5 Essays - Accounting, Education, Corporate Finance, Balance Sheet

5 Essays - Accounting, Education, Corporate Finance, Balance Sheet 5 2. Our college I study at Zboriv College. Our college prepares specialists in such majors as: a computer programmer, a manager, a bookkeeper, a mechanic. We also have a department of vocational training. Such profession as welders, builders, computer operators, drivers are prepared here. Our college originated from a vocational school, then it was a technical school and in 1997 the technical school was restructured and named a college. The college teaching combine lectures, practical classes, seminars and self-directed study. There are one academic building and two workshops. The students coming from villages are provided with hostels accommodation with all the facilities necessary for normal study and life. The sport ground is closely to both the academic building and the hostel. The students can take part in different activities. The students may enroll in day-time or extramural department. 3. The fundamental accounting equation. Imagine that you don't owe anybody any money. That is, you don't have any liabilities. Then assets you have are equal to what you own (equity). Translated into business terms, you have a fundamental accounting equation. If firm has no debt , then: Assets=Owners' equity This means that the owners of a firm own everything. If a firm has debts: Assets-Liabilities=Owners' equity If you add an equal amount to both sides of the equation, you get new formula: Assets=Liabilities+ Owners' equity This formula is the basic for the balance sheet. 6 2. Economy Human wants are unlimited, but the resources necessary to satisfy those wants are limited. Thus, every society is faced with identical problem, the problem of scarcity . We can define economics as social science that describes and analyzes choices from among scarce resources to satisfy its wants. The study of economics will help you to live a fuller life . Economic forces affect decisions in the world of business. The development of modern economics began in the 17 th century. Economists have two ways of looking: macroeconomics and micro . The resources that do into the creation of goods and services are called the factors of production . They include: natural resources, human r-s, capital r-s and entrepreneurship. The price paid for the use of land is called rent . The price paid for the use of labor is called wages . Payment for the use of someone else's money or capital is called interest . The way in which a society goes about answer ing fundamental economic question is known as economic system. Economic systems may be classified as traditional, command or market system 3.Own business. I want to be an owner of some company in the future. A study at college and my speciality is accounting. I have some basic knowledge of economy, bookkeeping, analyzes and finance. I think it will help me in the future. Sometimes firm can be a lender if it has enough money. But don't forget to pay money to suppliers for products and raise salaries of workers. Also we can loan money to others firms. But we must be sure that we'll get money back. We have to prepare annual reports, which contain the information about financial condition and progress of our firm. The situation in the external market often changes so our profit can be not satisfactory. But new interesting ideas afford to solve this problem. 2 2. Education in Britain In Great Britain education is compulsory all children from 5 to 16 years of age. Most children start their educational in Infant School which is the first stage of Primary Educational. From 7 to 11 they attend Junior School -the second stage of Primary school. In Primary School children are taught reading, writing, arithmetic, elementary science At the age of 11 children transfer the Comprehensive Schools. These schools give general education. They also provide some vocational courses. Before the 1960s there were two main kinds of state schools in Britain: "grammar" schools and "secondary modern" schools. The grammar schools were for the most intelligent children and the secondary modern schools were for the less intelligent children. There are about 500 private schools in Britain. It's about 6% of the school population. At the age of 16 all children take the school-leaving examination and get a certificate