Financial statements and accounting Essay Example | Topics and Well Written Essays - 1500 words

Financial statements and accounting - Essay Example Financial statements and accounting Firms may also prepare other types of statements such as the statement of retained earnings. Financial statements are required to be audited by authorized government agencies so as to ensure the accuracy maintained in the statements for tax purposes. Auditing helps to estimate whether the table revenue has been correctly been identified by the firms. Audited financial statements are also referred by different other firms, banks and individuals for taking decisions regarding investments. It is important that organizations follow all existing norms are regulations established by the regulatory authorities while preparing such statements. The financial statements are prepared by referring the detailed records maintained in the journal, ledger, trail balance and other books and statements of primary and secondary entry. These records are then presented in the financial statements in a summarized manner. Entries which have earlier not been passed in the primary and secondary books of acco unts are recorded in the final statements by preparing an adjusted journal proper. Such entries have their impact upon both in the income statements as well as the balance sheet. Accounting statements are generally prepared using the U.S. Generally Accepted Accounting Principles (GAAP) in most nations across the world. Many nations are also seen to follow the IFRS principles. More and more nations across the worlds are adopting the IFRS principles. At present, approximately 110 nations of the world adhere to the IFRS principles.

Homework Essay Example | Topics and Well Written Essays - 500 words - 31

Homework - Essay Example To start with, I have found incorporation of technology in my studies to be very useful because of the readily available information in the internet. According to Educause, technology provides access to vast amount of information trough use of tools such as internet and online data bases (n.d). This is true because personally I do not encounter unsolvable academic problems considering the fact that I have easy access to internet tools at home and at the school library. For instance, whenever I need clarification on certain topics during my personal revision, I look up in the internet where there is virtually an answer to every kind of question. Secondly, incorporation of technology in training by our lectures has helped to grasp the ideas put forward easily. This is because technological presentations enable the lecturers to point out the key information easily and at ease. According to Nacada, use of good presentations can impact the success of students in their studies (2011). Considering how technological presentations are made, students are attracted to the method of presentation hence making them to pay full attention to the tutors. This is arguably true because presentations made through incorporation of technology, for instance PowerPoint presentation, appeal greatly to learners. Lastly, incorporation of technology in education has helped me to improve my academic performance by enabling my lecturers to have individual based supervision. The use of computers by students facilitates flexible training by lecturers because every student can submit their own work at their convenient time. Further, use of computers enables the lecturers to identify students with weakness on particular topics and attend to them individually as opposed to training the whole class at once. This is the reason for my improved academic performance because I have received