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sparknotes accounting

Course Hero is not sponsored or endorsed by any college or university. On the New York Times podcast Still Processing, Daphne Brooks, author of Liner Notes for the Revolution, explained how to make Top 40 countdowns, “best-of” lists, and awards shows more inclusive.

  • Nearly every one of us has a smartphone and uses at least one form of social media.
  • What was sold is somehow delivered to the customer.
  • SparkNotes receives revenue from advertisements.
  • ROE is the right metric for financial businesses such as banks and insurance companies.
  • Managers who are financially intelligent understand the basics of financial measurement.
  • In addition, cash is generally considered current asset.

The other $90,000 shows up under long-term liabilities. Maybe you work for an entertainment company that bought land around Los Angeles for $500,000 thirty years ago. The land could be worth $5 million today—but it will still be valued at $500,000 on the balance sheet. Sophisticated investors like to nose around in companies’ balance sheets in hopes of finding such undervalued assets.

Paper Balances

Financial capital from an investor’s point of view is the stocks and bonds he holds; from a company’s point of view it is the shareholders’ equity investment plus whatever funds the company has borrowed. “Sources of capital” in an annual report shows where the company got its money. “Uses of capital” shows how the company used its money.

  • Include your NPV, payback, and IRR calculations in case there are questions about how you arrived at your results.
  • Seeing as the average person spends 2 to 3 hours every day just on social media sites, this would be a fairly drastic life change for most people.
  • Assets are resources owned by a company; liabilities are obligations to creditors and lenders; and capital refers to the interest of the owners in the business after deducting all liabilities from all assets .
  • Determine the benefits of the new investment, in terms of what it will save the company or what it will help the company earn.
  • Yes, it is a bit too easy to draw analogies between an absentee plantation landlord and a modern board of directors.
  • Maybe you work for an entertainment company that bought land around Los Angeles for $500,000 thirty years ago.

In her earlier role as ethics consultant, she worked with over 60 major companies and was an internationally renowned expert at spotting and correcting ethical lapses. Toffler traces the roots of Andersen’s ethical missteps, and shows the gradual decay of a once-proud culture. A withering exposé of the unethical practices that triggered the indictment and collapse of the legendary accounting firm.

And that suggests that slavery was never directly at economic odds with capitalism. In fact, it could be seen as not so much a logical step to the establishment of ‘free’ labor, but as an equivalent and competing viable system. The notion that coerced labor could be profitable also raises disturbing historical questions; for example, it challenges Cold War faith in the values of polarized systems in the US and USSR. That’s because by definition, a personal residence isn’t an asset unless it appreciates enough to offset the costs of ownership.


In 2021, an unprecedented amount of books were challenged. What started out as a budding web-based dating service quickly transformed into a trusted library of online study materials, and over the years, as the publishing industry, technology, and the internet evolved, so did SparkNotes. The narrator soon decides to quit her unfulfilling job and move to Berlin. There, she finds an apartment with a German roommate, and she acquires a job as a babysitter. As she begins to settle into a routine, she decides to apply for a long-term visa so that she can remain in Berlin for the foreseeable future.

Don’t be afraid to ask for help from your finance department—they’re trained in this kind of thing and should be willing to help. Above the Line, Below the Line The “line” generally refers to gross profit. Above that line on the income statement, typically, are sales and COGS or COS. Below the line are operating expenses, interest, and taxes. Items listed above the line tend to vary more than many of those below the line, and so tend to get more managerial attention.

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Created by Harvard students for students everywhere, these study companions and reference tools cover a wide range of college and graduate school subjects, from Business and Computer Programming to Medicine, Law, and Languages. They’ll give you what it takes to find success in school and beyond. Outlines and summaries cover key points, while diagrams and tables make difficult concepts easier to grasp. The information you need-concisely, conveniently, and accurately.

  • Some of these partners may compensate Roofstock for customer referrals.
  • Because operating profit is the profit a company earns from the business it is in—from operations.
  • It includes all the costs directly involved in producing a product or delivering a service.
  • An online trading division, Enron Online, was launched during the dot-com boom, and by 2001 it was executing online trades worth about $2.5 billion a day.

Losing money is a fact of investing life, and so is the fear that comes along with it. Kiyosaki notes that he’s never met a rich person who has never lost money, but he’s met plenty of poor people who have never lost a dime because they’ve never invested. In the 17th and 18th centuries, European rulers shunned honest accounting, understanding that accurate bookkeeping would constrain their spending and throw their legitimacy into question. And in fact, when King Louis XVI’s director of finances published the crown’s accounts in 1781, his revelations provoked a public outcry that helped to fuel the French Revolution. When transparent accounting finally took hold in the 19th Century, the practice helped England establish a global empire. But both inept and willfully misused accounting persist, as the catastrophic Stock Market Crash of 1929 and the Great Recession of 2008 have made all too clear.

At a certain point, the service does charge $0.99 a month or $4.99 a year for their app, but if you want to have a better understanding of Shakespeare, it is all there for free. It is a useful tool that ensures a much lower barrier of entry for people who want to appreciate and learn from some of the most famous texts. It also makes the subject more fun, and the memes are the cherry on top. Imagine being in a high school English classroom today? With a Mr. Morgan type at the teaching, of a class, there’d regularly be memes up on the smartboard. We have been, and continue to be, haunted by the relationship between slavery and capitalism in the early Atlantic world.

