tag:blogger.com,1999:blog-24402994566845351722024-03-12T22:00:20.438-07:00Kara Moss - Accountingkaramoss95http://www.blogger.com/profile/13377930658472051991noreply@blogger.comBlogger11125tag:blogger.com,1999:blog-2440299456684535172.post-50840093457686931122016-12-06T01:46:00.001-08:002016-12-12T04:58:43.723-08:00Week Ten EOC; My Plan<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif; font-size: x-small;">During this quarter my knowledge on not only account, but excel have increased significantly. Although this particular course was meant for a hospitality ran businesses, I can definitely see how this would be applicable to all means of business. The majority of what I have learned could be put towards the majority of accounting needs throughout the fashion industry. I knew absolutely nothing about accounting at the beginning of this course but can now say I feel a lot more confident if I were needed to speak on the subject matter. I have also learned all sorts of excel tricks, which could be beneficial towards absolutely any types of work and maybe even running my own small business. As of right now, my plan is to once again, graduate and become a buyer. Although there is a lot of careers in the fashion industry that I would be more than happy with, I truly think a buyer is the position that suits me the most. It would be excellent to be a part of some type of internship prior to be hired so that I can gauge what type of requirements they must meet daily. I have the personality of wanting to see how something goes or works before I encounter it myself, so I believe that the chance of an internship would be highly beneficial to not only myself but my future career. I can only hope that this accounting knowledge I have learned will do the same. I have seen how expensive it can be to run a business and I think that is the one thing I have taken the most from this class.</span>karamoss95http://www.blogger.com/profile/13377930658472051991noreply@blogger.com0tag:blogger.com,1999:blog-2440299456684535172.post-4660170570476310322016-12-06T01:43:00.000-08:002016-12-06T01:54:53.879-08:00Week Nine EOC; Book Question<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif; font-size: x-small;">If Dan and Loralei would decide to buy the restaurant, there would be some fixed costs that would come along the way. A fixed cost is a cost that <span style="color: red;"><b>"remains constant despite increases or decreases in sales volume (number of guests served or number of rooms sold) (Dopson 316)".</b><span style="color: red;"> </span></span>One of the most common fixed costs for this property would be payments for insurance policies. These would remain constant and would have to be maintained if the property was owned. Another example, similar to the insurance policy payments, would be the property taxes. Then there are controllable fixed costs. <span style="font-weight: bold;">"Good managers seek to decrease their fixed costs to their lowest practical levels while still satisfying the needs of the business and its customers (Dopson 318)." </span>If Dan and Loralei were to decide to have music and entertainment for their business, this would also be a fixed cost but could be lowered if desired. The rental space in which the restaurant is located may also be a fixed cost. Lastly, the management salaries are a fixed cost. </span><br />
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif; font-size: x-small;">However, if Dan and Loralei choose to operate the restaurant some variable costs are also going to occur. "<b>A variable cost is one that increases as sales volume increases and decreases as sales volume decreases (Dopson 316)."</b> The top variable costs for them are going to be food and beverage cost. Cleaning, equipment, payroll and bank interest are going to be some other variable costs.</span><br />
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif; font-size: x-small;">I think that Dan has a good point when he says that he can reduce the prices of the Watershed. Since they can get it at the right price, that will be a fixed cost that will not change. If they can get their variable costs down to where they need to be it will make more sense for them to obtain the business. I think Dan's ideas are going to be the most profitable because lowering the costs slightly will help to make that 7 cents loss on a dollar become more profitable.</span><br />
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif; font-size: xx-small;">Dopson, Lea R. Managerial Accounting for the Hospitality Industry. Wiley, 09/2008. [The Art Institutes].</span></div>
karamoss95http://www.blogger.com/profile/13377930658472051991noreply@blogger.com0tag:blogger.com,1999:blog-2440299456684535172.post-57279552707977299732016-11-28T07:39:00.001-08:002016-11-28T07:40:02.136-08:00Week Eight EOC; Question Four<div style="direction: ltr; margin-bottom: 0pt; margin-left: 0in; margin-top: 0pt; text-align: left; text-indent: 0in; unicode-bidi: embed;">
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif; font-size: x-small;"><span style="font-style: normal; font-weight: normal;">a.<span style="mso-spacerun: yes;"> </span>The</span><span style="font-style: normal; font-weight: normal; vertical-align: baseline;">
total revnue for October 2009 was $545,000 and the total revenue for October
2010 was $583,000. Revenue is important because </span><span style="font-style: italic; font-weight: bold; vertical-align: baseline;">"ecommend
special room restrictions (for example, minimum length of stay requirements)
that serve to optimize the total revenue generated by the hotel during a
specific time period (Dopson 289)".</span></span></div>
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif; font-size: x-small;"><span style="font-style: normal; font-weight: normal;">b.<span style="mso-spacerun: yes;">
</span>The GOP in dollars for October 2009</span><span style="font-style: normal; font-weight: normal; vertical-align: baseline;">
was $162,000 and the GOP for October 2010 was $184,550. </span><span style="font-style: italic; font-weight: bold; vertical-align: baseline;">"Gross operating profit (GOP)
is, in effect, total hotel revenue less those expenses that are considered
directly controllable by management (Dopson 296)."</span></span></div>
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif; font-size: x-small;"><span style="font-style: normal; font-weight: normal;">c.<span style="mso-spacerun: yes;"> </span>The</span><span style="font-style: normal; font-weight: normal; vertical-align: baseline;">
percentage of GOP to total revnues in October 2009 was 29.72% and in October
2010 was 31.65%. </span></span></div>
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif; font-size: x-small;"><span style="font-style: normal; font-weight: normal;">d.<span style="mso-spacerun: yes;">
</span>The flow-through</span><span style="font-style: normal; font-weight: normal; vertical-align: baseline;">
being achieved by Santi's hotel is 59.34%. This is higher than 50% so there are
profits being made. "</span><span style="font-style: italic; font-weight: bold; vertical-align: baseline;">Flow-through
is a measure of the ability of a hotel to convert increased revenue dollars to
increased gross operating profit dollars (Dopson 296)".</span></span><br />
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif; font-size: x-small;"><span style="font-style: italic; font-weight: bold; vertical-align: baseline;"><span style="background-color: white; color: #666666; font-family: "arial"; font-size: xx-small; font-style: normal; font-weight: normal;">Dopson, Lea R. Managerial Accounting for the Hospitality Industry. Wiley, 09/2008. VitalSource Bookshelf Online.</span></span></span></div>
karamoss95http://www.blogger.com/profile/13377930658472051991noreply@blogger.com0tag:blogger.com,1999:blog-2440299456684535172.post-30205982250501084722016-11-14T15:45:00.003-08:002016-11-28T07:40:10.126-08:00Week Seven EOC; Trump and Small Business<span style="font-size: x-small;"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif; font-size: xx-small;">Donald J. Trump having won the 2016 election will have a large impact on not only business as a whole, but small businesses.<b> </b>Since having won the current election, several small business owners have been backing him up. In fact, some of the utmost generous donors to the Trump campaign were the small business owners. Trump is expected to start modifying President Barack Obama's health care, or Obamacare and is also going to undo some enviornmental regulations leaving small business owners incredibly positive about his win. One of the most important aspects that will be changing for the better, in small business owners eyes, is the tax changes.<b><i>"<span style="background-color: white; color: #262626;">Business groups want to see benefits as well for sole proprietors, </span></i></b></span><b style="font-family: "helvetica neue", arial, helvetica, sans-serif;"><span style="background-color: white; color: #262626;"><i>Roseberg</i></span></b><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif; font-size: xx-small;"><b><i><span style="background-color: white; color: #262626;"> and corporate shareholders whose business income is reported on their personal returns.