Book Keeping Essay Example for Free

Book Keeping Essay Book keeping it also referred as the keeping of book. Book keeping is the process of keeping full, accurate, up-to-date business records. Proper methods can help businesses effectively manage cash flow, stay abreast of profit and losses, and develop plans for the future based on financial trends. Furthermore, keeping accurate book is required by both federal and local tax agencies. The book keeping process involves making a record of the monies received by a business as well as the monies paid out. It encompasses money a company owes to vendors, employees, tax agencies, contractors, and any other individual or entity. Likewise, accurate records of amounts owed to a company by outside individuals and organizations are also recorded in a companys books. Though necessary and beneficial to business owners, the task can be very time consuming. With no exceptions, every monetary amount that is paid or received must be recorded. Additionally, accuracy is of the utmost importance, making keeping the books in a rushed manner a very bad idea. As business owners are often lacking in time, many choose to hire professional bookkeepers to keep company records well maintained. Of the many reasons for keeping accurate records, business and income taxes are among the most important. In the United States, for example, the Internal Revenue Service requires business owners to keep financial records that are complete and up-to-date. State and city tax agencies may require businesses to maintain accurate records as well. In fact, a business owner who fails to keep acceptable financial records may be liable for significant monetary fines or other penalties. A companys books are used to determine the amount of taxes the company must pay, and they are also used in preparing tax returns. Sometimes, a tax agency may decide to investigate the information reported on a return or other type of tax-related document. In such cases, business owners are required to present accurate records for the tax agencys inspection. Failure to do so could lead to hefty fines, penalties, or in severe cases, imprisonment. Although hiring bookkeeping professionals may be a good idea for many companies, not all business owners can afford to do so. This is particularity true of smaller, home-based, or start-up businesses. Fortunately, there are many computer programs designed to make the task of keeping the books manageable and less time consuming. Many programs handle all of the calculations for the user, taking the worry out of keeping accurate figures. Available even to those on tight budgets, this software makes record keeping easy. (N. Madison, 2013, Wise Geek.)[online] ACCOUNTING CYCLE The accounting cycle is often described as a process that includes the following steps: identifying, collecting and analyzing documents and transactions, recording the transactions in journals, posting the journalized amounts to accounts in the general and subsidiary ledgers, preparing an unadjusted trial balance, perhaps preparing a worksheet, determining and recording adjusting entries, preparing an adjusted trial balance, preparing the financial statements, recording and posting closing entries, preparing a post-closing trial balance, and perhaps recording reversing entries. Cycle and steps seem to be a carryover from the days of manual bookkeeping and accounting when transactions were first written into journals. In a separate step the amounts in the journal were posted to accounts. At the end of each month, the remaining steps had to take place in order to get the monthly, manually-prepared financial statements. Today, most companies use accounting software that processes many of these steps simultaneously. The speed and accuracy of the software reduces the accountant’s need for a worksheet containing the unadjusted trial balance, adjusting entries, and the adjusted trial balance. The accountant can enter the adjusting entries into the software and can obtain the complete financial statements by simply selecting the reports from a menu. After reviewing the financial statements, the accountant can make additional adjustments and almost immediately obtain the revised reports. The software will also prepare, record, and post the closing entries. (Harold,A.2013,Accounting Coach.)[online]. SOURCE DOCUMENTS Source documents are documents, such as cash slips, invoices, etc. that form the source of (and serve as proof for) a transaction. In other words, they are the first documents that exist relating to a transaction. Invoices, cash slips, receipts, check counterfoils, bank deposit slips ,credit notes ,debit notes ,voucher , purchase orders and even internet payment confirmations are all source documents. For example: Invoices Credit Notes Receipts Voucher Purchase orders BOOK OF PRIME ENTRY Book of prime entry is book used in recording transaction. Books of prime entry are also known as books of original entry or subsidiary books. Types of books of prime entry: Books of prime entry are also known as either ‘journals’ or ‘daybooks’. The term ‘day book’ is, perhaps, more commonly used, as it more clearly indicates the nature of these books of prime entry – entries are made to them every day. The commonly used books of prime entry are: Sale Day Book /Sale Journals Sale journals is to record credit sales. Purchases Day Book/Purchases Journals Purchases journals is to record credit purchases. Sales Return Day Book/Return In Journals Return in journals is to record returns from customers. Purchases Return