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Published on June 22, 2009
Author: venky_1986
Source: slideshare.net
Accounting Basics Important Disclaimer Important Note: The text in this chapter is intended to clarify business-related concepts. It is not intended nor can it replace formal legal advice. Before taking any actions relating to your business, always consult your accountant or a business law/tax attorney. The Need for Accounting Every organization needs to maintain good records to track how much money they have, where it came from, and how they spend it. These records are maintained by using an accounting system. Accounting for Windows Accounting Basics • 5
These records are essential because they can answer such important questions as: • Am I making or losing money from my business? • How much am I worth? • Should I put more money in my business or sell it and go into another business? • How much is owed to me, and how much do I owe? • How can I change the way I operate to make more profit? Even if you do not own or run a business, as an accountant you will be asked to provide the valuable information needed to assist management in the decision making process. In addition, these records are invaluable for filing your organization's tax returns. The modern method of accounting is based on the system created by an Italian monk Fra Luca Pacioli. He developed this system over 500 years ago. This great and scientific system was so well designed that even modern accounting principles are based on it. In the past, many businesses maintained their records manually in books – hence the term "bookkeeping" came about. This method of keeping manual records was cumbersome, slow, and prone to human errors of translation. A faster, more organized, and easier method of maintaining books is using Computerized Accounting Programs. With the decrease in the price of computers and accounting programs, this method of keeping books has become very popular. Accounting and Business Accounting is the system a company uses to measure its financial performance by noting and classifying all the transactions like sales, purchases, assets, and liabilities in a manner that adheres to certain accepted standard formats. It helps to evaluate a Company's past performance, present condition, and future prospects. 6 • Accounting Basics Accounting for Windows
A more formal definition of accounting is the art of recording, classifying, and summarizing in a significant manner and in terms of money, transactions and events which are, in part at least, of a financial character and interpreting the results thereof. What Accountants Do We have said that accounting consists of these functions: • Recording • Classifying • Summarizing • Reporting and evaluating the financial activities of a business Before any recording can take place, there must be something to record. In accounting, the something consists of a transaction or event that has affected the business. Evidence of the transaction is called a document. For example: • A sale is made, evidenced by a sales slip. • A purchase is made, as evidenced by a check and other documents such as an invoice and a purchase order. • Wages are paid to employees with the checks and payroll records as support. • Accountants do not record a conversation or an idea. They must first have a document. In almost any business, these documents are numerous and their recording requires some sort of logical system. Recording is first carried out in a book of original entry called the journal. A journal is a record, listing transactions in a chronological order. At this point, we have a record of a great volume of data. How can this data best be used? Aside from writing down what has occurred for later reference, what has been accomplished? The answer is, of course, that the accountant has only started on his task. This great Accounting for Windows Accounting Basics • 7
volume of data in detailed listings must be summarized in a meaningful way. When asked, the accountant must turn to these summaries to answer questions like: • What were total sales this month? • What were the total expenses and what were the types and amounts of each expense? • How much cash is on hand? • How much does the business owe? • How much are the accounts receivable? The next task after recording and classifying is summarizing the data in a significant fashion. The records kept by the accountant are of little value until the information contained in the records is reported to the owner(s) or manager(s) of the business. These records are reported to the owners by preparing a wide variety of financial statements. The accountant records, classifies, summarizes, and reports transactions that are mainly financial in nature and affect the business. The reporting, of course, involves placing his interpretation on the summarized data by the way he arranges his reports. Every business has a unique method of maintaining its accounting books. However, all accounting systems are similar in the following manner: • Business documents representing transactions that have taken place. (A business transaction occurs when goods are sold, a contract is signed, merchandise is purchased, or some similar financial transaction has occurred). • Various journals where the documents are recorded in detail and classified • Various ledgers where the details recorded in the journals are summarized • Financial reports where the summarized information is presented Where variations exist, they have to do with the way the business transaction is assembled, processed, and recorded. 8 • Accounting Basics Accounting for Windows
These methods are partly arbitrary. First, you must understand certain simple principles of accounting. When you have a firm grasp of the fundamentals you can deal with any kind of accounting problem. Advantages of Computerized Accounting Some of the advantages of using a computerized accounting system are: • The arithmetic of adding up debits and credits columns is done automatically and with total accuracy by the computer. • Audit trails or details are automatically maintained for you. • Produce financial statements simply by selecting the appropriate menu item. • A computerized system lets you retrieve the latest accounting data quickly, such as today's inventory, the status of a client's payment, or sales figures to date. • Data can be kept confidential by taking advantage of the security password systems that most accounting programs provide. Computerized accounting programs usually consist of several modules. The principal modules commonly used are: • General Ledger • Inventory • Order Entry • Accounts Receivable • Accounts Payable • Bank Manager • Payroll In a good accounting system, the modules are fully integrated. When the system is integrated, the modules share common data. For example, a client sales transaction can be entered in as an invoice, which automatically posts to the General Ledger module without re- entering any data. This is one of the greatest advantages of a Accounting for Windows Accounting Basics • 9
computerized accounting system – you need to enter the information only once. As a result of this: • Data entry takes less time. • There is less chance that errors will occur. • You do not have to re-enter data for posting. Types of Business Organizations Three principal types of organizations have developed as ways of owning and operating business enterprise. In general, business entity or organizations are: • Sole proprietorship • Partnerships • Corporations Let us discuss these concepts starting with the simplest form of business organization, the single or sole proprietorship. Sole Proprietorship A sole proprietorship is a business wholly owned by a single individual. It is the easiest and the least expensive way to start a business and is often associated with small storekeepers, service shops, and professional people such as doctors, lawyers, or accountants. The sole proprietorship is the most common form of business organization and is relatively free from legal complexities. One major disadvantage of sole proprietorship is unlimited liability since the owner and the business are regarded as the same, from a legal standpoint. 10 • Accounting Basics Accounting for Windows
Partnerships A partnership is a legal association of two or more individuals called partners and who are co-owners of a business for profit. Like proprietorships, they are easy to form. This type of business organization is based upon a written agreement that details the various interests and right of the partners and it is advisable to get legal advice and document each person's rights and responsibilities. There are three main kinds of partnerships • General partnership • Limited partnership • Master limited partnership General Partnership A business that is owned and operated by 2 or more persons where each individual has a right as a co-owner and is liable for the business's debts. Each partner reports his share of the partnership profits or losses on his individual tax return. The partnership itself is not responsible for any tax liabilities. A partnership must secure a Federal Employee Identification number from the Internal Revenue Service (IRS) using special forms. Each partner reports his share of partnership profits or losses on his individual tax return and pays the tax on those profits. The partnership itself does not pay any taxes on its tax return. Limited Partnership In a Limited Partnership, one or more partners run the business as General Partners and the remaining partners are passive investors who become limited partners and are personally liable only for the amount of their investments. They are called limited partners because they cannot be sued for more money than they have invested in the business. Accounting for Windows Accounting Basics • 11
Limited Partnerships are commonly used for real-estate syndication. Master Limited Partnership Master Limited Partnerships are similar to Corporations trading partnership units on listed stock exchanges. They have many advantages that are similar to Corporations e.g. Limited liability, unlimited life, and transferable ownership. In addition, they have the added advantage if 90% of their income is from passive sources (e.g. rental income), then they pay no corporate taxes since the profits are paid to the stockholders who are taxed at individual rates. Corporations The Corporation is the most dominant form of business organization in our society. A Corporation is a legally chartered enterprise with most legal rights of a person including the right to conduct business, own, sell and transfer property, make contracts, borrow money, sue and be sued, and pay taxes. Since the Corporation exists as a separate entity apart from an individual, it is legally responsible for its actions and debts. The modern Corporation evolved in the beginning of this century when large sums of money were required to build railroads and steel mills and the like and no one individual or partnership could hope to raise. The solution was to sell shares to numerous investors (shareholders) who in turn would get a cut of the profits in exchange for their money. To protect these investors associated with such large undertakings, their liability was limited to the amount of their investment. Since this seemed to be such a good solution, Corporations became a vibrant part of our nation's economy. As rules and regulations evolved as to what a Corporation could or could not do, Corporations acquired most of the legal rights as those of people in that it could receive, own sell and transfer property, make contracts, borrow money, sue and be sued and pay taxes. 12 • Accounting Basics Accounting for Windows
The strength of a Corporation is that its ownership and management are separate. In theory, the owners may get rid of the Managers if they vote to do so. Conversely, because the shares of the company known as stock can sold to someone else, the Company's ownership can change drastically, while the management stays the same. The Corporation's unlimited life span coupled with its ability to raise money gives it the potential for significant growth. A Company does not have to be large to incorporate. In fact, most corporations, like most businesses, are relatively small, and most small corporations are privately held. Some of the disadvantages of Corporations are that incorporated businesses suffer from higher taxes than unincorporated businesses. In addition, shareholders must pay income tax on their share of the Company's profit that they receive as dividends. This means that corporate profits are taxed twice. There are several different types of Corporation based on various distinctions, the first of which is to determine if it is a public, quasi- public or Private Corporation. Federal or state governments form Public Corporations for a specific public purpose such as making student loans, building dams, running local school districts etc. Quasi-public Corporations are public utilities, local phones, water, and natural gas. Private Corporations are companies owned by individuals or other companies and their investors buy stock in the open market. This gives private corporations access to large amounts of capital. Public and private corporations can be for-profit or non-profit corporations. For-profit corporations are formed to earn money for their owners. Non-profit Corporations have other goals such as those targeted by charitable, educational, or fraternal organizations. No stockholder shares in the profits or losses and they are exempt from corporate income taxes. Professional Corporations are set up by businesses whose shareholders offer professional services (legal, medical, engineering, etc.) and can set up beneficial pension and insurance packages. Accounting for Windows Accounting Basics • 13
Limited Liability Companies (LLCs as they are called) combine the advantages of S Corporations and limited partnerships, without having to abide by the restrictions of either. LLCs allow companies to pay taxes like partnerships and have the advantage of protection from liabilities beyond their investments. Moreover, LLCs can have over 35 investors or shareholders (with a minimum of 2 shareholders). Participation in management is not restricted, but its life span is limited to 30 years. Subchapter S Corporation Subchapter S Corporation, also known as an S Corporation is a cross between a partnership and a corporation. However, many states do not recognize a Subchapter S selection for state tax purposes and will tax the corporation as a regular corporation. The flexibility of these corporations makes them popular with small- and medium-sized businesses. Subchapter S allows profits or losses to travel directly through the corporation to you and to the shareholders. If you earn other income during the first year and the corporation has a loss, you may deduct against the other income, possibly wiping out your tax liability completely subject to the limitations of Internal Revenue Service tax regulations. Subchapter S corporations elect not to be taxed as corporations; instead, the shareholders of a Subchapter S corporation include their proportionate shares of the corporate profits and losses in their individual gross incomes. Subchapter S corporations are excellent devices to allow small businesses to avoid double taxation. If your company does produce a substantial profit, forming a Subchapter S Corporation would be wise, because the profits will be added to your personal income and taxed at an individual rate. These taxes may be lower than the regular corporate rate on that income. To qualify under Subchapter S, the corporation must be a domestic corporation and must not be a member of an affiliated group. Some of the other restrictions include that it must not have more than 35 shareholders – all of who are either individuals or estates. Subchapter S corporations can have an unlimited amount of passive income from rents, royalties, and interest. For more information on the rules that apply to a Subchapter S corporation, contact your local IRS office. 14 • Accounting Basics Accounting for Windows
Limited Liability Company Limited Liability Companies (LLCs as they are called) combine the advantages of S Corporations and limited partnerships, without having to abide by the restrictions of either. LLCs allow companies to pay taxes like partnerships and have the advantage of protection from liabilities beyond their investments. Moreover, LLCs can have over 35 investors or shareholders (with a minimum of 2 shareholders). Participation in management is not restricted, but its life span is limited to 30 years. The Business Entity Concept It is an important accounting principle that the business is treated as an entity separate and distinct from its owners and any other people associated with it. This principle is called the Business Entity Concept. It simply means that accounting records and reports are concerned with the business entity, not with the people associated with the business. Now, lets us review the two main accounting methods. Types of Accounting The two methods of tracking your accounting records are: • Cash Based Accounting • Accrual Method of Accounting Cash Based Accounting Most of us use the cash method to keep track of our personal financial activities. The cash method recognizes revenue when payment is received, and recognizes expenses when cash is paid out. For example, your personal checkbook record is based on the cash Accounting for Windows Accounting Basics • 15
method. Expenses are recorded when cash is paid out and revenue is recorded when cash or check deposits are received. Accrual Accounting The accrual method of accounting requires that revenue be recognized and assigned to the accounting period in which it is earned. Similarly, expenses must be recognized and assigned to the accounting period in which they are incurred. A Company tracks the summary of the accounting activity in time intervals called Accounting periods. These periods are usually a month long. It is also common for a company to create an annual statement of records. This annual period is also called a Fiscal or an Accounting Year. The accrual method relies on the principle of matching revenues and expenses. This principle says that the expenses for a period, which are the costs of doing business to earn income, should be compared to the revenues for the period, which are the income earned as the result of those expenses. In other words, the expenses for the period should accurately match up with the costs of producing revenue for the period. In general, there are two types of adjustments that need to be made at the end of the accounting period. The first type of adjustment arises when more expense or revenue has been recorded than was actually incurred or earned during the accounting period. An example of this might be the pre-payment of a 2-year insurance premium, say, for $2000. The actual insurance expense for the year would be only $1000. Therefore, an adjusting entry at the end of the accounting period is necessary to show the correct amount of insurance expense for that period. Similarly, there may be revenue that was received but not actually earned during the accounting period. For example, the business may have been paid for services that will not actually be provided or earned until the next year. In this case, an adjusting entry at the end of the accounting period is made to defer, that is, to postpone, the recognition of revenue to the period it is actually earned. 16 • Accounting Basics Accounting for Windows
Although many companies use the accrual method of accounting, some small businesses prefer the cash basis. The accrual method generates tax obligations before the cash has been collected. This benefits the Government because the IRS gets its tax money sooner. Cash versus Accrual Accounting Accounts Receivable is an asset that is owed to you but you do not have money in the bank or property to show you own something - it is intangible, on paper. It grows or accumulates as you issue invoices; therefore, Accounts Receivable is part of an accrual accounting system. Double-entry accounting is the most accurate and best way to keep your financial records. With a computer, you don't have to fully understand all the accounting details. Basically, in double entry accounting each transaction affects two or more categories or accounts, so everything stays in balance. Therefore, if you change an asset balance by issuing an invoice some other category balance changes as well. In this case, when you issue an invoice, the category that balances the asset called Accounts Receivable is an income or a sales account. When you bill your client, there is an increase in income (on paper) and hence an increase in Accounts Receivable. When you are paid, the paper asset turns into money you put in the bank – a tangible asset. Through a process of recording the payment and the deposit, Accounts Receivable decreases and the bank balance increases. This accounting program takes care of all the accounting details. This paper income can be confusing if you don't understand that it is the total of all invoiced work, both paid and unpaid. If you have invoiced clients for a total of $10,000 but only $2,000 has been paid, your income will be $10,000 and your Accounts Receivable balance will be $8,000, and your bank account has increased by the $2,000 you received. An accountant would call this an accrual accounting method. A cash accounting method only counts income when money is received, and it does not keep track of Accounts Receivable. Accounting for Windows Accounting Basics • 17
However, in real life, small businesses tend to use both methods without realizing the difference until income tax time. This program can handle both accrual and cash based accounting. You can use the G/L Setup option in the G/L module to select either Cash or Accrual based accounting. We recommended that you consult with your accountant to determine which system will work best for you. Accounts The accounting system uses Accounts to keep track of information. Here is a simple way to understand what accounts are. In your office, you usually keep a filing cabinet. In this filing cabinet, you have multiple file folders. Each file folder gives information for a specific topic only. For example you may have a file for utility bills, phone bills, employee wages, bank deposits, bank loans etc. A chart of accounts is like a filing cabinet. Each account in this chart is like a file folder. Accounts keep track of money spent, earned, owned, or owed. Each account keeps track of a specific topic only. For example, the money in your bank or the checking account would be recorded in an account called Cash in Bank. The value of your office furniture would be stored in another account. Likewise, the amount you borrowed from a bank would be stored in a separate account. Each account has a balance representing the value of the item as an amount of money. Accounts are divided into several categories like Assets, Liabilities, Income, and Expense accounts. A successful business will generally have more assets than liabilities. Income and Expense accounts keep track of where your money comes from and on what you spend it. This helps make sure you always have more assets than liabilities. 18 • Accounting Basics Accounting for Windows
Account Types In order to track money within an organization, different types of accounting categories exist. These categories are used to denote if the money is owned or owed by the organization. Let us discuss the three main categories: Assets, Liabilities, and Capital. Assets An Asset is a property of value owned by a business. Physical objects and intangible rights such as money, accounts receivable, merchandise, machinery, buildings, and inventories for sale are common examples of business assets as they have economic value for the owner. Accounts receivable is an unwritten promise by a client to pay later for goods sold or services rendered. Assets are generally listed on a balance sheet according to the ease with which they can be converted to cash. They are generally divided into three main groups: • Current • Fixed • Intangible Current Asset A Current Asset is an asset that is either: • Cash – includes funds in checking and savings accounts • Marketable securities such as stocks, bonds, and similar investments • Accounts Receivables, which are amounts due from customers • Notes Receivables, which are promissory notes by customers to pay a definite sum plus interest on a certain date at a certain place. • Inventories such as raw materials or merchandise on hand • Prepaid expenses – supplies on hand and services paid for but not yet used (e.g. prepaid insurance) Accounting for Windows Accounting Basics • 19