</span>"(sdasd). </i></b>Trump has been heavily advocating to lower the income tax by 15 percent on all companies. Right now these companies are being taxed at rates as high as 40 percent. This tax law will not be changed without Congress' approval, but with the new republican lead Congress this is looking like it may happen. Trade is also going to change and trump has been planning to renegotiate the North American Free Agreement trade which is currently governing the trade among the United States, Canada and Mexico. <b><i>"He also wants the U.S. to withdraw from the Trans-Pacific Partnership, which is awaiting approval from Congress. But he may face opposition from small-business groups" (</i></b></span><b style="font-family: "helvetica neue", arial, helvetica, sans-serif;"><span style="background-color: white; color: #262626;"><i>Roseberg</i></span></b><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif; font-size: xx-small;"><b><i>).</i> </b>Lastly, the minimum wage will be increasing which has be said to be hurtful towards small business companies but some have also said will help increase competition.</span><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif; font-size: xx-small;"> <b><i>"<span style="background-color: white; color: #262626;">The approval of minimum wage increases in Arizona, Colorado, Maine and the state of Washington will likely add momentum to campaigns in other parts of the country" (Roseberg). </span></i></b></span></span><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif; font-size: xx-small;"><span style="background-color: white; color: #262626; font-size: x-small;"><br /></span></span>
<span style="background-color: white;"><span style="color: #262626; font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif; font-size: xx-small;">Joyce M. Rosenberg | Associated Press. "Small Business Generally Upbeat about Trump Agenda." Albuquerque Journal. N.p., n.d. Web. 16 Nov. 2016.</span></span>karamoss95http://www.blogger.com/profile/13377930658472051991noreply@blogger.com0tag:blogger.com,1999:blog-2440299456684535172.post-14913395828864802532016-11-14T00:47:00.000-08:002016-11-28T07:39:55.650-08:00Week Six EOC; Weed in the Workplace<span style="font-size: x-small;"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif; font-size: xx-small;"><b><i>"Ten years ago, if an employee or intern came to work after spending time smoking marijuana, the employer had a simple solution: termination" (Nace)</i></b>. </span><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif; font-size: xx-small;">With the legalization of marijuana it is becoming significantly harder for businesses to control the use of it within the workplace. The first problem that can be run into is whether or not a drug test should be conducted since it is now legal.</span><i style="font-family: "helvetica neue", arial, helvetica, sans-serif; font-weight: bold;">"Generally, an employer is permitted to conduct preemployment, random, or reasonable suspicion drug testing provided it has an effective drug and alcohol policy" (Nace). </i><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif; font-size: xx-small;">This is causing further problems being that in areas where marijuana has been legalized it is becoming hard to find employees. I personally do not find drug testings prior to being hired necessary, although I do think that random drug tests throughout a employees employment has the potential to be beneficial to the company. If there is suspicion or an employee is suspected to be under the influence</span><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif; font-size: xx-small;"> while working, they should be subjected to a drug test. Although marijuana is now legal, that should not make the drug permissable to use in a work enviornment. Any type of work whether being retail or the service industry, while being under the influence, could especially hinder a work performance.</span><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif; font-size: xx-small;"><b style="font-style: italic;">"Showing up to the workplace and claiming that "it's legal" is generally not going to constitute a defense to a positive test" (Nace). </b>Saying that marijuana is legal is not a valid argument to showing up to work high due to the fact that alcohol is also legal but you are not allowed to show up drunk.</span></span><br />
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif; font-size: xx-small;">http://www.naceweb.org/j022016/marijuana-drugs-in-the-workplace.aspx</span></span>karamoss95http://www.blogger.com/profile/13377930658472051991noreply@blogger.com0tag:blogger.com,1999:blog-2440299456684535172.post-70349313136464010732016-10-31T08:50:00.002-07:002016-10-31T08:50:21.797-07:00Week Four EOC; Question Two<div style="direction: ltr; margin-bottom: 0pt; margin-left: 0in; margin-top: 0pt; text-align: left; text-indent: 0in; unicode-bidi: embed;">
<span style="font-family: Arial; font-style: normal; font-weight: normal;"><span style="font-size: x-small;">Answers: </span></span></div>
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<span style="font-size: x-small;"><span style="font-family: Arial; font-style: normal; font-weight: normal;">a.</span><span style="font-family: Arial; font-style: normal; font-weight: normal; vertical-align: baseline;">