Day Book/Return Out Journals Return out journals is to record returns to suppliers. General journal/The journal The journal is to record other transactions. The cashbook is a combined account of the cash account and the bank account. It is the only one of the six daybooks that is both an account and a daybook at the same time. Apart from the cashbook, all the other double-entry accounts are kept in one of the three ledgers. Example for 3 Column Cash Book LEDGER (T-ACCOUNT) The ledger is a collective term for the accounts of a business. (A ledger of accounts is like a school of fish). The accounts are in the shape of a ‘T’ and thus are often referred to as ‘T-accounts’. In this step we take all the debits and credits (journals) relating to one account – let’s say ‘bank’ – and draw up an account for bank that shows all the transactions relating to it. The different types of ledgers most businesses use are: Sale Ledgers Sale ledgers is to record customers account balance. Purchases Ledgers Purchases ledgers is to record suppliers account balance. General Ledgers General ledgers is to record miscellaneous account. Example: PETTY CASH BOOK The petty cash book is used to record the changes to the petty cash fund – both money put into the fund and money taken out. The fund is commenced with a petty cash advance cheque and topped up with a reimbursement cheque at the end of each petty cash period.The petty cash book is prepared from the petty cash vouchers, as well as the details from the advance and reimbursement cheque butts. The petty cash book is prepared from: advance (and/or reimbursement) cheque butt/s completed and authorised petty cash vouchers. The totals can be checked by cross-adding related column totals.The total of the vouchers (Cash Payments column total) added to the balance left in the petty cash fund (Balance column) should always equal the imprest amount. TRIAL BALANCE A sheet displaying all the accounts of a business, drawn up as a trial (test) of whether the total of all the debit balances equal the total of all the credit balances (A balance is the amount of an item at a point in time. For example, The balance in the bank account on the 1st of January was $5,000.). The trial balance is prepared as a final check just before the financial statements are drawn up. The trial balance is our penultimate step in the accounting cycle. Example for Trial Balance: FINAL ACCOUNT Final accounts are all of the financial statement for a business or company at the end of the fiscal or calendar year, on whichever the business calendar the company operates. The statements for the final accounts show the gross profit and net income of the company. A number of accounts are included, such as the profit and loss statement for the business, the balance sheet, and the trading account. The profit and loss statement tracks all of the income that comes into the company, as well as the expenses that the company pays out. The profit and loss statement covers a specific period — typically the fiscal year, but it can also cover the calendar year. It shows how revenue becomes net income, and whether or not the company made money for the year. While the company tracks these figures throughout the year, the final accounts include the statement for the cumulative fiscal or calendar year. The balance sheet is another one of the business financial statements that are prepared as part of the final accounts process when the year closes out. The balance sheet provides a quick look at how the company is doing at that specific moment in time, at the end of the year. In addition to assets and liabilities, a balance sheet also includes information on shareholder equity. Trading accounts cover profits and losses incurred from trading securities. Many companies invest in stocks, bonds, mutual funds and other types of investment funds. The final accounts for the trading account show the amount of gain or loss from these investments at the end of the year that the company runs on. Final accounts and the statements that make up these accounts typically help companies to prepare their various tax returns. If the company accountant prepares the tax statements, then the accountant prepares these statements for his or her own use. If the company hires an outside accountant or accounting firm, then the statements for the final accounts are handed over to the third party, so they have the information they need to prepare the companys tax returns and any of tax paperwork that is required. (Kristie,L and Wilborn,C.2013,Wise Geek)[online] INCOME STATEMENT A financial statement that measures a companys financial performance over a specific accounting period. Financial performance is assessed by giving a summary of how the business incurs its revenues and expenses through both operating and non-operating activities. It also shows the net profit or loss incurred over a specific accounting period, typically over a fiscal quarter or year. Also known as the profit and loss statement or statement of revenue and expense. Example for Income Statements: STATEMENT OF FINANCIAL POSITION A statement of financial position, also known as a balance sheet, is a financial document that provides an overview of an entitys finances at a given point in time. These statements are commonly used by companies large and small, but they can also be applied to personal finances, for people who want to generate a document that they can use to review their financial situation for the purpose of making budgeting decisions or financial plans. Many accounting