The intangible assets lumped in one account is also listed under the non-current assets. This account may represent the patents, trademarks, reputation, skilled management or well-trained labor force of the company. It should be noted that some accountants are averse to record this type of assets unless they can be promptly valued (Brealey, Myers & Marcus, 1995).
The liability section of the balance sheet, along with the shareholders' equity, shows the financial resources utilized for the procurement of assets (Brealey, Myers & Marcus, 1995). Similar to assets, liabilities are also classified into current and non-current liabilities, obligations which are due in the short-term and long-term, respectively.
Non-current liability accounts of WMT in the balance sheet include long-term debt and other non-current liabilities, which represent the WMT's loans from banks and investors which are not immediately due. Furthermore, deferred income tax is accounted for in the balance sheet. As the name suggests, this is the outstanding income tax due which will have to be paid to the government. This section also includes the account for minority interest which is the liability of the company to investors with non-controlling stake or interest over the company.
On WMT's balance sheet as at end-2004 shown in MSN Money, only the commo
Current assets are composed of cash and equivalents such as marketable securities which are easily convertible to cash. The assets also include account receivables which are the unpaid bills owed to the company. In addition, there is also the inventory which in the case of WMT may represent the product stocks.
In this paper, I seek to discuss aspects of financial management and accounting in a healthcare organization’s setup – nursing home. Identification of the Type of Organization – Nursing Home A nursing home refers to a set of “facilities with three or more beds that routinely provide nursing care services” (Evashwick, 2005, p.
Finance and Accounting Concepts Introduction Accounting concepts play an important role in recording the financial transactions and is a discipline that provides certain information related to financial transactions. Accounting provides important financial information to a wide range of potential users who are able to make several economic decisions for the allocation of economic resources.
Advise to Dr. Leo Krusack on basic accounting procedures for the month of July showing how each transaction is handled on the accrual basis of accounting: - On July 1st, he paid out $1,200 in office rent for the month of July.
The Board is considering what might happen if the business reports this ratio to the bank. One solution is to report revenue from a new sales contract that is scheduled to take effect in January.
Assets are like a resource to the company. These resources and belongings to the organization may consist of plant, cash, inventory, receivables, patents etc. Assets are used for the investments that businesses make.
Assets are tangible as well as intangible. Tangible
Rather the depreciation amount is reflected in sections over a period of years. Therefore the depreciation amount shown on the income statement above is the partial expense incurred on some asset, which is being accounted in
The author explains that Self Imposed Budget is known as a participative budget; it is a budget that is made with full participation and input from managers at all levels, thus naming it as participative. Input and participation of managers is an essentiality to proceed with success. The advantages is that the more concerned managers are involved.
Management Information System. The added role was to cater to the need of the management end users to have the predefined reports and objects from the existing data bases or stored data; thus, providing the regularly needed information on timely
The same applies to creditors, shareholders, creditors, employees, managers, the government and society who are interested in knowing the financial health of a company to be able to make informed decisions. The information that external users are interested in are usually
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