</span><span style="font-family: Arial; font-style: normal; font-weight: normal;">The</span><span style="font-family: Arial; font-style: normal; font-weight: normal; vertical-align: baseline;"> change in cash increased and
there for reflected a use of funds. It was increased by $14,000. The
differences of sources and uses can be explained in the book by </span><span style="font-family: Arial; font-style: italic; font-weight: bold; vertical-align: baseline;">"One tool that can be used to
help you identify money inflows and outflows of a hospitality business is to
calculate its sources and uses of funds from its balance sheets from last
period to this period. Sources represent inflows and uses represent outflows of
funds for the hospitality business" (Dopson 147).</span></span></div>
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<span style="font-size: x-small;"><span style="font-family: Arial; font-style: normal; font-weight: normal;">b.</span><span style="font-family: Arial; font-style: normal; font-weight: normal; vertical-align: baseline;">
</span><span style="font-family: Arial; font-style: normal; font-weight: normal;">Net
Recievables, </span><span style="font-family: Arial; font-style: italic; font-weight: bold;">"Money
owed by customers to a business calculated after subtracting any amounts that
may not be collectable"</span><span style="font-family: Arial; font-style: italic; font-weight: bold; vertical-align: baseline;">
(Dopson 480), </span><span style="font-family: Arial; font-style: normal; font-weight: normal;">also increases resulting in a use of funds as well. The amount that it
was increased by was $30,000. </span></span></div>
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<span style="font-size: x-small;"><span style="font-family: Arial; font-style: normal; font-weight: normal;">c. Notes payable decreased which</span><span style="font-family: Arial; font-style: normal; font-weight: normal; vertical-align: baseline;"> ended up becoming a use of funds
increasing by $44,000. The book states that </span><span style="font-family: Arial; font-style: italic; font-weight: bold; vertical-align: baseline;">"Notes
payable are short-term loans (less than a year). If you decrease notes payable
by paying back money you borrowed, this is a use of funds for you" (Dopson
151).</span></span></div>
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<span style="font-size: x-small;"><span style="font-family: Arial; font-style: normal; font-weight: normal;">d.</span><span style="font-family: Arial; font-style: normal; font-weight: normal; vertical-align: baseline;"> </span><span style="font-family: Arial; font-style: normal; font-weight: normal;">The</span><span style="font-family: Arial; font-style: normal; font-weight: normal; vertical-align: baseline;">
retained earnings, </span><span style="font-family: Arial; font-style: italic; font-weight: bold; vertical-align: baseline;">"Accumulated
account of profits over the life of the business that have not been distributed
as dividends" (Dopson 483), </span><span style="font-family: Arial; font-style: normal; font-weight: normal; vertical-align: baseline;">increased
which resulted in a sourceof funds. This was incrased by $104,000. </span></span></div>
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<span style="font-size: x-small;"><span style="font-family: Arial; font-style: normal; font-weight: normal;">e. The</span><span style="font-family: Arial; font-style: normal; font-weight: normal; vertical-align: baseline;"> total amount of sources and funds
ended up totaling to $743,000.</span></span></div>
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<span style="vertical-align: baseline;"><span style="font-family: Arial; font-size: xx-small;">Dopson, Lea R. Managerial Accounting for the Hospitality Industry. Wiley, 09/2008. VitalSource Bookshelf Online.</span></span></div>
karamoss95http://www.blogger.com/profile/13377930658472051991noreply@blogger.com0tag:blogger.com,1999:blog-2440299456684535172.post-68562483704298493032016-10-31T08:33:00.001-07:002016-10-31T08:34:24.179-07:00Week Four EOC; Question Three<div style="direction: ltr; margin-bottom: 0pt; margin-left: 0in; margin-top: 0pt; text-align: left; text-indent: 0in; unicode-bidi: embed;">
<span style="font-family: "arial"; font-size: x-small; font-style: normal; font-weight: normal;">Answers:</span></div>
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<span style="font-size: x-small;"><span style="font-family: "arial"; font-style: normal; font-weight: normal;">a. Rachel's</span><span style="font-family: "arial"; font-style: normal; font-weight: normal; vertical-align: baseline;"> cash percent is at 3.7% which is
