Monday, February 17, 2020

Profit and loss account and balance sheet Essay

Profit and loss account and balance sheet - Essay Example This means that the financial status of the organization can be known by simply looking at these accounts. The users of these final accounts include the owners of business, managers, shareholders, government, creditors and the directors amongst other stakeholders of the business. These are mainly the people who are directly affected by the performance of the business, which is a significant factor in regard to credit worthiness of a business. On the other hand, government taxation is usually levied depending on the profitability and size of the organization. These aspects can be known through the final accounts (Dyson 2001 p 45-48). This essay is a critical evaluation of the purpose of the Profit and Loss Account and Balance Sheet to the various users or stake-holders. This is a critical component of an organization's financial report that provides information regarding capital, the long and short term assets as well as long and short term liabilities. This means that the owners of the business can get information regarding the possessions as well as the debts of the business by simply looking at the balance sheet. It is significant in avoidance of losses in the business operations. It indicates whether assets match with the liabilities hence it is useful in setting up the business strategy. This is mainly because a business will try as much as possible to ensure that the liabilities are checked in order for them not to go beyond a certain level whereby the debts may be more than the assets, a situation that may lead to insolvency of the business, which according to Berman (2008 p 11) is referred to as balance sheet insolvency. The wise use of the balance sheet can help in avoiding bankruptcy. The balance sheet is also significant in the evaluation of expenditures as well as the debts incurred by the business. The total spending by the business in a trading period is reflected in detail on the liabilities section. This gives the managers an opportunity to understand the items which significantly reduce the assets of the business. This knowledge is important in helping the managers to develop strategies for reducing the expenditures especially on the needless items. Expenses can be reduced through the use of inexpensive materials as well as the expenses that the business can do without. Strategies can also be developed to leave the assets that are not very necessary to the organization in order to pay the owing debts. (Weekman 2003 p 45- 51). Most of the time a business will be anticipating income which needs to be tracked in order to ensure that it is not lost before it is acquired. The balance sheet helps in tracking these receivables. It gives a detailed list of these receivables which indicates the payments owed to the business by customers. These payments are usually apparent in the balance sheet, which makes it possible for the managers to make a follow up in regard to their clearance. It is also significant in helping the managers to make a critical analysis of the inclination of the receivables and the amounts owing (Dyson 2001 p 56). They are able to identify whether the anticipated income is taking longer than expected and whether there is anything that can be done to facilitate

Monday, February 3, 2020

Law enforcement, alcohol and drug awareness, personal safety, domestic Essay

Law enforcement, alcohol and drug awareness, personal safety, domestic violence, traffic violations - Essay Example Should you have an encounter with the police it is important that you are polite as possible, be respectful though the situation may be stressful, and answer only when asked to do so. It is best to keep your hands visible at all times so that the policeman has no reason to feel threatened. Remain in your vehicle unless asked to exit. It is likely the encounter will go smoothly and the problem will be resolved without complication if you are complying with the law. Driving while under the influence of alcohol is prohibited in all fifty states, with legal limits defined as .10 in 42 states and .08 in eight states, including Florida. If you are caught driving while intoxicated you will be arrested and if it is your first offense you will likely spend time on probation, with various fines and community service. For second and third offenses your chances of being incarcerated are high, with prison a possibility. Being caught with illegal drugs is another serious offense that you will be arrested and jailed for, and depending on the schedule of narcotic you will be fined and imprisoned. Narcotics can also include those prescribed and it is possible to be arrested for driving while intoxicated even if you are only taking over the counter medication. Any substance that causes an altered consciousness such as sleepiness or drowsiness should not be taken when you are planning to drive. As an international student you will have the same rights as American citizens regarding personal safety and should contact law enforcement if you experience a threatening situation. It is important that you do not react with violence in any situation and that if you are part of a violent or physical confrontation you contact law enforcement and do not attempt to handle the matter yourself. "Washington State University - Office of International Students & Scholars." Washington State University -