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Business

Objective   3/25/2016

Documentation on Business


Accounting  3/25/2016

From Wikipedia, the free encyclopedia

Accounting or accountancy is the measurement, processing and communication of financial information about economic entities.

The modern field was established by the Italian mathematician Luca Pacioli in 1494.

Accounting, which has been called the "language of business", measures the results of an organization's economic activities and conveys this information to a variety of users, including investors, creditors, management, and regulators.

Practitioners of accounting are known as accountants.

The terms 'accounting' and 'financial reporting' are often used as synonyms.

Accounting can be divided into several fields including financial accounting, management accounting, auditing, and tax accounting.

Accounting information systems are designed to support accounting functions and related activities.

Financial accounting focuses on the reporting of an organization's financial information, including the preparation of financial statements, to external users of the information, such as investors, regulators and suppliers; and management accounting focuses on the measurement, analysis and reporting of information for internal use by management.

The recording of financial transactions, so that summaries of the financials may be presented in financial reports, is known as bookkeeping, of which double-entry bookkeeping is the most common system.

Accounting is facilitated by accounting organizations such as standard-setters, accounting firms and professional bodies.

Financial statements are usually audited by accounting firms, and are prepared in accordance with generally accepted accounting principles (GAAP).

GAAP is set by various standard-setting organizations such as the Financial Accounting Standards Board (FASB) in the United States[1] and the Financial Reporting Council in the United Kingdom.

As of 2012, "all major economies" have plans to converge towards or adopt the International Financial Reporting Standards (IFRS).

Bookkeeping  3/25/2016

From Wikipedia, the free encyclopedia

Bookkeeping is the recording of financial transactions, and is part of the process of accounting in business.

Transactions include purchases, sales, receipts, and payments by an individual person or an organization/corporation.

There are several standard methods of bookkeeping, such as the single-entry bookkeeping system and the double-entry bookkeeping system, but, while they may be thought of as "real" bookkeeping, any process that involves the recording of financial transactions is a bookkeeping process.

Bookkeeping is usually performed by a bookkeeper.

A bookkeeper (or book-keeper) is a person who records the day-to-day financial transactions of a business.

He or she is usually responsible for writing the daybooks, which contain records of purchases, sales, receipts, and payments.

The bookkeeper is responsible for ensuring that all transactions are recorded in the correct daybook, supplier's ledger, customer ledger, and general ledger; an accountant can then create reports from the information concerning the financial transactions recorded by the bookkeeper.

The bookkeeper brings the books to the trial balance stage: an accountant may prepare the income statement and balance sheet using the trial balance and ledgers prepared by the bookkeeper.

Budgeting  3/25/2016

From Wikipedia, the free encyclopedia

A budget is a quantitative expression of a plan for a defined period of time.

It may include planned sales volumes and revenues, resource quantities, costs and expenses, assets, liabilities and cash flows.

It expresses strategic plans of business units, organizations, activities or events in measurable terms.

International Budget Partnership regularly monitors global budget information for the civil society.

Personal budget   From Wikipedia, the free encyclopedia

A personal budget is a finance plan that allocates future personal income towards expenses, savings and debt repayment.

Past spending and personal debt are considered when creating a personal budget.

There are several methods and tools available for creating, using and adjusting a personal budget.

For example, jobs are an income source, while bills and rent payments are expenses.

Spreadsheet   From Wikipedia, the free encyclopedia

A spreadsheet is an interactive computer application for organization, analysis and storage of data in tabular form.

Spreadsheets are developed as computerized simulations of paper accounting worksheets.

The program operates on data entered in cells of an array[clarification needed], organized in rows and columns.

Each cell of the array may contain either numeric or text data, or the results of formulas that automatically calculate and display a value based on the contents of other cells.

Spreadsheet users may adjust any stored value and observe the effects on calculated values.

This makes the spreadsheet useful for "what-if" analysis since many cases can be rapidly investigated without manual recalculation.

Modern spreadsheet software can have multiple interacting sheets, and can display data either as text and numerals, or in graphical form.

Besides performing basic arithmetic and mathematical functions, modern spreadsheets provide built-in functions for common financial and statistical operations.

Such calculations as net present value or standard deviation can be applied to tabular data with a pre-programmed function in a formula.

Spreadsheet programs also provide conditional expressions, functions to convert between text and numbers, and functions that operate on strings of text.

Spreadsheets have replaced paper-based systems throughout the business world.

Although they were first developed for accounting or bookkeeping tasks, they now are used extensively in any context where tabular lists are built, sorted, and shared.

LANPAR was the first electronic spreadsheet on mainframe and time sharing computers.

VisiCalc was the first electronic spreadsheet on a microcomputer,[1] and it helped turn the Apple II computer into a popular and widely used system.