half less than the averages of the chain. What this means is that Rachel is
losing more money than the other chains are. </span><span style="font-family: "arial"; font-style: italic; font-weight: bold; vertical-align: baseline;">"those
who operate a business must consistently have sufficient cash on hand to pay
their employees, their vendors, and the taxes owed by the business"
(Dopson 117).</span></span></div>
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<span style="font-family: "arial"; font-size: x-small; font-style: italic; font-weight: bold; vertical-align: baseline;"><br /></span></div>
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<span style="font-size: x-small;"><span style="font-family: "arial"; font-style: normal; font-weight: normal;">b. Rachel's</span><span style="font-family: "arial"; font-style: normal; font-weight: normal; vertical-align: baseline;"> inventories are 1% higher than
the national average. The book defines inventories as </span><span style="font-family: "arial"; font-style: italic; font-weight: bold; vertical-align: baseline;">"In the hospitality industry,
inventories will include the value of the food, beverages, and supplies used by
a restaurant, as well as sheets, towels, and the in-room replacement items
(hangers, blow dryers, coffee makers, and the like), used by a hotel"
(Dopson 124). </span><span style="font-family: "arial"; font-style: normal; font-weight: normal; vertical-align: baseline;">This
may mean she has more product avaiable on hand than other chains which will
mean less spending in the next month.</span></span></div>
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<span style="font-family: "arial"; font-size: x-small; font-style: normal; font-weight: normal; vertical-align: baseline;"><br /></span></div>
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<span style="font-size: x-small;"><span style="font-family: "arial"; font-style: normal; font-weight: normal;">c. Rachel's</span><span style="font-family: "arial"; font-style: normal; font-weight: normal; vertical-align: baseline;"> accounts payable percentage is a
little over 1% higher than the chain's average percentages. This means she owes
more money than the other chains typically would. This is important because </span><span style="font-family: "arial"; font-style: italic; font-weight: bold; vertical-align: baseline;">"the most important
sub-classifications of current liabilities include notes payable, income taxes
payable, and accounts payable" (Dopson 126).</span></span></div>
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<span style="font-family: "arial"; font-size: x-small; font-style: italic; font-weight: bold; vertical-align: baseline;"><br /></span></div>
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<span style="font-size: x-small;"><span style="font-family: "arial"; font-style: normal; font-weight: normal;">d.<span style="mso-spacerun: yes;">
</span>Rachel's notes</span><span style="font-family: "arial"; font-style: normal; font-weight: normal; vertical-align: baseline;">
payable is also 1.4% higher than the chains averages which means she also has
more money owed in this area than she should.</span></span></div>
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<span style="font-size: x-small;"><br /></span>
<i><span style="font-size: xx-small;">Dopson, Lea R. Managerial Accounting for the Hospitality Industry. Wiley, 09/2008. VitalSource Bookshelf Online</span><span style="font-size: x-small;">.</span></i></div>
karamoss95http://www.blogger.com/profile/13377930658472051991noreply@blogger.com0tag:blogger.com,1999:blog-2440299456684535172.post-3173792757881139602016-10-24T05:30:00.002-07:002016-10-30T05:42:17.223-07:00Week Three EOC; Best Restaurant Experience<!--[if gte mso 9]><xml>
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<span style="font-size: x-small;">When I think about the best dining experience I have ever had, one restaurant comes to mind first and that is an Italian restaurant located in Saint Louis, Missouri called Zia’s. This particular restaurant is located in an area known as The Hill which is home to several Italian cuisine restaurants. There were several different aspects that have made this one of my favorite experiences. To start with, the entire atmosphere of the restaurant is phenomenal. Everything from the lighting, to the tables and floors gave off a spectacular vibe. I particularly remember having to wait somewhere around thirty minutes for a table but not being bothered at all because the waiting area was so lovely and the staff was so friendly. Once we were sat down we were introduced to our waitress who, like the staff in the front, was very kind. The service was also very efficient which is something that always makes my experience in a restaurant fantastic. I