Week 3 Individual Assignment
Autor: lewismack • May 10, 2015 • Essay • 348 Words (2 Pages) • 1,045 Views
Week Three Individual Assignment
Lewis Mack
Acc/300- Principles of Accounting
December 15, 2014
Connie Poynter
Week Three Individual Assignment
When thinking about the things that I have learned this week that is very important to a company is its financial statement, along with, I am also learning what each account on the statement means and how to properly enter them. When thinking about a financial statement a couple of things comes to mind, which are gross margin and intangible assets. Gross margin is a total of a company’s sales, minus the price of the goods sold, divided the by the total sales revenue, expressed by percentage. An example of this is, if a company’s gross margin was a total of twenty percent for quarter. The company would keep twenty cents of every to dollar earned to put towards things such, administrative expenses and interest expenses and distribution to shareholders, just to name a couple. Intangible assets are is a non-physical asset that has a life-span longer than a year. An example of intangible asset would be artistic e.g. photos, videos, audio recordings, just to name a few.
Having never really dealt with financial statements before, this is very big thing to fully understand in the short amount of time, that we have in this class. Wanting to further my knowledge in the area, I will further my research by watching Youtube videos on the subject and other accounting tool websites that pertain to the subject. Also I will be looking into books and other available material about the subject at my local library.
Being that financial statements are really important to day to day business within in a company, it very important for me to learn as much knowledge as I can about them, to make a better asset to the company that I currently work for. If I do not this, there will be a time that I will need to know and understand the information that is on a financial statement and if I don’t know or understand the information I will not be successful at my job.
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