In other words, cash and other items that can be turned back into cash within a year are considered a current asset. Fixed Assets Fixed Assets refer to tangible assets that are used in the business. Commonly, fixed assets are long-lived resources that are used in the production of finished goods. Examples are buildings, land, equipment, furniture, and fixtures. These assets are often included under the title property, plant, and equipment that are used in running a business. There are four qualities usually required for an item to be classified as a fixed asset. The item must be: • Tangible • Long-lived • Used in the business • Not be available for sale Certain long-lived assets such as machinery, cars, or equipment slowly wear out or become obsolete. The cost of such as assets is systematically spread over its estimated useful life. This process is called depreciation if the asset involved is a tangible object such as a building or amortization if the asset involved is an intangible asset such as a patent. Of the different kinds of fixed assets, only land does not depreciate. Intangible Assets Intangible Assets are assets that are not physical assets like equipment and machinery but are valuable because they can be licensed or sold outright to others. They include cost of organizing a business, obtaining copyrights, registering trademarks, patents on an invention or process and goodwill. Goodwill is not entered as an asset unless the business has been purchased. It is the least tangible of all the assets because it is the price a purchaser is willing to pay for a company's reputation especially in its relations with customers. 20 • Accounting Basics Accounting for Windows
Liabilities A Liability is a legal obligation of a business to pay a debt. Debt can be paid with money, goods, or services, but is usually paid in cash. The most common liabilities are notes payable and accounts payable. Accounts payable is an unwritten promise to pay suppliers or lenders specified sums of money at a definite future date. Current Liabilities Current Liabilities are liabilities that are due within a relatively short period of time. The term Current Liability is used to designate obligations whose payment is expected to require the use of existing current assets. Among current liabilities are Accounts Payable, Notes Payable, and Accrued Expenses. These are exactly like their receivable counterparts except the debtor-creditor relationship is reversed. Accounts Payable is generally a liability resulting from buying goods and services on credit Suppose a business borrows $5,000 from the bank for a 90-day period. When the money is borrowed, the business has incurred a liability – a Note Payable. The bank may require a written promise to pay before lending any amount although there are many credit plans, such as revolving credit where the promise to pay back is not in note form. On the other hand, suppose the business purchases supplies from the ABC Company for $1,000 and agrees to pay within 30 days. Upon acquiring title to the goods, the business has a liability – an Account Payable – to the ABC Company. In both cases, the business has become a debtor and owes money to a creditor. Other current liabilities commonly found on the balance sheet include salaries payable and taxes payable. Another type of current liability is Accrued Expenses. These are expenses that have been incurred but the bills have not been received Accounting for Windows Accounting Basics • 21
for it. Interest, taxes, and wages are some examples of expenses that will have to be paid in the near future. Long-Term Liabilities Long-Term Liabilities are obligations that will not become due for a comparatively long period of time. The usual rule of thumb is that long-term liabilities are not due within one year. These include such things as bonds payable, mortgage note payable, and any other debts that do not have to be paid within one year. You should note that as the long-term obligations come within the one-year range they become Current Liabilities. For example, mortgage is a long-term debt and payment is spread over a number of years. However, the installment due within one year of the date of the balance sheet is classified as a current liability. Capital Capital, also called net worth, is essentially what is yours – what would be left over if you paid off everyone the company owes money to. If there are no business liabilities, the Capital, Net Worth, or Owner Equity is equal to the total amount of the Assets of the business. Key Accounting Concepts The two fundamental accounting concepts which were developed centuries ago but remain central to the accounting process are: • The accounting equation • Double-entry bookkeeping 22 • Accounting Basics Accounting for Windows
The Accounting Equation Now let us discuss the accounting equation, which keeps all the business accounts in balance. We will create this equation in steps to clarify your understanding of this concept. In order to start a business, the owner usually has to put some money down to finance the business operations. Since the owner provides this money, it is called Owner's equity. In addition, this money is an Asset for the company. This can be represented by the equation: ASSETS = OWNER'S EQUITY If the owner of the business were to close down this business, he would receive all its assets. Let's say that owner decides to accept a loan from the bank. When the business decides to accept the loan, their Assets would increase by the amount of the loan. In addition, this loan is also a Liability for the company. This can be represented by the equation: Assets = Liabilities + Owner's Equity Now the Assets of the company consist of the money invested by the owner, (i.e. Owner's Equity), and the loan taken from the bank, (i.e. a Liability). The company's liabilities are placed before the owners' equity because creditors have first claim on assets. If the business were to close down, after the liabilities are paid off, anything left over (assets) would belong to the owner. The Double Entry System As we had mentioned earlier that today's accounting principles are based on the system created by an Italian Monk Fra Luca Pacioli. He developed this system over 500 years ago. Pacioli had devised this method of keeping books, which is today known as the Double Entry system of accounting. He explained that every time a transaction took place whether it was a sale or a collection – there were two Accounting for Windows Accounting Basics • 23
offsetting sides. The entry required a two-part "give-and-get" entry for each transaction. Here is a simple explanation of the double entry system. Say you took a loan from the bank for $5,000. Now if you can recall in an earlier discussion we had mentioned that: ASSETS = LIABILITIES + OWNER'S EQUITY Since the company borrowed money from the bank, the $5,000 is a liability for the company. In addition, now that the company has the extra $5,000, this money is an asset for the company. If we were to record this information in our accounts, we would put $5,000 in an account called Loan Taken from the Bank, and $5,000 in an account called Cash Saved in the Bank. The former account will be a Liability and the second account would be an Asset. As you can see, we created two entries. The first one is to show from where the money was received (i.e. the source of the money). The second entry is to show where the money was sent (i.e. the destination of the money received). In a double entry accounting system, every transaction is recorded in the form of debits and credits. Even for the simplest double entry, transaction there will be a debit and a credit. In simpler terms, a debit is the application of money, and credit is the source of money. Let us discuss some examples to help you understand the concept of debits and credits: Example 1 Let's say you wrote a check for $100 to purchase some stationary. This transaction would be recorded as a Credit of $100 to the Cash in Bank account, and a Debit of $100 to the Stationary account. In this case, we made a credit to the Cash in Bank, as it was the source of the money. The Stationary account was debited, as it was the application of the money. 24 • Accounting Basics Accounting for Windows
Example 2 Let's say you received $200 cash for services rendered to a client. This transaction would be recorded as a Credit of $200 to the Income from Services account, and a Debit of $200 to the Cash in Bank account. In this case, we made a credit to the Income from Services, as it was the source of the money. The Cash in Bank account was debited, as it was the application of the money. Example 3 Let's say you received a $10,000 loan from a bank. This transaction would be recorded as a Credit of $10,000 to the Loan Payable account, and a Debit of $10,000 to the Cash in Bank account. In this case, we made a credit to Loan Payable, as it was the source of the money. The Cash in Bank account was debited, as it was the application of the money. Example 4 Let's say you made out a payroll check to an employee for $300. This transaction would be recorded as a Credit of $300 to the Cash in Bank account, and a Debit of $300 to the Payroll Expense account. In this case, we made a credit to the Cash in Bank, as it was the source of the money. The Payroll Expense account was debited, as it was the application of the money. Example 5 Let's say you invested $10,000 in starting a new business. This transaction would be recorded as a Credit of $10,000 to the Owner's equity account, and a Debit of $10,000 to the Cash in Bank account. In this case, we made a credit to the Owner's equity, as it was the source of the money. The Cash in Bank account was debited, as it was the application of the money. You may remember from our discussion earlier that in order to start a business, the owner usually has to put some money down to finance the business operations. Since the owner provides this money, it is called Owner's Equity. Accounting for Windows Accounting Basics • 25
Overview The previous examples illustrated some of the transactions that are recorded in a double entry accounting system. These transactions are also referred to as Journal Entries. Your accounting application automatically creates the journal entries for you. In example 1 above, you would create a check in the system, and on the check you would give the expense account number for stationary. The checkbook program would then automatically credit the cash account, and debit the stationary expense account. Journals Looking at the ledger account alone, it is difficult to trace back all the accounts that were affected by a transaction. For this reason, another book is used to record each transaction as it takes place and to show all the accounts affected by the transaction. This book is called the General Journal, or Journal. Each transaction is first recorded in the journal and then the appropriate entries are made to the accounts in the G/L. Because the journal is the first place a transaction is recorded it is called the book of original entry. The advantage of the journal is that it shows all the accounts that are affected by a transaction, and the amounts the appropriate accounts are debited and credited, all in one place. Also included with each transaction is an explanation of what the transaction is for. Transactions are recorded in the journal as they take place, so the journal is a chronological record of all transactions conducted by the business. There is a standard format for recording transactions in the journal. A journal transaction usually consists of the following: • Journal Transaction Number • Transaction Date • Journal Type (General Journal, Sales Journal etc.) • Actual Journal entries adjusting the account balances 26 • Accounting Basics Accounting for Windows
In addition to the General Journal, other specialized journals contain entries from other accounting modules to track sales, purchases, and the disbursement of cash. Some of the important journals are: • Invoice Journal Report • The Cash Receipts Report • The Purchases Journal • A/P Journal (Transactions & Payments) Reports This program comes with sample chart of accounts already installed. If you prefer, you can modify these accounts or create your own chart of accounts. In addition, all the Debits, Credit, and Journals are automatically maintained for you. When you create invoices, checks and other transactions in the system all the journal entries are created for you automatically. It is that easy! Managing Your Business We have covered the areas of accounts, debits, credits, and the accounting equation. In order to control your business you must manage key areas. These areas are Cash, Sales, Income, Expenses, Assets, Inventory, and Payroll. We will discuss each of these areas in the following sections. Managing Cash Bank Reconciliation Typically, a business will use a bank checking account to help control the flow of cash. Cash received during the day is deposited periodically in the bank account and checks are written on the account whenever cash is paid out. When the bank account is opened, each authorized person signs a signature card. The bank can use the signature card at any time to Accounting for Windows Accounting Basics • 27