remember having ordered the baked seafood ravioli and being astonished at how fantastic it tasted for such a reasonable price. Prior to my meal I had also kept it simple and ordered the garlic cheese bread, which was by far the best I have ever tasted. The reason I remember this particular experience so well was because of how flawless every single step of the dining process was. Usually when I am dining out there is usually a consistency of mediocre service somewhere along the process but that did not happen at this restaurant and it remained that way all of the times I returned. Their slogan found on their website “Come to Zia's On the Hill and experience the true taste of Italy” is the perfect and straightforward message for their restaurant. This restaurant has left me with a lasting impression and forever stay as one of my “go to” places for Italian in my hometown of Saint Louis.</span><br />
<span style="font-size: x-small;"><br /></span>
<span style="font-size: x-small;"><br /></span>
<span style="font-size: x-small;">Zia's. "Zia's On The Hill." Zia's On The Hill. N.p., n.d. Web. 24 Oct. 2016.</span><!--EndFragment-->karamoss95http://www.blogger.com/profile/13377930658472051991noreply@blogger.com0tag:blogger.com,1999:blog-2440299456684535172.post-20051103361285578292016-10-10T16:22:00.001-07:002016-10-31T08:33:48.069-07:00Week Two EOC; Question Four<div style="direction: ltr; line-height: normal; margin: 0pt 0in; text-indent: 0in; unicode-bidi: embed; word-break: normal;">
<span style="font-size: x-small;"><span style="font-family: "arial"; vertical-align: baseline;">a </span><span style="font-family: "arial"; vertical-align: baseline;">.</span><span style="font-family: "arial"; vertical-align: baseline;">Lisa's Accrual accounting showed a higher net profit by
$2,500.</span></span></div>
<div style="direction: ltr; line-height: normal; margin: 0pt 0in; text-indent: 0in; unicode-bidi: embed; word-break: normal;">
<span style="font-family: "arial"; font-size: x-small; vertical-align: baseline;"><br /></span></div>
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</div>
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<span style="font-size: x-small;"><span style="font-family: "arial"; vertical-align: baseline;">b. </span><span style="font-family: "arial"; vertical-align: baseline;">Laura's Cash accounting is much more accurate and will show
how much money has already been spent and a precise number of what is left.
According to the book, accuracy is important because "</span><span style="font-family: "arial"; font-weight: bold;">Clearly, if
the bookkeeping tasks of the servers, bartenders, kitchen staff, and managers
of a restaurant, and the front desk, controller, and other staff of a hotel are
not properly performed, the resulting financial data generated by these
business’s accountants will not be accurate and decisions made based upon the
numbers supplied are likely to be flawed as well</span><span style="font-family: "arial"; font-size: 10pt;">."</span></span></div>
<div style="direction: ltr; line-height: normal; margin: 0pt 0in; text-indent: 0in; unicode-bidi: embed; word-break: normal;">
<span style="font-family: "arial"; font-size: x-small;"><br /></span></div>
<div style="direction: ltr; margin-bottom: 0pt; margin-left: 0in; margin-top: 0pt; text-indent: 0in; unicode-bidi: embed;">
</div>
<div style="direction: ltr; margin-bottom: 0pt; margin-left: 0in; margin-top: 0pt; text-indent: 0in; unicode-bidi: embed;">
<span style="font-size: x-small;"><span style="font-family: "arial"; vertical-align: baseline;">c. </span><span style="font-family: "arial"; vertical-align: baseline;">The
accounting method that most accurately shows expensive regardless of when they
were paid is the accrual accounting. The reason for this lies with the fact
that the accrual shows exactly what is happening throughout the expenses and
even includes what has not yet been paid yet. </span></span></div>
<div style="direction: ltr; margin-bottom: 0pt; margin-left: 0in; margin-top: 0pt; text-indent: 0in; unicode-bidi: embed;">
<span style="font-family: "arial"; font-size: x-small; vertical-align: baseline;"><br /></span></div>
<div style="direction: ltr; margin-bottom: 0pt; margin-left: 0in; margin-top: 0pt; text-indent: 0in; unicode-bidi: embed;">
</div>
<div style="direction: ltr; margin-bottom: 0pt; margin-left: 0in; margin-top: 0pt; text-indent: 0in; unicode-bidi: embed;">
<span style="font-size: x-small;"><span style="font-family: "arial"; vertical-align: baseline;">d. </span><span style="font-family: "arial"; vertical-align: baseline;">Again,
similar to question c, accrual is going to be the most efficient due to the fact
that it shows all expenses and tracks the ones that have yet to receive
payment, which is going to show an accurate representation of expenses.
