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One of the measures of success in any business is profitability. All successful managers and business owners must have an understanding of how to assess the profitability of a company. This is done through the use of accounting
By working through the accounting cycle, you will understand how money flows through a company and what other components are included in the assessment of profitability and financial stability. Using this information can also help you determine whether or not the organization can afford to stay open employing current practices. The accounting information helps you determine what types of changes might need to be made to allow the organization to become profitable if it is currently struggling financially. This process also helps you understand the level of commitment to attention to detail that is required in a successful business venture
In the accounting workbook, you will use course-provided information to 1) analyze business transactions in accordance with industry standards and regulations to determine their effect on the financial well-being of the organization, and 2) create and use financial statements to assist in the assessment of company success
To do this, you will follow the business transactions for a six-month period from that initial stage of analysis and recording, through the reporting process. These transactions will include the initial setup of the business, sales, purchases, making payments to vendors, paying store employees, and managing debt. You will prepare financial statements that will allow you to assess how profitable the business is.
This part of the final project addresses the following course outcomes: