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Bookkeeping Essay Topics & Paper Examples

Importance Bookkeeping

In business, there are many factors that must be considered in order to ensure that they business is on the right track, specifically in financial matters. One of these is the aspect of bookkeeping. This paper discusses the importance of bookkeeping and will discuss laws that govern accounting aspects. Importance of Bookkeeping Bookkeeping is one of the most important aspects in financial management. It is the process of recording the financial transactions made by the company and considered as the first basic step of accounting context. Bookkeeping is important because it will definitely help you in terms of monitoring how the company is going daily, weekly and monthly. It is essential since it will help the company organize the financial…

Nature and scope of accounting

As an introduction to the course in accounting, it may be useful to define the following terms : – Accounts : These are the financial records in the organization. Every business transaction, or accounting entity, may be represented in an account by itself, e.g. wages, telephone expense, motor vehicle, Cash at bank, Investment – Book-keeping : This is the recording of the financial transactions of a business in a systematic manner, so that relevant financial data may be extracted when needed. – Accounting : This is a more comprehensive step than book-keeping. It involves the classifying, recording, compiling, reporting and interpreting the financial activities in the organization. This allows the users of the information to make informed judgement, planning and…

Accrual and Cash Accounting

Cash account and accrual accounting are two separate methods that are similar in many aspects except when it comes to debits and credits. Cash accounting is also known to be called cash basis accounting. This approach allows for the recognition of income at the time it is received. That means that invoiced income is not counted as an asset until payment for the invoice has been received and vice versa for debits and expenses. Accrual accounting does not recognize any income until it is actually earned. Goods and services are posted and counted as assets as they are invoiced. Cash basis accounting is simple and cheaper to do than accrual accounting. While it does provide an accurate representation of cash…

Financial Accounting Standards Board

Runway Discount (Runway), a privately held online retailer, has implemented a new customer referral marketing campaign. The campaign involves incentivizing current customers to refer their friends to Runway’s website. When a current customer refers someone who makes a purchase on Runway’s website, the referring customer receives a $25 credit to be applied to a future purchase. Two important provisions should be highlighted regarding this “Refer-a-Friend” program: The $25 credit is contingent upon the existing customer’s referral actually making a purchase The $25 credit is applied to the referring customer’s future purchase at the time that the referred customer makes a purchase The business purpose of this Refer-a-Friend program is to increase sales and expand Runway’s customer base by providing incentives…

Company structure

1. Explain the reasons why the organisational structure in any business is important 2. Some people prefer to work for a large company. Others prefer to work for a small company. Which would you prefer? Use specific reasons and details to support your choice. Management and culture diversity 3. Differences between countries become less evident each year. Nowadays, all over the world people share the same fashions, advertising, brands, eating habits and TV channels. Do the advantages outweigh the disadvantages of this? In some countries, young people are encouraged to work or travel for a year between finishing high school and starting university studies. Discuss the advantages and disadvantages for young people who decide to do this. 4. As mass…

Accounting Personal Statement

The way I think of Accounting is that it is a fundamental part of our way of life. This is because I believe that every person in the world uses the principle of Accounting at least once in their lives. It can be things that they do in their daily life, for example, checking how much money they have with them, or how much they have spent; or they use it in businesses and large-scale transactions where it is commonly known. My main ambition for the future is to become a Chartered Accountant. I am hoping university will provide me with an understanding of the business world as well as offering me a wide range of choices and connections after…