Correlating with the boo</span><span style="font-family: "arial"; vertical-align: baseline;">k "</span><span style="font-family: "arial"; font-weight: bold;">the
accrual system instructs accountants to record expenses when they are incurred
regardless of when they are paid."</span></span></div>
<div style="direction: ltr; margin-bottom: 0pt; margin-left: 0in; margin-top: 0pt; text-indent: 0in; unicode-bidi: embed;">
<span style="font-family: "arial"; font-size: x-small; font-weight: bold;"><br /></span></div>
<div style="direction: ltr; margin-bottom: 0pt; margin-left: 0in; margin-top: 0pt; text-indent: 0in; unicode-bidi: embed;">
</div>
<div style="direction: ltr; margin-bottom: 0pt; margin-left: 0in; margin-top: 0pt; text-indent: 0in; unicode-bidi: embed;">
<span style="font-size: x-small;"><span style="font-family: "arial"; vertical-align: baseline;">e. </span><span style="font-family: "arial"; vertical-align: baseline;">Laura's
Cash Accounting format is much more accurate in terms of cash inflow. It will
show the numbers for exactly what has been received in cash and which has not,
which is something the Accrual form lacks. </span><span style="font-family: "arial"; font-weight: bold; vertical-align: baseline;">"</span><span style="font-family: "arial"; font-weight: bold;">Just as the going concern principle requires accountants to value a
business’s assets at their purchase price, with few exceptions, it requires
busines</span><span style="font-family: "arial"; font-weight: bold; text-indent: 0in;">ses to set the value of the items it intends to sell at the price the
business actually paid for them."</span></span></div>
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<span style="font-size: x-small;"><span style="font-family: "arial"; vertical-align: baseline;">f. </span><span style="font-family: "arial"; text-indent: 0in;">Accural
accounting is going to be the most accurate reflection of the restauraunt's
profitiblity. The reason for this is the ability of this form to show a true
understanding of the profits.</span></span></div>
karamoss95http://www.blogger.com/profile/13377930658472051991noreply@blogger.com0tag:blogger.com,1999:blog-2440299456684535172.post-67495491955819722802016-10-09T21:02:00.001-07:002016-10-31T13:57:44.852-07:00My Voice<span style="font-size: x-small;">Recently moving from Saint Louis, Missouri to Las Vegas, Nevada I have recently started a whole new life experience. Leaving my former school of Missouri State University to attend The Art Institute of Las Vegas I have high aspirations of moving my career in a whole different direction. Everything I have done has been centered on my love for fashion. I am currently working on my degree in Fashion Retail Management and gaining as much knowledge as possible to pursue my passion as a buyer. Growing up I have always had an immense love for fashion but never knew exactly which direction I wanted to take it. I began focusing on both the design and merchandising aspects of the fashion industry but have since learned that becoming a buyer is the right direction for me to take. The type of clothing that I appreciate working within is mixture of athleisurewear with streetwear. Brands that have influenced me towards this direction are Adidas Originals, Nastygal, Monki and combination of several others. I am still currently in the middle stages of finding my niche and exactly where I want fashion to take me. I am hoping there will be plenty of new life experiences to lead me there.</span>karamoss95http://www.blogger.com/profile/13377930658472051991noreply@blogger.com0tag:blogger.com,1999:blog-2440299456684535172.post-34666471231897698582016-10-03T16:44:00.001-07:002016-10-30T05:42:26.703-07:00Week One EOC; Quiz Answers<div style="direction: ltr; margin-bottom: 0pt; margin-left: 0in; margin-top: 0pt; text-indent: 0in; unicode-bidi: embed;">
<span style="font-family: "arial"; font-size: x-small; text-indent: 0in;">Answers:</span></div>
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<span style="font-family: "arial"; font-size: x-small; vertical-align: baseline;">a.