software programs have mechanisms to automatically create one. There are two main areas on a statement of financial position. One covers the assets, everything owned by the person or company, including real estate, cash in hand, contents of bank accounts, and so forth. The other side includes the liabilities, funds owed. A statement usually breaks these sections up into several categories for ease of reference, so that people can quickly look up a topic of particular interest, such as accounts payable or overdue loans. The liabilities also include the ownership equity or the shareholder equity in the business. The assets should equal the liabilities once the ownership or shareholder equity has been factored in, and if they do not, it is a sign that the financial statement is out of balance. This is in accordance with the accounting equation, which states that assets = liabilities + ownership or shareholder equity. Incidentally, this explains the term balance sheet, which reflects the idea that the two sections of the sheet should be equal or balanced. Commonly, a statement of financial position will be generated at the end of every month. Looking up past months can provide information about how a companys finances are progressing, and these documents can also be compared with statements from the same month in prior years. Using this document, decisions can be made about the next steps to take. If, for example, a company has a lot of assets, it may be a sign that it can comfortably expand because it has the available capital to do so. Companies that are publicly traded must provide public disclosures about their financial health, including statements of financial position. These are provided to shareholders by request and are also commonly published to make them readily accessible to prospective investors. If a company has a website, they might be found on a section of the website that includes documents that the company is required to disclose by law. (Smitch,S. and Wallace,O.2013,Wise Geek)[online] Example for Statement of Financial Position: CONCLUSION Book keeping is important to proper accounting records because proper methods can help businesses effectively manage cash flow, stay abreast of profit and losses, and develop plans for the future based on financial trends. Furthermore to complete the financial account, accounting cycle are used. The accounting cycle included source of document, books of prime entry, ledgers, trial balance and the final accounts. REFERENCE 1. Anon.2013,Book of Prime Entry and Ledgers.[online].Available from World Wide Web: http://principlesofaccounting2.com/topics/books-of-prime-entry-and-ledgers/ [Accessed 05/07/2013] 2. Anon.2013,The Accounting Cycle.[online].Available from World Wide Web: http://www.accounting-basics-for-students.com/accounting-cycle.html [Accessed 05/07/2013] 3. Anon.2013,Income Statement.[online].Available from World Wide Web: http://www.investopedia.com/terms/i/incomestatement.asp [Accessed 05/07/2013] 4. Beanne,O.2013,The Complete Accounting Cycle.[online].Available from World Wide Web: http://youraccountingcoach.blogspot.com/2013/01/the-complete-accounting-cycle.html. [Accessed 25/01/2013]

Lesson Plan :: essays papers

Lesson Plan Student Arrangement- The class will be set up in centers for the duration of the lesson. Center one will be set up on the left side of the room. Center two will be set up on the right side of the room. Center three will be set up in the middle of the room so both teachers will be close to the center and able to see what is going on. I. OBJECTIVES Center One The students will be introduced to measuring cups by correctly stating the relationship between the different cup sizes when asked. The students will also learn how to follow recipe directions by correctly creating a ladybug cookie and copying the recipe. Center Two The students will be able to sing the ladybug song. The students will learn how the ladybug defends itself by singing the lyrics and creating a group poster. Center Three The students will create their own 3D ladybug with construction paper. II. MATERIALS Center One ï‚ · Measuring cups ï‚ · Water ï‚ · Empty Container ï‚ · Marker Board ï‚ · Vanilla Wafers ï‚ · Mini Chocolate Chips ï‚ · Red Frosting ï‚ · Thin Black Licorice ï‚ · Green/Red/White Construction Paper ï‚ · Black Marker ï‚ · Scissors ï‚ · Glue Center Two ï‚ · Copies of I’m a Little Ladybug Song ï‚ · Pencils ï‚ · The Ladybug and other Insects by Celia Godkin Center Three ï‚ · Instructions for Creating Ladybug ï‚ · Red/Black Construction Paper ï‚ · Scissors ï‚ · Glue III. PROCEDURES A. ANTICIPATORY SET I will tell the class as a whole that today we are going to be doing something different. We will be working in centers and in each center you will have the opportunity to be creative and artistic. I will then divide the class into three groups according to student’s behaviors and abilities. (Each center will also have an anticipatory set. It will be labeled number one in the teaching/learning set.) B. TEACHING/LEARNING SET *Tia and Fred will be in one group and Sam and Sue will be in another group to insure more teacher attention. *Harry will be wearing a FM monitor connected to the teacher who is instructing him. *Tia and Sue will be in close proximity to teacher to allow for assistance. Center One 1. I will start the center by asking the students if they have ever helped their mom make cookies at home. I will then tell the children that they will be making cookies but we first need to look at the math skills that go into making cookies.