make sure that the signature on the check is authentic and that money can be paid out of that account. When cash is deposited into the account, a deposit ticket is filled out listing the check number and the amount of each check and any additional currency. As the business makes payments, it will write checks on the bank account and record each check payment in the checkbook or on the check stub. Every month, the bank will send the business a bank statement, along with the cancelled checks paid that month. The bank statement shows the balance at the beginning of the month, it lists each check paid, each deposit, any other charges or credits to the account, and it shows the balance at the end of the month. Usually the ending balances on the bank statement will not match the current cash account balance shown in the checkbook. This is because there may be checks that have been written and recorded in the checkbook but have not yet been processed and paid by the bank. There may also be service or other charges the bank has deducted from the bank statement balance but which have not yet been recorded and deducted from the checkbook balance. For this reason, it is necessary at the end of each month to reconcile your bank statement. This is simply the process of making the proper adjustments to both the bank statement balance and to the checkbook balance to prove that they do in fact balance. There are three steps to reconcile your bank statement. Step 1: Compare the deposits shown in the checkbook with those shown on the bank statement. Any deposits not yet shown on the bank statement are deposits in transit, that is, they are not yet received and recorded by the bank. Subtract the total of the deposits in transit from the final balance in your checkbook. Step 2: Compare the canceled checks as shown on the bank statement with those recorded as written in the checkbook. Checks that have been written but not yet 28 • Accounting Basics Accounting for Windows
processed and paid by the bank are called outstanding checks. Add the total of the outstanding checks to the final balance in your checkbook. Step 3: Now look at the bank statement and see if there are any service charges or credits that are not yet recorded in the checkbook. Add the credits and subtract the charges from the final balance of your checkbook. The adjusted balances of your checkbook will now be equal to the ending balance on the bank statement. All the checks and deposits entered in this program automatically list on the checkbook reconciliation screen. This saves time and makes the reconciliation process quick and easy. Petty Cash As we had discussed earlier, the principal method for maintaining internal control of cash is using a checking account. However, a business usually has minor expenses, such as postage or minor purchases of supplies that are easier to pay for with currency rather than with a check. To handle these minor expenses, a petty cash fund is set up. A small amount of money, like $100, is placed in a petty cash box or drawer and an individual is given responsibility for the funds. This individual is the petty cashier. When money is needed for an expense, the cashier prepares a petty- cash ticket, which shows the date, amount, and purpose of the expense and includes the signature of the person receiving the money. This ticket is then placed in the petty cash box. At any time, the total amount of cash in the box plus the total amount of all tickets should equal the original fixed amount of cash originally placed in the box. As expenditures are made, the petty cash fund will eventually need to be replenished. This is usually done by writing a check to bring the amount in the fund back to the original amount of $100. Accounting for Windows Accounting Basics • 29
Managing Sales Sales made by businesses can be broken down into the following main categories: • Cash sales • Sales on account Cash Sales Some businesses sell merchandise for cash only, while others sell merchandise either for cash or on account. A variety of practices are followed in the handling of cash sales. If such transactions are numerous, it is probable that one or more types of cash registers will be used. In this instance, the original record of the sales is made in the register. Often, registers have the capability of accumulating more than one total. This means that by using the proper key, each amount that is punched in the register can be classified by type of merchandise, by department, or by salesperson. Where sales tax is involved, the amount of the tax may be separately recorded. In accounting terms, a cash sale means that the asset Cash is increased by a debit and the income account Sales and a liability account Sales Tax Payable are credited. This displays in the table below: Debit Credit Cash 110.00 Sales 100.00 Sales Tax 10.00 Total 110.0 110.00 In many retail establishments, the procedure in handling cash sales is for the sale clerks to prepare sale tickets in triplicate. Sometimes the preparation of the sales tickets involves the use of a cash register that prints the amount of the sale directly on the ticket. Modern electronic cash registers serve as input terminals that are online with computers, that is, in direct communication with the central 30 • Accounting Basics Accounting for Windows
processor. At the end of each day, the cash received is compared with the record that the register provides. The receipts may also be compared with the total of the cash-sales tickets, if the system makes use of the latter. Sales on Account Sales on account are often referred to as charge sales because the seller exchanges merchandise for the buyer's promise to pay. In accounting terms, this means that the asset Accounts Receivable of the seller is increased by a debit or charge, and the income account sales is increased by a credit. Selling goods on account is common practice at the retail level of the distribution process. Firms that sell goods on account should investigate the financial reliability of their clients. A business of some size may have a separate credit department whose major function is to establish credit policies and decide upon requests for credit from persons and firms who wish to buy goods on account. Seasoned judgment is needed to avoid a credit policy that is so stringent that profitable business may be refused, or a credit policy that is so liberal that uncollectable account losses may become excessive. Generally, no goods are delivered until the salesclerk is assured that the buyer has established credit - that there is an account established for this client with the company. In the case of many retail businesses, clients with established credit are provided with credit cards or charge plates, which provide evidence that the buyer has an account. These are used in mechanical or electronic devices to print the client's name and other identification on the sales tickets. In the case of merchants who commonly receive a large portion of their orders by mail or by phone, this confirmation of the buyer's status can be handled as a matter of routine before the goods are delivered. Accounting for Windows Accounting Basics • 31
Managing Expenses The Expense Authorization system is a commonly used method to keep track of and control expenses. It is based upon the use of tickets. These tickets are written authorizations prepared for each expense. With this system, before a check is written, a ticket is prepared authorizing payment. This system provides an excellent control over expenses. It does this by making sure that each expense is justified and by requiring more than one person to be responsible for preparing and authorizing the payment. A ticket is prepared for every transaction that results in an expense. When an invoice for a purchase is received, it is attached to a ticket, which is then filled out and signed. The information that goes on the front side of the ticket verifies the information on the invoice. Once the information is verified, an approval signature is required to authorize the expense. Once the ticket is approved, it is recorded in an expense register. Tickets are recorded in the register in date order. Once recorded, the ticket is put into an Unpaid Ticket File where it remains until it is paid. The tickets are filed according to the date they should be paid in order to take advantage of discounts. When it comes time to pay a ticket, it is removed from the Unpaid Tickets File and a check is issued. The check number and payment date is recorded on the ticket and in the Ticket Register next to that ticket entry. Each ticket is paid by check. As each ticket is paid, the payment is recorded in a Check Register. With the ticket system, the Check Register is the book of original entry for recording payments and it takes the place of a cash payments journal. In a computerized accounting system, the function for controlling expenses is controlled by the Accounts Payable program. You would enter, track and pay your invoices with Accounts Payable. 32 • Accounting Basics Accounting for Windows
Managing Inventory Merchandise Inventory Merchandise inventories are the goods that are on hand for the production process or available for sale to final customers. There are two basic methods for determining inventory: • Perpetual inventory method • Periodic inventory method With the perpetual inventory method, the cost of each item in the inventory is recorded when purchased. When an item is sold, its cost is deducted from the inventory. This results in a perpetual record of exactly what is in inventory. The perpetual inventory method is best suited for those businesses that have a relatively low number of sales each day and whose merchandise has a high unit value. For example, a car dealer might use the perpetual inventory method to keep track of inventory because it is easy to keep track of each item as it is purchased by the business and then resold. This program uses the perpetual method and automatically tracks your inventory value. This program makes it easy for businesses such as department and grocery stores that have a large number of sales each day to track inventory value on a real-time basis. For businesses that manually maintain track inventory value, it wouldn't be practical to adjust the cost of inventory each time an item is sold. Instead, these types of business use the periodic inventory method, which involves periodically taking a physical count of the merchandise on hand, usually once a year at the end of the accounting period. Once the physical count is done, the exact quantity of merchandise on hand is known. The costs of all items on hand are then totaled to give a total cost of the inventory on hand at the end of the year. Accounting for Windows Accounting Basics • 33
Calculating Inventory Value A company can raise or lower its earnings by changing the way it calculates the cost of goods sold. As inventory items are purchased during the accounting period, their unit cost may vary. A costing method is a way of calculating the cost of goods sold. The first time you purchase a product, the value is whatever you paid. Once you receive more stock at a different price, it is necessary to use one of the three standard methods to determine the value of what you sell. The three most popular methods used to determine the value of the ending inventory are: • First in, First out (FIFO) • Last in, First out (LIFO) • Average cost Important Note: You should consult your accountant regarding the method that best suits your needs. First in, First out (FIFO) This method assumes that the first item to come into the inventory are the first items sold, so the most recent unit cost is used to determine the inventory's value. FIFO assumes that the oldest stock you have is sold first. At a time when your cost is constantly increasing, the first items sold are the least expensive ones, therefore your cost of goods sold is low and your income is greater. Last in, First out (LIFO) This method assumes that the last item to come into the inventory are the first items sold, so the oldest unit cost is used to determine the inventory's value. With LIFO, the newest stock is sold first. An inventory value should generally reflect the replacement cost of your stock and that is what LIFO does. When prices are increasing LIFO will calculate cost of goods sold at the most recent price, resulting in a higher cost of goods and lower income. Average Cost This method uses the average unit cost for all items that were available for sale during the accounting period. The Average method 34 • Accounting Basics Accounting for W
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Accounting Conventions. The most commonly encountered convention is the "historical cost convention". This requires transactions to be recorded at the ...
