps corporation and individuals to properly invest money, and to be awarded of the investment risks. This section shows how accounting concept is used on corporations and helps individuals.
Accounting Standards Codification System
Apple, Inc's Sales Data Summary
Business Transaction
First Financial Statement- Income Statement
Statement of Retained Earnings
Third Financial Statement -Balance Sheet
Statement of Cash Flow (Indirect Method)
General accounting concept use by nongovernmental entities
This gallery show accounting concept use by corporations. By law, corporations are required to follow a set of accounting standards, regulation, and procedures when conducting, reporting, and presenting financial information to the general public, shareholders, and creditors. Non-governmental entities are required to present the financial statements. The financial statements are composed of four organize statements: Income Statements, Statement of Retained Earnings also known as Statement of Shareholders' Equity, Balance sheet, and Cash Flow Statement. Each statement is created by a sum of specifics type of transaction. Business activity that generated an agreement between a buyer and a seller for the goods and/or services must be recorded by accountants in the business book, such activity is known as a transaction.
Use of time value money in Jennifer's loan
Use of time value money in Anita's loan
General accounting concept use by individuals
Time value money and amortization schedule are accounting concept that helps to administrate money. These concepts help individuals to obtain the most out of their investments. As an example, if Jennifer obtains an $800,000 loan for 30 years from the bank to buy a house and agrees to do monthly payments with a 4% interest. How much will Jennifer have to pay? Assumes, Anita obtains the same loan as Jennifer, but Anita decide to makes additional payments of $500 to the principle. How the additional payments impact Anita? Time value money could be used for any loan and investment.
Internal Revenue Service Website
Form 1040 Page 1
Form 1040 page 2
Distribution of the Tax Revenue Collection
Government Spending Distribution
National Debt
Federal Taxation for individuals
This gallery shows terminology use within tax courses.Taxes are necessary to maintain a good economy in the country because tax revenue is used by the educational department, military, department of defenses, social security, and others government areas. This is an impressive and complex system that provides national benefit and it helps to keep this country running. Because this system is so complex, it is difficult for the president and his team to make a change without causing a negative impact and controversy among taxpayers. As an example, President Trump’s tax reform states the elimination of head of the household statues causing dispute among taxpayers and congress members. The country is confronting an economic crisis due to the low tax collection and/or high government spending resulting in one trillion dollars of deficit. A change must be applied to solve this long-term issue; however, the decision could be unfair for few taxpayers.