The Accounting Cycle Essay Example | Topics and Well Written Essays - 750 words

The Accounting Cycle - Essay Example 5) Preparation of an adjusted trial balance. 6) Using the information given in the adjusted trial balance, preparation of the financial statements. 7) Entering closing entries into the general journal and then to the general ledger. 8) Preparation of the post closing trial balance. The transaction must be identified from an authentic or original source. These sources can include deposit slips, invoices, purchase orders etc. This steps provides important information about the date on which the transaction took place, the amount of transaction, description and, if it is possible, the name and contact information of the party with which the dealings took place. In this step, the accounts that are being affected because of the transaction are determined. The effect includes either an increase or a decrease. The amount by which they are being affected must also be determined. The transaction must be then entered into the journal. This must be done on both, the credit and the debit sides of the journal. There are some important facts that must be considered. A general journal is always maintained in the chronological order. Journal may refer to the general journal, the sales journal, cash receipts journal and so on. Entries are posted in the trial balance. A trial balance presents a list of all accounts (transactions) and their balances. The purpose of this step is to verify whether or not the sum of the credit and debit sides is equal. If they are unequal, the trial balance must be adjusted. The trial balance that has unequal sides can mean that there is a problem. This step involves preparation and posting of deferred and accrued transactions to the T- ledger accounts journals. Adjusting entries are usually made on the last day of the given accounting period. The reason for this is to ensure that the financial statements reflect the revenue earned during the given period

Apple Inc. Paper Essay Example | Topics and Well Written Essays - 5000 words

Apple Inc. Paper - Essay Example lifornia. The company was founded by Steve Jobs and Steve Wozniak in the year 1976 as Apple Computers Inc. Apple Inc is involved in the manufacturing of digital electronics and computer hardware equipments. The company’s name was changed to Apple Inc in the year 2007. The company is listed on NASDAQ and New York Stock Exchange. Apple Inc has become the synonym for innovation with its cutting edge technology (Apple, 2012). The company has been constantly delivering products and services as per its mission and vision. The mission and vision for the Apple Inc is to be the most innovative company and design and manufacture products that are innovative, unique and provides the customers a whole new experience. The company can be referred to as the pioneer of technology. Apple Inc has made the technology look simple yet distinctive through its products and services. The product of the company includes iPhone, iPod, iPad, Mac, iTunes, speakers, printers, etc. All the products of the company possess unique features and have become hugely popular amongst the people. The company has so far been able to increase the level of eagerness of customers with every product launch. Every product of the company set a new bench mark both in technology and sales across the globe. The products of Apple Inc are sold worldwide through its retail outlets, direct sales, online store, and through third party sellers as well (YahooFinance, 2012). Apple Inc may be leading the way in the technology field but still faces stiff competition from some major players such as Google, Research in Motion and Hewlett Packard. These companies are no less innovative with their products and services. They are amongst the most admired companies in the world and significantly have large number of customer base as well. To have an edge over its competitors Apple Inc has been following a generic strategy. The company’s generic strategy can be discussed below: Competitive Advantage Apple Incâ₠¬â„¢s competitive advantage over its competitors lies in providing high value to its customers which justifies the high price of its products. Cost Leadership Strategy Apple Inc’s cost leadership strategy has always to set average price of the products to garner maximum profit. This strategy has been successful because of the high value company offers to the customers through its innovative products. Example: Recently launched iPad offers great value to its customers through differentiating features such as 5 megapixel iSight camera, 4G connectivity for faster browsing (Apple, 2012). Differentiation Strategy The prime generic strategy followed by Apple Inc is the differentiation