Lotus 1-2-3 was the leading spreadsheet when DOS was the dominant operating system.

Excel now has the largest market share on the Windows and Macintosh platforms.

A spreadsheet program is a standard feature of an office productivity suite; since the advent of web apps, office suites now also exist in web app form.

Microsoft Excel   From Wikipedia, the free encyclopedia

Microsoft Excel is a spreadsheet developed by Microsoft for Windows, Mac OS X, and iOS.

It features calculation, graphing tools, pivot tables, and a macro programming language called Visual Basic for Applications.

It has been a very widely applied spreadsheet for these platforms, especially since version 5 in 1993, and it has replaced Lotus 1-2-3 as the industry standard for spreadsheets.

Excel forms part of Microsoft Office.

Comparison of spreadsheet software   3/25/2016

Gnumeric    a spreadsheet program that is part of the GNOME Project   5/5/2016

From Wikipedia, the free encyclopedia   Gnumeric

is a spreadsheet program that is part of the GNOME Free Software Desktop Project.

Gnumeric version 1.0 was released on 31 December 2001.

Gnumeric is distributed as free software under the GNU GPL license; it is intended to replace proprietary and other spreadsheet programs such as Microsoft Excel.

Gnumeric was created and developed by Miguel de Icaza, but he has since moved on to other projects.

The current maintainer is Jody Goldberg.

Gnumeric has the ability to import and export data in several file formats, including CSV, Microsoft Excel (write support for the more recent .xlsx format is incomplete), Microsoft Works spreadsheets (*.wks), HTML, LaTeX, Lotus 1-2-3, OpenDocument and Quattro Pro; its native format is the Gnumeric file format (.gnm or .gnumeric), an XML file compressed with gzip.

It includes all of the spreadsheet functions of the North American edition of Microsoft Excel[citation needed] and many functions unique to Gnumeric.

Pivot tables and Visual Basic for Applications macros are not yet supported.

Gnumeric's accuracy has helped it to establish a niche for statistical analysis and other scientific tasks.

For improving the accuracy of Gnumeric, the developers are cooperating with the R Project.

Gnumeric has a different interface for the creation and editing of graphs from other spreadsheet software.

For editing a graph, Gnumeric displays a window where all the elements of the graph are listed.

Other spreadsheet programs typically require the user to select the individual elements of the graph in the graph itself in order to edit them.

International Financial Reporting Standards (IFRS)   3/25/2016

From Wikipedia, the free encyclopedia

International Financial Reporting Standards (IFRS)

are designed as a common global language for business affairs so that company accounts are understandable and comparable across international boundaries.

They are a consequence of growing international shareholding and trade and are particularly important for companies that have dealings in several countries.

They are progressively replacing the many different national accounting standards.

They are the rules to be followed by accountants to maintain books of accounts which are comparable, understandable, reliable and relevant as per the users internal or external.

IFRS, with the exception of IAS 29 Financial Reporting in Hyperinflationary Economies and IFRIC 7 Applying the Restatement Approach under IAS 29, are authorized in terms of the historical cost paradigm.

IAS 29 and IFRIC 7 are authorized in terms of the units of constant purchasing power paradigm.

IFRS began as an attempt to harmonize accounting across the European Union but the value of harmonization quickly made the concept attractive around the world.

However, it has been debated whether or not de facto harmonization has occurred.

Standards that were issued by IASC (the predecessor of IASB) are still within use today and go by the name International Accounting Standards (IAS), while standards issued by IASB are called IFRS.

IAS were issued between 1973 and 2001 by the Board of the International Accounting Standards Committee (IASC).

On 1 April 2001, the new International Accounting Standards Board (IASB) took over from the IASC the responsibility for setting International Accounting Standards.

During its first meeting the new Board adopted existing IAS and Standing Interpretations Committee standards (SICs).

The IASB has continued to develop standards calling the new standards "International Financial Reporting Standards".

In the absence of a Standard or an Interpretation that specifically applies to a transaction, management must use its judgement in developing and applying an accounting policy that results in information that is relevant and reliable.

In making that judgement, IAS 8.11 requires management to consider the definitions, recognition criteria, and measurement concepts for assets, liabilities, income, and expenses in the Framework.

Criticisms of IFRS are (1) that they are not being adopted in the US (see GAAP), (2) a number of criticisms from France and (3) that IAS 29 Financial Reporting in Hyperinflationary Economies had no positive effect at all during 6 years in Zimbabwe's hyperinflationary economy.

The IASB offered responses to the first two criticisms, but has offered no response to the last criticism while IAS 29 is currently (March 2014) being implemented in its original ineffective form in Venezuela and Belarus.

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