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text:
HEIGHT of COOLNES: Finishing the paper, coming out of the exam hall, having a Cold Drink & asking ur friend: "Dude, which paper was it?"
It is time 4 EXAMINATION..study with CONCENTRATION.,English with PUNCTUATION...Maths with CALCULATION..Biology with CLASSIFICATION..Chemistry with COMBINATIONNow where is time 4 RELAXATION
Hey FriendsI'm Switching Off My Cell Due 2 Xams As I Have 2 Work Hard.Plz Contact Me After..15 MinsTab Tak Mera Bhoot Utar Jayega
If U pass in exams:
Mom's words:Bahut khushi kibat hai !
Dad :Mere beta sherhai !
Lover :So sweet..&
Frnds :Dhokebaaz, kaminey,oye ! kab pada be tuneitna ?
The shortest relationin life is betweenStudent & Books.They get commited coupleof Days before exam.&After exam..Break Up…..
what's d differencebetween people whopray in temples and people whopray in exam centres ?Those r damnserious..
Guzray howey Exaams ko Yaad na karna..!!Answer sheet main jo likha hai uski Faryad na krna,Jo Hoga wo to Hoga..!!Uski Fikar main Apney HOlidays barBaad Na Karna:)
Arz kiya hai? Humne suna tha zindagi imtihan leti hai,
Humnesuna tha zindagi imtihan leti hai,
YAHAN TO IMTIHANO NE hiZINDAGI LE LI hai.
Bunty: yaar apane aap par sab se jyada garv kab mahasoos hota hai?Pappu: jab exam mein kuchh nahin aata aur peechhe se teacher aakar bolti hai,"Copy chhupa lo, peechhe Waala dekh raha hai." kasam se garv se seena chauda ho jaata hai.
Height of attempting unknown qns in an exam....Question:What is an array..?.Student: ARRAY is the word used to call a friend.eg. "ARRAY, idhar aa re...
Fact. ......Agar Hand Writing Ki Baat Karen ToExam Ke Aakhiri 15 Min Mein HarStudent Mein "Super Genius Student" Ki Aatma AaJati Hai.
Exams ka saya hai,exam ke dino mein sukh kisne paya hai?duniya wale kehte hain ache number lo,par inhe kaun samjhaye yeh to moh maya hai!!
Kash koi exam result ka insurance kar deta to har exam k pehle premium bhar deta, pass hota to thik varna insurance claim kar deta.
EXAM ke liye har book parh li hamne dosto..., ......DUA hai facebook se bhi koi sawal Aajaye.
Ye EXAM Ke Rishte bhi Ajeeb Hote Hain, Sab Apne Apne Naseeb Hote hain, Rehte Hain Jo Nigaho Se Door, Wo He QuEsTiOn Compulsury Hote Hain.........exam jokes
Exam Jokes, here are funniest jokes on exams you ever read to just minimise exam stress. Celebrate your exam time rather overwhelmed with reading best exam jokes. You can also submit text message in our blog. Make your profile their let the world watch your creative side.
Har Sawal Se Datt Kar Ladna,Fekne Me Kami Mat Karna,Mouka Mila To Peeche Bhi Dekhna,Aur Ek Baat Yaad RakhnaAage Wale Ka Paper Apna Samajhna
Class ki har ladki ek phool hai, Usse chahna ek bhool hai. Joinki soch mai gul hai, Samjho uski Compartment ke chances fullhai..
Kehdo un parhne walon se,Kabhi hum bhi parha karte thae,Jitna syllabus parh ke wo top karte hain,Utna to hum choice per chor dia karte thae
According to newton's 4th law for exams-every book will continue to be at restor covered with dustuntil someexternal or internal exam moves it
All i want you is to be courageous Be calm and be self equipped with facts and figures to conquer this exams battle. I wish you is best of luck in your exams
All i want you is to be courageousBe calm andbe self equipped with facts and figuresto conquer this exams battle.
I wish you is best of luck in your exams
Whats d height of hope??It is: sitting in d exam hall,holding d question paper in handn telling urself"dude,don't worry.Exams will get postponed!"
Congratulations!Good news for Delhi University studentsExams of Uni have been postponed upto juneTo confirm goto sitewww.stop dreaming & start studying.com
To accomplish great things,We must not only act,But also dream,Not only plan but also believe,Best wishes for your exam.
Exams are like Girl friends- Too many questions- Difficult to understand- More explanation is needed- Result is always fail!
It takes 15 trees toproduce the amountof paper that weuse to write one exam.
join us in promoting the noblecause of saving trees.SAY NO TO EXAMS.
Guzray huye Exaams ko Yaad na karna..!!
Answer sheet mai jo likha hai uski Faryad na karna
Jo Hoga wo to Hoga..!!
Uski Fikar mai Apney HOlidays barBaad Na Karna
The Funniest AndHighly Impossible MessageA Student Can Ever Send........I Finished Studies. Did You?
DearShayari.com 2018 © All right Reversed.

subset: commoncrawl


text:
Komax becomes the first company in the industry to win a Red Dot Award with the Mira 230 stripping machine.
We develop customized solutions that add value to the overall process and thereby optimize profitability.
Premium-quality spare and wear parts.
Komax offers outstanding competence and solutions for different market segments.
cfa 326 Crimp force analyzer
Two piezo ceramic sensors integrated in the RAM serve as transducer. That eliminates force shunting even if the crimping tools are not loaded symmetrically. The three-zone analysis concept ensures ultra reliable good/bad sorting and provides detailed error information. Reference curve calibration, drift compensation and many other convenient functions are all standard features, as is the display of the crimping curve on the OMI.
A certified calibration tool is available as an option. It allows to calibrate the CFA 326 in kN. The tool is also used for periodical checking of the device.
Komax offer to you an optimal support by individual Service offers.
© 2020 Komax


text:
Never before had we incorporated some sort of swing into our play. When we do suspensions they have been typically for photographic or rigging purposes, the sexual tension becomes as thick as….well its thick.
The other day I happen to tie Georgia in the perfect position for intercourse. Finally we have discovered rope bondage for sex ! Logistically speaking we stumbled upon the position, physically it was an amazing sensation.
Georgia's hands were tied, she was suspended horizontally to height of my hip, I held fast to the ropes as I thrust into her, would pause then twirl her in the air in different directions. I had a delightfully sadistic time playing with her, I withdrew a few times, teasing her creamy skin to stimulate a more volcanic eruption from her.
It was so erotic, excitement of the new experience being almost too much to handle. Alas, as we finished the session and I untied Georgia, both of us glowing telling each other we couldn't wait to do it again.
Filed under: fun, hotness, kink, rope, sex | Tagged: bondage, rope, sex |


text:
No matter your stage in life, there is a place for you to find authentic relationships at First United Methodist Church. The purpose of small group ministry, is to be in community with others who challenge you to grow spiritually, live out your faith by serving others, and encourage one another through life's ups and downs. We have activities and groups for wherever you might be on your personal journey. We hope you will find your place this fall in a new or existing group.
If you have any questions, or need to add a smallgroup, please contact Becky Greene (704) 864-4371 ext. 227 or email@example.com.


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General Education and Leadership Training Programmes
Lee Woo Sing College cares a lot about students' moral and intellectual development. We provide students with whole-person education through a wide range of programmes, to nurture future leaders. The goal of our general education courses is to provide background and core skills students can later use in their studies and profession. Combined with core and elective elements, students would have a wide range of choices of courses that fits their personal development needs. We believe, through general education, students will learn logical and critical thinking skills that help them knowing the world and solving problems. These skills can be carried over into their future professions, no matter what industries students end up in. Highlights of College general education programmes:
- Renowned professionals from the community and social enterprises are invited to conduct a wide range of general education elective courses. Those courses include " Future of Food: Plant-based Living" in collaboration with Green Monday; " Evolution of Universal Communication: Debate and Application" to be conducted by Ms. Mary Cheung; " Experience the Kunqu and Peking Opera" to be conducted by renowned artists from Shanghai and "The Beauty of Chinese Painting" to be conducted by Chinese painting experts.
- Leadership Forums and Academic Seminars
- Kunqu and Peking operatic arts programmes
- Language enhancement programmes: IELTS Exam Preparation, English Evening, Colloquial English Workshop, Toastmaster Club, Cantonese Workshop, etc.
