Week 3 Individual AssignmentWeek Three Individual AssignmentLewis MackAcc/300- Principles of AccountingDecember 15, 2014Connie PoynterWeek Three Individual AssignmentWhen 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.
Possibly a lot more information will be provided in the next two days. If I am not able to do this I will definitely go and learn more about financial management techniques, a little more about the accounting tools, if you have any tips on how to use these in a situation. You can follow any one of these sites over at CFO.com and other financial blog sites about this topic. So please do send any information, please help if you are able to help. I will do my best to help! If your email account doesn’t list a link to your website from my website, you could send me a PM with a link to the website.
I will try to keep this going, but if you are interested in getting some new stuff from me, please let me know. Thanks,
P.S. You can check out the entire article right here. It will be a while until I’ll be writing a book on this.
PS. We also have a Youtube channel for this. Click it out and I’ll start to post the details on the upcoming courses! Thanks,