Balance Sheet, Income Statement and Objectives of Accounting and Firms Assignment

Balance Sheet, Income Statement and Objectives of Accounting and Firms - Assignment Example Contra Asset accounts are accounts that are offsetting accounts for certain asset accounts which are often called valuation allowances. Credits increase contra asset accounts, and debits decrease these accounts. Accounts such as doubtful accounts, and accumulated depreciation. Liability accounts are accounts that increase credits and decrease with debits. The examples of the liability accounts are accounts payable, long-term debt (loan), taxes payable and wages payable. Contra liability accounts are accounts that are offsetting accounts for certain liability accounts which are often called valuation allowances. Debits increase contra liability accounts, and credits decrease these accounts. The short-term portion of the mortgage payable is an example of a contra liability account. The accounts in the income statement are closed out every ending period and transferred to Retained Earnings and entered into the Income Statement. The two types of accounts used in the Income Statement are called Revenue and Expense accounts. Assumption: Cash would increase thus increasing the Cash account in the Balance Sheet, and Equity would increase thus increasing the Equity account in the Balance Sheet. Both sides of the Balance Sheet increase by $5000. The primary objectives of accounting are to fairly present the financial information in the financial statements with necessary disclosures in accordance with Generally Accepted Accounting Principles (GAAP) so that users of the financial statements can use them to make informative decisions. This fulfills one of the main objectives which is to give assurance to the public about financial statements. The main objective of the firm producing financial statements is to monitor business performance throughout the year and possibly compare with past results. When comparative financial statements are compiled, a better understanding of the level of consistency can be obtained.

Culture, Technology & Ware Essay Example | Topics and Well Written Essays - 500 words

Culture, Technology & Ware - Essay Example This war led to a division in America. Political and ideological thinking of Americans were also defined by this war. According to Bourque (2010), â€Å"for political and ideological reasons, many today  do  identify all who  willingly engage in sympathy for the Confederate cause,  such as supporting the flying of the Confederate flag, to be engaged in an insult to the United States, an insult to African-Americans, an insult to the human race, an insult to civilized values, close to seditious activity, and close to hate crimes activity.† How people view and think today, can be said to have been rooted to their history. There are many benefits and consequences of wars. One of the most significant effects of wars is its influence to economic institutions and trade patterns (Goldstein, n.d.). War also influenced technological developments. But the despite these influences, chronic wars has drained wealth, disrupted markets and depressed economic growths as well as multiple deaths(Goldstein, n.d.). Across time, changes in the art of war and weaponry occur. Technological advancement often follows necessity in military. According to Professor Goldstein (n.d.), â€Å"governments can coordinate research and development to produce technologies for war that also sometimes find civilian uses (such as radar in World War II).† Developments in communications technology, surveillance, and target acquisitions systems help improve the means of command and control of the military (Anand, n.d). As of right now, we have new advances in biotechnology and nano-technology which have great impact on human health. The conduct in warfare is changing over time. These advances in technology changed the processes in our military and the efficiency of doing their responsibilities. Future warfare may utilize advanced technology and weaponry. Because of these developments, it is just very easy to start a war between one place and