- Assemblies, High Table Dinners and WS Forum
- Work Experience Programme, e.g., Hong Kong-Shanghai Future Leader Internship Programme, etc.
" 'What kind of person do I want to be?' This question is one of the key elements for guiding students to achieve a fruitful and meaningful University life. In Lee Woo Sing College, we ask you to think even further - 'How to develop myself into the type of person I aspired to be?' - this is also the way we inspire our students to develop into all-round excellence via our Leadership Training and General Education Courses.
Our programmes bring forward broad interdisciplinary and learning approaches, through different teaching strategies, in order to widen students' perspective and learning abilities. In the long run, we hope to instill our students with a wide range of knowledge, attributes and experiences that they can draw on for the challenges in the future."
Professor Joseph Kwong - College Dean of General Education


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Here Are The Gorgeous Playmates That Will Pose For Playboy's Last Nude Magazine (20 pics)
It's the end of an era. Playboy has announced that it is going to stop featuring nude photos in their magazine. But at least we will get to see two more gorgeous girls make an appearance in the magazine. Amerbleigh West and Kristy Garett will be the last two women to pose nude in Playboy and they are as sexy as they come.
Miss January 2016 – Amberleigh West
Miss January 2016 – Amberleigh West
Do you like it?


text:
If We May
Let us remain for a moment
on this border so gently touching
this other one. The children are speaking
forever to the parents who hear and say
the same in return: It's good you are
where you are. Fewer presents
of glass along the iron road
makes sense. All the old languages
are sober now. You look, like a dog
in a suit, at once old and young
for your age.


text:
MIDAS Legend L6 Rackmount Chassis
MIDAS Legend L6 500 Series Portable Rackmount Chassis, Ultr-Low Noise Power Supply, Neutrik Connectors
|Monthly Payment:
|Instalment Rate:
|14.9% p.a. (fixed)
|Cost of purchase:
|Total inc. interest:
Representative Example:
Purchase Rate: 19.9% p.a. (variable)
Representative: 19.9% APR (variable)
Assumed Credit Limit: £1,200Subject to status. Terms and Conditions apply.
By DPD On 10th Aug
to your specified address. |
Receive SMS with one-hour delivery window
Weekend, timed and European delivery options are available at checkout
Have your parcel delivered by DPD to your specified address. Receive SMS with one-hour delivery windowWeekend, timed and European delivery options are available at checkout
Collect instore
Collect from our Bolton store, BL6 6PE |
Order online, collect from our Bolton store (25-28 Enterprise Park, Middlebrook, Horwich, Bolton, BL6 6PE)
UPS and DPD Pickup Pickup from local convenience store |
Collect your parcel from your newsagents, petrol stations and convenience stores
Protect against installation damage for 28 days.
More info
ScanProtect is an enhanced warranty specifically designed and offered by Scan to reduce the risk of any mishap or damage to components during installation.
Our aim with ScanProtect is to encourage our customers to upgrade or build their own PC confidently. For a small additional fee our customers are provided with complete peace of mind.
The L6 chassis provides I/O connectivity and +48 V phantom power for up to 6 processing modules in a rugged steel cabinet that occupies only three 19" rackspaces (when fitted with the included rackmount kit).
Whether you are in the studio or on the road, signal chain cabling no longer need be an issue. L6's audio output link switches make it easy to rearrange and connect your modules without the need for complex cabling. Just install your modules in the order you wish and pass the signal along the chain free of any extraneous cables. This not only makes your rack much neater, it also helps you maintain the ultimate in signal integrity.
If your compressor modules are designed for it, our Comp Bus Link switches enable you to link them together for stereo or multi-channel dynamics sidechain linking without the need for insert cables.
L6's rugged all steel chassis is over-engineered to withstand the rigours of constant touring and provide the utmost protection for your valuable processing gear. A convenient carry handle is provided for easy transport should your application call for a portable free-standing solution. Features • 500 series portable chassis for 6 single-width modules
• Premium quality components throughout for crystal-clear audiophile signal path
• Main and auxiliary inputs and outputs per channel on Neutrik* XLR connectors
• Over-specified ultra-low noise power supply output provides 3.2 A @ ±16 V and 300 mA @ +48 V
• High power auto-ranging universal switch-mode power supply for use worldwide
• Earth lift switch eliminates any ground loop problems
• Rugged free-standing chassis with convenient carrying handle for portable applications
• Compressor bus link switches enable stereo and multi-channel dynamics sidechain linking
• Audio output link switches provide cable-free daisy-chain connections between modules
• Advanced audio routing reduces cabling complexity
• 3U 19 inch rackmount kit allows installation in recording studios and live touring racks (included)
Please note your statutory rights are not affected.
For further information regarding Scan's warranty procedure please see our terms and conditions
- Duration:
- 12 months
- Type:
- Return to base
- DOA Period:
- 28 days
- RTB Period:
- 12 months
- Manufacturer:
- Scan Computers International Limited
- Telephone:
- 0871-472-4747


text:
Our History
Platinum Educational Group is a global leader in online testing, tracking, scheduling, and reporting. Our areas of focus include the Emergency Medical Services, Allied Health, and Nursing industries. Since 2002, we have provided valid and reliable online testing with EMSTesting for the EMS profession. In 2016, we launched PlatinumTests to provide testing for Registered Nursing educational institutions. PlatinumPlanner, our scheduling software program includes the EMS, Nursing, and all Allied Health industries.
With more than 75 years of combined education, testing, and scheduling expertise, we provide services to several thousands of individuals, businesses, and organizations globally via our main office in Grandville, Michigan, and affiliated locations throughout the United States.
Read our testimonials to see how we have improved thousands of student examination outcomes and ultimately improved patient care.
Our Mission: Deliver valid and reliable testing, assessment, scheduling, competency tracking, and compliance reporting solutions.
Our Vision: Every learner in the world can benefit from our solutions.
EEOC Statement
Platinum Educational Group is an equal opportunity employer. All aspects of employment including the decision to hire, promote, discipline, or discharge, will be based on merit, competence, performance, and business needs. We do not discriminate on the basis of race, color, religion, marital status, age, height, weight, national origin, ancestry, physical or mental disability, pregnancy, sexual orientation, gender identity or expression, veteran status or military service, retaliation or any other status protected under federal, state, or local law.
About Us
Learn more about Platinum Educational Group's experienced leadership team and talented employees below!
Doug Smith, Founder
Doug is a co-founder of Platinum Educational Group. He is a licensed Paramedic and Instructor Coordinator in the state of Michigan and has been involved in EMS for over 20 years. Doug has a Master's Degree in Education and has taught numerous instructor classes. He is involved as a committee chair for the National Association of EMS Educators and has spoken at numerous State and National Conferences. He is also the past president of the State of Michigan EMS Instructor Coordinators and was the 2003 EMT of the year for the State of Michigan.
Thomas Gottschalk, Founder
Thomas is a co-founder of Platinum Educational Group. He has been involved in EMS as a practitioner and instructor since 1986. Tom maintains Nationally Registered certification and is a licensed Instructor Coordinator in the state of Michigan. He works as a Critical Care Paramedic for both pediatrics and adults patients in the 911 system of Grand Rapids, MI. He is a previous National Star of Life recipient and remains passionate about teaching EMS topics like emergency driving to his colleagues. As dad and entrepreneur his recreational hobby list is short but does include biking, dog walking and challenging traditional thinking via humor.
Jason Jensen, CEO
Jason joined Platinum Educational Group in early 2012 as our IT Director. In September 2015 Jason became our CIO and in December 2019 Jason became Platinum's CEO. He is one of the main architects and developers behind EMSTesting.com. Previous to joining our team, he developed many large scale web sites. Jason not only has a track record of quickly taking on new projects and applying innovative solutions to make them succeed, he has a great passion for self-improvement and continued learning in the programming and web development field. Jason's hobbies include anything computer related.
Eric Pike, CIO
Eric Pike joined Platinum Educational Group in the later part of 2014 as a Senior Developer and as of December 2019 became CIO. He has many years of experience and started programming at the age of 16. He has over 24 years of experience in professional software development, and 18 years of management experience. He has a diverse and expansive range of experience that includes: accounting systems, shop-floor integration, enterprise business intelligence, mobile applications, and building high-scale public web sites. His hobbies are working with technology, music, and reading. He has also earned a 2nd-degree black-belt in Shorin-Ryu Karate and blue belts in Brazilian Ju-Jitsu under Royce Gracie and Jorge Gurgel.
John Spencer, Director of Education/Medical Educator
John began working with Platinum Educational Group in August 2015. He is a licensed Paramedic and Instructor Coordinator in the state of Michigan. He brings with him over 20 years of experience in EMS and 10 years in the fire service. John is a certified fire fighter, Critical Care Paramedic, AHA Basic and Advanced Cardiac Life Support Instructor, as well as a NAEMT Prehospital Trauma Life Support and Emergency Pediatric Care Instructor. In his free time, he enjoys working the ambulance in the 911 system of Kalamazoo, MI, serving as a member of the security and medical response teams at his church, hunting, fishing, camping and anything that involves spending time with his wife and six children. John is a previous National Star of Life recipient and is passionate about advancing professionalism in EMS by teaching with a focus on the Affective domain.
