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¶ … bookkeepers are the ones that work with T-accounts and journal entries. This information, therefore, is already complete when the accountant takes over and works with the numbers. However, it is very important for accountants to have a strong understanding of both the journal entries and the T-accounts. If they do not have this knowledge they will not be able to catch mistakes that might have been made by the bookkeeper. Accountants often prepare complicated documents and provide a great deal of financial information for companies. These companies use that information in many areas such as taxes, payroll, insurance payments, bonuses, paying bills, and others. Because of this, the information provided to them by the accountant needs to be accurate. This information, though, is only as accurate as the figures that the accountant was provided with.
If the accountant does not understand how journal entries and T-accounts work and are supposed to be calculated and presented, he or she can easily overlook a mistake that was made by the bookkeeper - either accidentally or deliberately - and could strongly affect the bottom line that the company has. The financial resources that a company has are very important to them, and because of this many companies, especially larger ones, consult with their accountant quite frequently. Some companies even have an accountant that works exclusively for them if the company is large enough to support that.
Accountants that understand journal entries and T-accounts are also very good at spotting embezzlement and deceit that might be taking place through the bookkeeper. Without this knowledge many of these kinds of problems would go unnoticed because the accountant would not notice the error or understand why the numbers were presented as they were. It would seem impossible that an accountant would not catch this, but not all accountants have the understanding of T-accounts and journal entries that they actually need today.
Asking for $2.5 million in loan to purchase and develop land and construct a 6,000-foot travel center. Competitive issues -- Center will be located between Hwy 45 and 635; there is high visibility, good access, limited competition, good traffic potential. Market segmentation -- Will offer gas, convenience store items, restrooms, showers, game rooms, trucker lounge, scales, parking -- meant to be a regular stop for truckers on busy U.S. route. Staff --
Listening Perhaps one of the most well-known organizational examples of the lack of use of ethical standards in management communications is readily supplied by Enron. Enron was certainly one of the most duplicitous companies at the turn of the most recent millennium, and engaged in numerous unethical practices including "shady bookkeeping" (Roston). However, the way it treated its many hardworking employees (the vast majority of which were unaware of the fact
Start Up Company That Offers Bookkeeping Services The purpose of this business plan is to identify how the financial services firm we are opening will be able to address the specific needs of customers. In this chapter we will focus on select aspects of the business itself including: business identification, the mission / goals / objectives and the keys to success. Once this takes place, it will provide us with specific
Java Books The Need for Electronic Bookkeeping in Competitive Small Businesses: The JavaBooks Case Study Small independent book retailers are facing a variety of issues that they must meet in a very proactive and direct manner if they are to be truly competitive and viable businesses over the long-term. In addition to finding ways in which to attract and retain customers, small retailers in all industries must find ways to improve efficiency
William Bouguereau is regarded as one of history's true artistic geniuses, and among his unparalleled accomplishments, was responsible for opening French academies to women (Ross pp). He is arguably the greatest painter of the human figure, capturing not only the physical anatomy, but the subtle nuances of personality and mood, as well as the souls and spirits of his subjects (Ross pp). If Rembrandt captured the soul of age, then
By the end of the war, over 19 million American women had left the kitchen and gone to work in factories, but Haak's mother was not among them. She did help coordinate a campaign to send letters and cookies to soldiers from the farmhouse in Wisconsin, but the farm required both Haak's father and mother to stay and work the land. A fair percentage of the food (potatoes, tomatoes, carrots