Book Review Psychology Theology Spirituality in Christian Counseling

Prof. Mark R. McMinn, Ph. D. , at Wheaton College Graduate School in Wheaton, Illinois, directs and teaches in the Doctor of Psychology program. A representative in Clinical Psychology of the American Board of Professional Psychology, McMinn has thirteen years of postdoctoral experience in counseling, psychotherapy, and psychological testing.McMinn have authored some very useful books to his credit these include The Jekyll/Hyde Syndrome: Controlling Inner Conflict through Authentic Living; Cognitive Therapy Techniques in Christian Counseling; Making the Best of Stress: How Life's Hassles Can Form the Fruit of the Spirit; and Christians in the Crossfire (written with James D. Foster). Book review: Psychology Theology and Spirituality in Christian Counseling Mark McMinn evidently accomplished his aim through the book â€Å"Psychology, Theology, and Spirituality in Christian Counseling.† That is, he has sketched the definitions, similarities, and differences between these three o verlying subjects for his readers, specifically Christian counselors, pastors, and students. Keeping in view the deviating thoughts on these issues, everyone will not agree with his explanations. Nor will they conform where he sketches the lines of overlap. And perhaps even less with his stance on incorporation or non-integration of these three subjects. Dr. McMinn uses relational cognitive therapy from a Christian perspective. All psychotherapies begin with particular worldview theories—typically a complex amalgam of science and metaphysics.A Christian theology hypothesize that God created and loves human, and all features of our world are stained by the influences of sin, and that God is energetic in curing and renovating that which is broken. From a Christian perception, Relational cognitive therapy can be used with a large range of clients, irrespective of their theological thoughts. The aim is not theological relationship, but psychological growth and spiritual knowledge . Like all psychotherapies, this approach begins with certain worldview theory that may influence clients' beliefs and norms in psychotherapy.These worldview theories should be revealed to clients early in therapy during the informed approval process. This therapy can be used with a broad range of clients, but not by a broad range of therapists. Therapists use this method need to have preparation in cognitive and relational therapies as well as an obvious consideration of a Christian worldview. â€Å"After many years of providing psychotherapy and studying the scientific literature on its effectiveness, I am convinced that good therapy works because it is a place that emulates grace.It is a place of acceptance and mercy, a place where sin and the consequences of sin can be openly explored without the fear of judgment. This frees people to look honestly at themselves, to become more open in their other relationships, and to move forward into richer and deeper connections with those they love. †¦ A place of grace needs to be a place of open exploration and acceptance, where both sin and the consequences of sin can be named and grieved. † (McMinn, 2004, p. 49) This book provides counselors the up to date techniques, theory, and general knowledge that is important to their field.This book explains the vitality of the spiritual subjects in psychotherapy. It assists counselors to put together the biblical principles of rescue, plea, mercy, recompense, and prayer into their counseling tactics. Generally masses are more theological than psychologists, so it is rational to anticipate that clients more probably will bring up theological ideas in therapy. Irrespective of the therapist's individual theological and spiritual beliefs, it is significant to have a fundamental perception of major theological worldviews in order to comprehend clients' faith perspectives.Secondly, many people in psychological pain seek the assistance of clergy rather than psychologis ts. As many as 40% of possible counseling clients look for help from clergy, and only a minimal percentage of these are recommended to mental health professionals. (McMinn & Dominguez, 2005) Thirdly, psychologists have displayed scientific interest in spirituality in last years, and have explored points of conflation in the languages of science and faith.