Jeff Dykstra, Director of Sales
Jeff Dykstra currently works for Platinum Educational Group as our National Sales Director. Jeff has over 13 years of sales and leadership experience and obtained a Masters of Business Administration in 2010. In his free time he is an adjunct professor at two local colleges, a sports fanatic, and loves spending time with his wife and two children.
John Zimmer, Client Relations Manager/Human Resources
John joined Platinum Educational Group in October 2013 as our Client Relations Manager. Prior, John worked for 20+ years for a nationwide engineering recruiting firm specializing in the chemical industry, in both Sales and Management roles. He even worked for a short duration as an EMT-Basic for a detox center, after gaining an interest in Emergency Medicine. John has a Bachelor's degree in Communications, earned a CPC certification in 2006, and won two network recruiting awards over his career. His role is to ensure that our current clients nationwide are taking full-advantage of our programs, while improving our clients' overall experience.
Jeremy Johnson, Marketing Director
Jeremy Johnson started at Platinum Educational Group in 2015 as Director of Marketing. Jeremy is a Gaylord, Michigan, native and a graduate of Davenport University. He relocated to the Grand Rapids area after an honorable discharge from the US Navy in 2001 after 5 years of duty on the USS Nimitz. Jeremy has an extensive background in business management, public relations, social media, and marketing. Jeremy enjoys spending time with his wife, Katie, and son Jace.
Eric Cheadle, Customer Service Manager
Eric joined Platinum Education Group as a Customer Service Advocate in November 2015. He brings decades of both Technical Support and Help Desk Support experience. Eric obtained a degree in Computer Networking from Davenport University. He also has an Associates in Recording/Engineering from Mcnally Smith College of Music. In his free time Eric enjoys coffee, movies, all manner of games, vegan cooking, laughing and music.
Courtney Dubay, Client Solutions Consultant
Courtney DuBay currently works for Platinum Educational Group as a Client Solutions Consultant. Ms. DuBay started with Platinum Educational Group as a Customer Account Specialist in October 2013. In Courtney's spare time she enjoys spending time with her family and her dog and you will usually find her at a beach or a coffee shop when she is not at work.
Ian Kindig, Client Solutions Consultant
Ian Kindig currently works for Platinum Educational Group as a Client Solutions Consultant. Ian has several years experience in the technology management software field. He believes in listening to customer's needs and tailoring a solution to meet them. He has two son's and loves to watch sports, play Texas Hold-Em competitively, travel, and spend time with his family and friends.
Desiree Dykstra, Special Projects Coordinator
Desiree joined Platinum Educational Group in July 2017 as our Special Projects Coordinator. Desiree has obtained an Associates Degree from Grand Rapids Community College, with hopes of pursuing a Bachelors Degree in the near future. Desiree's hobbies include reading and writing. In her spare time, she enjoys watching TV, online shopping, hanging with friends, and playing with her handsome Doberman pup named Prince.
Sherry Kinnucan, Lead Trainer/Medical Educator
Sherry joined Platinum Educational Group in 2019 and brings over 17 years experience in Emergency Medical Services including initial and continuing education, quality improvement and program coordination. Sherry is currently working on completing her Masters of Arts degree in Higher Education Leadership and enjoys camping, fishing, bird watching, reading, and spending time with her husband and four children.
Sarah Smith, Customer Service Advocate/Trainer/Development Tester
Sarah joined Platinum Educational Group as a Customer Service Advocate in April 2015. She has worked in the customer support and service field for more than a decade and is excited to bring her talents and artist background to assisting Platinum customers. When not working she spends her time drawing, painting, sculpting, and anything remotely crafty.
Beatrice Alegria, Customer Service Advocate
Beatrice joined Platinum Educational Group as a Customer Service Advocate in February 2019. She has a strong background in Customer Service and Sales and has worked for many large corporate companies. She believes customer service is the foundation for a successful company. Beatrice enjoys helping people and sharing her knowledge. When she is not working she enjoys cooking, listening to music and spending time with her family and friends.
Alanah Manning, Customer Support Advocate
Alanah joined Platinum Educational Group as a Customer Service Advocate in October 2019. She has worked many years in customer service and sales industries. She is driven in providing excellent customer service with a spotlight on quality and making customer connections. When she is not working she enjoys crocheting and crafting, playing with her menagerie of pets, and spending time with her husband.
Jennifer Diemer, Accountant
Jennifer joined Platinum Educational Group as an employee in August 2015, prior to that she had been subcontracted to them for about three years through an accounting firm. She specializes in QuickBooks and pays great attention to detail. Jennifer has been working in the accounting field for five years. In her spare time she loves to hang out with her daughter or at the beach and shopping.
Erika Jensen, UI/UX Designer/Developer
Erika joined Platinum Educational Group in August 2013 as our UI/UX Designer/Developer. Along with designing and developing our main products, Erika created our web site and designs our marketing and trade show booth materials. Erika has vast experience as a designer/developer hybrid and has worked in the educational field and for many large companies. Erika has a passion for web development and creative design. She likes keeping up with new trends and techniques in the field. She also has 3 dogs, and enjoys taking them to the park when the weather is nice.
Sam Bronkema, Senior Developer
Sam joined Platinum Educational Group in early 2014 as a Senior Developer. Sam began his career as a consultant and developer in the accounting software industry. He has extensive experience creating mobile and web applications and services. In the educational arena, he has worked on math and speed reading programs as well as software that delivers standards-based curriculum to the public school system. His favorite things are science, liberty, and cheese burgers and he enjoys traversing the planet and learning new things.
Benjamin Hurst, QA Tester
Benjamin joined Platinum Educational Group as a Customer Service Advocate in June 2015 and joined the Development Team as a QA Tester in February 2018. He is currently taking classes pursuing his Bachelor's degree in Computer Science focusing on Programming. He has been married for 8 years and has 2 daughters a dog and a cat. His hobbies involve playing the XboxOne, preferably FPS, watching movies, UFC, working on cars, fishing, hunting, boating, and ATV's.
Korben Rand, Data Scientist
Korben joined Platinum Educational Group as a Customer Service Advocate in January 2018 and became a Data Scientist in June 2019. He has worked several years in the customer service industry and is driven to provide excellent customer service with a focus on quality and making a connection with customers. Korben approaches life and work with a mindset of upholding a principle of peace, honesty, and care as few other things are more important to him. In his free time Korben enjoys reading, acquiring new hobbies, and taking care of his numerous pets.
Larry Stalsonburg, Medical Director
Larry has ben actively involved in EMS and Emergency Medicine for nearly 50 years. He started his career with an ambulance service in Grand Rapids, MI in 1971. After completing medical school he went into emergency medicine. He has been involved with EMS training for many years both in the class room and in the field. He also served as Medical Director and Asst. Medical Director for the Michigan BTLS program for many years. Larry became a licensed EMT in 2011 with the goal to better serve as Medical Director for one of the fire services in Traverse, MI. He joined Platinum Education in 2012. He enjoys Hunting, fishing, reading and traveling.


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Can Friend Be a National Champ for Fergie?
After What A Friend finished second in the rearranged AON Chase at Newbury last week, champion trainer Paul Nicholls suggested he was likely to fit a pair of blinkers for the eight-year-old's next outing in the Cheltenham Gold Cup.
Nicholls also suggested that despite holding an entry in this year's Grand National, the Sir Alex Ferguson owned chaser was likely to bypass the event. He did however, go on to say that he believed the Alflora gelding had all the attributes that were required for a National horse and that with another year's maturity under his belt he could run a massive race at Liverpool.
As anyone who follows the World's Greatest Steeplechase will know, it's not a race for young horses, and indeed those who have experienced the daunting Aintree fences in the past tend to do far better than those coming up against them for the first time, so What A Friend may be targeted at the event in a year's time having go a little bit more experience under his belt. Although he should probably be avoided in the Aintree Grand National betting this year at this stage, he could be one for the future.
With plenty of time still to go before the Grand National, there is though time for the trainer to change his mind. Should he run well in the Gold Cup, Nicholls may decide that the horse is so well handicapped that he has to take his chance in the Aintree marathon, as he will be asked a much stiffer task in future seasons and as Grand National tips go, he isn't the worst.
As things stand though it may be best to look elsewhere for the winner.
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In their heart of hearts, Liberals just don't think taxpayers should fund the ABC.
This week's revelations that Malcolm Turnbull's friend and ABC chairman Justin Milne pressured the national broadcaster to sack journalists critical of the government is a bad look.
But it's just the pointy end of a long-term goal for many in the Liberal Party.
They see taxpayers funding a competitor to commercial media companies, undercutting them by offering free news and entertainment programming.
Their coalition partners the Nationals have a very different view.
They know how crucial the ABC is to rural and regional life, keeping communities connected in the vast Australian bush.
But many Liberals have an ideological commitment to selling off the broadcaster.
Communications Minister Mitch Fifield has responsibility for the ABC in his portfolio, but in 2008 he said there was "merit in such proposals" to sell it off.