Is it legal?</span></div>
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<span style="font-size: x-small;"><span style="font-family: "arial"; vertical-align: baseline;">No,
Laurie using the sampling hot dogs for a back yard barbecue would be not legal
because she is stealing company property for her own personal use. </span><span style="font-family: "arial"; font-weight: bold; vertical-align: baseline;">You
must also consider whether or not it is permissible within the guidelines
established by the company for which you work (Managerial Accounting for the
Hospitality Industry 19).</span></span></div>
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<span style="font-family: "arial"; font-size: x-small; vertical-align: baseline;">b.
Does it hurt anyone?</span></div>
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<span style="font-size: x-small;"><span style="font-family: "arial"; vertical-align: baseline;">Yes,
using the hot dogs given to her by the vendor for her own use in a backyard
barbque is hurting the company. These are not her property to use and need to
be used for the business, not managers use. </span><span style="font-family: "arial"; font-weight: bold; vertical-align: baseline;">"Discounts, rebates, and free
products are the property of the business, not the manager" (Managerial
Accounting for the Hopsitality Industry 19).</span></span></div>
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<span style="font-family: "arial"; font-size: x-small; font-weight: bold; vertical-align: baseline;"><br /></span></div>
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<span style="font-family: "arial"; font-size: x-small; vertical-align: baseline;">c.
Am I being honest?</span></div>
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<span style="font-family: "arial"; font-size: x-small; vertical-align: baseline;"> Laurie is being extremely dishonest. If her
actions were to be uncovered she could potentially be seen as dishonest and
potentially diminish her reputation. Using the hot dogs for her barbecue
instead of her business usage would affect her integrity as a professional.</span></div>
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<span style="font-family: "arial"; font-size: x-small; vertical-align: baseline;">d.
Would I care if it happened to me?</span></div>
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<span style="font-size: x-small;"><span style="font-family: "arial"; vertical-align: baseline;">Yes,
I would most definitely care if an employee of mine was using business property
for her own use. This would refelct poorly on the company and would promote the
other employees of the company to take similar actions which would be illegal. </span><span style="font-family: "arial"; font-weight: bold; vertical-align: baseline;">"Your
general manager would see it, other employees would see it, all of the other
purveyors that you are going to do business with would see it, and even
potential future employers would see it" (Managerial Accounting for the
hispitality Industry 19).</span></span></div>
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<span style="font-family: "arial"; font-size: x-small; vertical-align: baseline;">e.
Would I publicize my action?</span></div>
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<span style="font-family: "arial"; font-size: x-small; vertical-align: baseline;">No,
If Laurie would be to publicize her actions she would be putting her job at
risk. This would not be something she would tell her boss so it is extremely
unethical. </span></div>
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<span style="font-family: "arial"; font-size: x-small; vertical-align: baseline;">f.
What should be done with the two cases of hot dogs?</span></div>
<span style="font-family: "arial"; font-size: x-small; text-indent: 0in;">The
two cases of hot dogs should be used by the business, not Laurie's personal
use.</span>karamoss95http://www.blogger.com/profile/13377930658472051991noreply@blogger.com0