Use money generated by assets you own to buy luxuries by focusing on self-discipline to direct money to create more. Select great people for your team and compensate them generously for their advice, because the more money they make the more money you will make. Master the power of learning quickly and develop a formula for making money. Real estate investors who choose to act only on a “sure thing” are paralyzed by fear in disguise. People who can’t see the big picture and think big are the ones who almost never, ever succeed in investing or in life.

Accounting Terminology

Next, stay financially healthy by spending your time and investing as much of your money as possible in assets. Personalized content bombards us whenever we use social media. This refers to how these companies butt into people’s lives by recording their online activity. Facebook’s first president, Sean Parker, referred to this as the “social validation loop.” Sometimes someone likes a photo and sometimes they don’t. Social media algorithms, also known as adaptive algorithms, incorporate randomness and are always changing in order to stay as engaging as possible. They also take our free will by being specifically engineered to be addictive.

The effect of recording in debit or credit depends upon the normal balance of the account debited or credited. Liabilities can also be classified as current or non-current.

sparknotes accounting

The double entry accounting system recognizes a two-fold effect in every transaction. Thus, business transactions are recorded in at least two accounts. Financial accounting measures performance using financial reports and communicates results to those outside of the organization who may have an interest in the company’s performance, such as investors and creditors. Lesson by Bill Bigelow and student reading by Howard Zinn. Interactive activity introduces students to the history and often untold story of the U.S.-Mexico War. Then consider joining the 30,000 other people getting the Monday Medley newsletter.

Book Review: Final Accounting

It also includes management and staff salaries—HR, accounting, IT, and so forth—plus everything else that the accountants have decided does not belong in COGS. Remember that many numbers on the income statement reflect estimates and assumptions.

sparknotes accounting

The Sarbanes-Oxley Act imposed harsh penalties for destroying, altering, or fabricating financial records. The act also prohibited auditing firms from doing any concurrent consulting business for the same clients. What’s great about the memes is they’re created in a way that doesn’t diminish the literature plots, because in reality, one would have to have such a comprehensive understanding of the text to make such good jokes. “I hope what our followers take away from this is that classic literature doesn’t have to be totally dry,” Gorter said.

Accountants prepare financial statements that are used by decision makers inside and outside of the organization. Creditors sometimes grant extended payment terms to other businesses, normally for short periods of time, such as thirty to forty-five days. Manufacturing businesses are for-profit businesses that are designed to make a specific product or products.

How we understand their interconnections reflects the ideological and psycho-social needs of the period. Some analysts try to see the arrangement as a regressive hangover from the pre-modern era, or rationalize it as an intermediary state in the development of mercantilism. Jeff has over 25 years of experience in all segments of the real estate industry including investing, brokerage, residential, commercial, and property management. While his real estate business runs on autopilot, he writes articles to help other investors grow and manage their real estate portfolios. This article, and the Roofstock Blog in general, is intended for informational and educational purposes only, and is not investment, tax, financial planning, legal, or real estate advice. Please consult your own experts for advice in these areas. Although Roofstock provides information it believes to be accurate, Roofstock makes no representations or warranties about the accuracy or completeness of the information contained on this blog.

Any balance on a company’s credit cards is usually included in accounts payable. If your company owes $100,000 to a bank on a long-term loan, maybe $10,000 of it is due this year.

“Smoothing” Earnings You might think that Wall Street would like a big spike in a company’s profits—more money for shareholders, right? But if the spike is unforeseen and unexplained—and especially if it catches Wall Street by surprise—investors are likely to react negatively, taking it as a sign that management isn’t in control of the business. So companies like to “smooth” their earnings, maintaining steady sparknotes accounting and predictable growth. Operating Expenses Operating expenses are the other major category of expenses. The category includes costs that are not directly related to making the product or delivering a service. Sales or revenue is the dollar value of all the products or services a company provided to its customers during a given period of time. It seems like the internet becomes more inhospitable each day.

4 Explain Why Accounting Is Important To Business Stakeholders

Historical materials, profiles, timeline, map, and stories on SNCC’s voting rights organizing. A people’s history of the Civil Rights Movement in Mississippi. A detailed history of the Student Nonviolent Coordinating Committee. On October 5, 2010, sevenHands on the Freedom Plow editors and contributors spoke on a panel about the book at Busboys and Poets in Washington, D.C. Hosted by Teaching for Change and moderated by Jennifer Lawson of WHUT. View online on C-SPAN Book TV. Photos of the event. Empathy, or “social imagination,” allows students to connect to “the other” with whom, on the surface, they may appear to have little in common. The author describes how she introduces students to the classic 1953 film, Salt of the Earth, about a miners’ strike in New Mexico.

Robert Kiyosaki isn’t talking about the type of fear that some people have when going to the dentist or watching The Exorcist. In the book, “fear” is about the fear of losing money and how to handle that fear.

Here, the return of $350 shows you that the project has a return greater than 8 percent. Retained earnings or accumulated earnings are the profits that have been reinvested in the business instead of being paid out in dividends. Delivery has occurred or services have been rendered. What was sold is somehow delivered to the customer. There is persuasive evidence that an arrangement exists. This just means the company is confident that a sale really did happen.

So start sharing those numbers with your team in weekly meetings. Explain where the numbers come from, why they’re important, and how everybody on the team affects them.

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