(Tangney & Dearing, 2003) One comparatively undiscovered area in psychology has to do with the Christian structure of sin. This scripture proposes that all humans are stained and injured by misbehavior of their own and of others. A few psychologists and psychiatrists have endeavored into this area, such as Menninger (1973), Mowrer (1960), and McMinn (2004), but majorly psychologists have not thought about the concept of sin in human understanding and behavior.In the most initial treatment procedure, the patient starts to use words like good and bad, and it is our inclination as therapists to minimize the concentration of these words since they are relevant to a value system within the individual which has led to the current state of stress. †¦ We have jointly done an excellent job of minimizing the demonstration of good and bad and a very poor job of substituting these theories with satisfactory explanations which permit the personal self-acceptance and peace. (Graham, 1980, pp.370–371) This book is not a biblical psychology text (it is not a theology of the human soul), infect it never was projected to be such. Nor is it a history of spirituality (again, not its purpose). Nor is it a tactic for daily practice. Its capability, to sketch the concerns that one must think through when considering the possible relation of these disciplines, is its core importance. Therefore it is function as a catalyst. References Graham, S. R. (1980). Desire, belief, and grace: A psychotherapeutic paradigm.Psychotherapy: Theory, Research and Practice, 17, 370–371. McMinn, M. R. (2004). Why sin matters: The surp rising relationship between our sin and God's grace. Wheaton, IL: Tyndale House. McMinn, M. R. , & Dominguez, A. D. (Eds. ). (2005). Psychology and the church. Hauppauge, NY: Nova Science. Menninger, K. (1973). Whatever became of sin? New York: Hawthorn Books. Mowrer, O. H. (1960). â€Å"Sin,† the lesser of two evils. American Psychologist, 15, 301–304. Tangney, J. P. , & Dearing, R. L. (2003). Shame and guilt. New York: Guilford Pres

Stephanie Kwolek Modern-Day Alchemist

Stephanie Kwolek is  truly  a modern-day alchemist. Her  research with high-performance chemical compounds for the DuPont Company led to the development of a synthetic material called Kevlar which is five times stronger than the same weight of steel. Stephanie Kwolek the Early Years Kwolek was born in New Kensington, Pennsylvania, in 1923, to  Polish immigrant parents.  Her father, John Kwolek, died when she was 10 years old.  He was a naturalist by avocation, and Kwolek spent hours with him, as a child, exploring the natural world.  She attributed her interest in science to him and an interest in fashion to her mother, Nellie (Zajdel) Kwolek. Upon graduating in 1946 from the Carnegie Institute of Technology (now Carnegie-Mellon University) with a bachelors degree, Kwolek went to work as a chemist at the DuPont Company. She would ultimately obtain 28 patents during her 40-year tenure as a research scientist. In 1995, Stephanie Kwolek was inducted into the National Inventors Hall of Fame.  For her discovery of Kevlar, Kwolek was awarded the DuPont companys  Lavoisier Medal  for outstanding technical achievement. More About Kevlar Kevlar, patented by Kwolek in 1966, does not rust or corrode and is extremely lightweight. Many police officers owe their lives to Stephanie Kwolek, for Kevlar is the material used in  bulletproof vests. Other applications of the compound -- it is used in more than 200 applications -- include underwater cables, tennis rackets, skis, airplanes, ropes, brake linings, space vehicles, boats, parachutes, skis, and building materials.  It has been used for car tires, firefighter boots, hockey sticks, cut-resistant gloves, and even armored cars. It has also been used for protective building materials such as bombproof materials, hurricane safe rooms, and overtaxed bridge reinforcements. How Body Armor Works When a handgun bullet strikes body armor, it is caught in a web of very strong fibers. These fibers absorb and disperse the impact energy that is transmitted to the vest from the bullet, causing the bullet to deform or mushroom. Additional energy is absorbed by each successive layer of material in the vest, until such time as the bullet has been stopped. Because the fibers work together both in the individual layer and with other layers of material in the vest, a large area of the garment becomes involved in preventing the bullet from penetrating. This also helps in dissipating the forces which can cause nonpenetrating injuries (what is commonly referred to as blunt trauma) to internal organs. Unfortunately, at this time no material exists that would allow a vest to be constructed from a single ply of material. Currently, todays modern generation of concealable body armor can provide protection in a variety of levels designed to defeat most common low- and medium-energy handgun rounds. Body armor designed to defeat rifle fire is of either semirigid or rigid construction, typically incorporating hard materials such as ceramics and metals. Because of its weight and bulkiness, it is impractical for routine use by uniformed patrol officers and is reserved for use in tactical situations where it is worn externally for short periods of time when confronted with higher level threats.​