"The likely strong public opposition means that any government prepared to go down that path would need to prepare the ground and make the case for the change," he said in a speech to the Adam Smith Club.
That's the key line - preparing the ground.
This government has done that by cutting or freezing the ABC's budget over the past few years, and news reporting has suffered.
The Liberals have also made public and private attacks over the content of the ABC's reporting.
Mr Turnbull complained heavily about ABC economic correspondent Emma Alberici's report on big companies who avoid paying tax.
More recently, Mr Turnbull was upset with political correspondent Andrew Probyn's story about the timing of the Super Saturday by-elections, which were scheduled for the same date as Labor's annual conference.
Prime Minister Scott Morrison said he too had officially complained about the ABC's coverage.
"They've got it wrong on plenty of occasions and they've apologised to me for getting it wrong on a number of occasions as well," he told reporters on Thursday.
In June the Liberal federal council comfortably passed a motion calling for the ABC to be privatised except in regional and rural areas.
When the inevitable public outcry hit, Mr Turnbull had to hose it down.
"The ABC will always be in public hands. It will never be sold. That is my commitment," he said.
Even Senator Fifield backed the then-prime minister.
"The ABC will not be privatised," he told parliament.
The ground clearly isn't prepared yet.
But it's not for lack of trying.
Before James Paterson was a Liberal senator he went on the ABC and called for it to be privatised, ticking it off his "bucket list".
Queensland senator James McGrath used his maiden speech in 2014 to say the youth station Triple J should be sold off.
NSW Liberal Craig Kelly this week said the ABC should be "given away".
Former Howard government minister Peter Reith has regularly called for the ABC to be privatised, and he backed it up with a column written in 2014.
Many other Liberal senators voted in June for a motion congratulating them for drawing attention to "structural and budgetary reform of the ABC".
The ground might not yet be prepared, but it is being softened.
There are three ABC bills before the Senate, which haven't passed yet due to a lack of support.
One will require the ABC to consider the needs of rural and regional areas more, thanks to the Nationals.
Another aims to publicise the salaries of all employees and on-air contractors on more than $200,000 a year, similar to laws in the United Kingdom.
The third is a push from One Nation to insert the words "fair and balanced" into the ABC charter, which the ABC argues is correcting a problem that doesn't exist.
The ABC has at times not helped its own cause, focusing too much on the inner city and particularly Sydney, at the expense of the regions who rely on it.
And it has targeted growth in areas already well-served by commercial operators.
But support for the national broadcaster is vast and cuts across party lines.
A recent survey showed three in four voters backed higher or the same funding for the ABC and another poll rated it the most trusted news organisation in the country.
The Liberals are preparing the ground for a sale, but as this week shows, they've got more digging to do.


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How would we differentiate graphite, bromine, hydrogen fluoride, lithium fluoride, and hydrogen bromide?
1 Answer
Graphite is a network covalent solid, and lithium fluoride is an ionic solid. Neither substance is molecular, and these would be expected to exhibit exceptionally high melting and boiling points, which reflects the strength of the interparticle bond.
On the other hand,
Hydrogen fluoride features hydrogen bound to a highly electronegative fluorine, and results in an elevated boiling point of
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Factoring and invoice discounting allows a business to access cash that would otherwise be tied up in sales. Where a company has the inability to increase its cash-flow (often its overdraft) in line with sales, the result is often the loss of custom as well as profitability.
Managing their traditional borrowings more effectively.
Both Factoring and invoice discounting work on the same principle that it provides an immediate advance against sales, typically 80-85% of an invoice / ledger are advanced with the balance due minus finance charges once the invoice(s) are settled.
Factoring is ideally aimed at the new or relatively small business who would not only benefit from linking their finances to their sales but would be assisted by having their sales ledger managed as a part of the facility provided.
Invoice discounting is targeted at the business with an established accounting system who can demonstrate a good record of account management and who would require no assistance in the on-going management of the ledger.
This enables such a company to have their invoice discounting arrangements remain entirely confidential with their customers being invoiced directly and making payments to the company as usual.
The short answer is Yes! The market is vast and is covered by a mix of Bank and non-institutional providers, depending on your preference and immediate needs, we are able to provide the most appropriate form of domestic and export ledger finance.
Our relationship is one of independent broker thus our recommendations will be without bias, so whether you are seeking to discount a single transaction, a part or all of your sales ledger, we will endeavour to deliver the most effective solution to your cash-flow requirement.


text: LAHORE - The Meteorology Department has forecast mainly hot and dry weather for Punjab including provincial capital during the next couple of days. On Tuesday, maximum and minimum temperature in Lahore was recorded at 42 and 31 degree centigrade respectively. health experts urged people of southern Punjab to take all precautionary measures to avoid dehydration, abstain from hot or sugary drinks. Agriculture experts urged farmers to irrigate their crops as per schedule to avoid harmful effects of weather for crops.


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Full-Sibling or a Half-Sibling? DNA Details
Do you have a new DNA match that looks like they might be a sibling to you? Maybe your known sibling did a DNA test and you'd like to know whether or not you are full or half-siblings? In this post, I'll explain how to know whether your DNA match or known sibling is a full or half-sibling. Plus, I'll tell you my perspective on what to do if you have discovered that you and your siblings are half-siblings.
Before we get started, I feel like it is really important to emphasize that a sibling relationship is one of the most important relationships that we have in our lives. If you have grown up with a sibling and you find out via a DNA test that you are half-siblings instead of full-siblings, it's important to remember that your relationship with your sibling doesn't need to change because of this information. Our family is whoever is in our heart, and while a DNA test can help us explore our biological heritage, we shouldn't let it affect our relationships with people who we have known as family our entire lives.
How to figure out if your sibling is a full or half-sibling?
Most of the time, it's pretty easy to figure out if your sibling is a full or half-sibling. That is, if you have both done an autosomal DNA test (atDNA) like the ones offered at Ancestry DNA, 23 and Me, FTDNA, or My Heritage DNA. By looking at the amount of DNA shared between you and your sibling you should be able to easily figure out whether or not you share both parents.
For every relationship, there is a range of shared DNA that is seen for that relationship. Sometimes, this range leaves some room for interpretation, but fortunately this is not usually the case between siblings.
How much DNA do siblings share?
Shared DNA is usually measured in centimorgans for the purpose of determining a relationship:
- Full siblings will share between: 2300-3900 centimorgans
- Half-siblings will share between: 1300-2300 centimorgans
If you know for sure that your DNA match is a sibling, but you are not sure if they are a half-sibling or a full sibling, you can use the above guidelines to figure out which relationship applies. For example, if you only share about 1400 centimorgans with your sibling, then they are a half-sibling. If you share 2500, then they are a full sibling.
Note: It is important to note that there are occasional statistical outliers. Sometimes, DNA defies all probabilities and statistical calculations and two full siblings can share slightly less DNA than expected, or two half-siblings can share slightly more DNA than expected. This means that a definitive conclusion cannot be made about whether two people are full or half-siblings based only on shared DNA if they share between 2200-2400 cMs.
What if I share between 2200-2400 cMs with my sibling? Can we be sure that we are full or half-siblings?
As I wrote before, there is a small range of shared DNA that can leave us with some doubt as to whether or not two people are full or half-siblings. This range is somewhere between 2200-2400 cMs, and so if your relationship with your sibling falls within this range, there are a few more steps you'll have to take before making a definitive decision about whether you share both parents, or just one.
- Have any other family members taken a DNA test? If so, you might be able to figure out which matches you share in common with your sibling, and which ones you don't. Two full siblings should share all of their close family members in common (from other siblings, parents, aunts, uncles, and first cousins, for example).
- Two female siblings with the same father will share a full X chromosome. You can check X chromosome information by uploading both of your DNA files to Gedmatch and using the X chromosome One-to-One tool to compare your X chromosome with that of your sister.
- Two full siblings will have many fully identical regions on all of their chromosomes, whereas two half-siblings will not have any. You can compare your chromosomes with that of your sibling by uploading your DNA to Gedmatch (your sibling should do the same), and using the One-to-One comparison tool and choosing the "Graphics and position" option, which will visually display your identical regions by chromosome.
Are there any other relatives that share the same amount of DNA as a sibling?
This is why I mentioned previously that the ranges for shared DNA between siblings apply only if you are sure that you are siblings. This is because there are several other types of relationships that overlap with the amount of shared DNA that both full and half-siblings share:
- Full siblings share between 2300-3900 centimorgans, but parents share an average of 3600 cMs
- Half-siblings share between 1300-2300, but so do aunts, uncles, nieces, nephews, grandparents, and grandchildren – as well as double-first cousins
Uh-oh – you've discovered your sibling is a half-sibling and not a full sibling. What should you do?
This is a tough situation, as I am sure you are aware. Did you discover that you and your siblings are half-siblings? Are you 100% sure? Not sure what to do with this information? While I don't have all of the answers, I do have a couple of suggestions that might help you figure out the best way forward.
Disclaimer: I'm not an attorney, a doctor, or a therapist. Only you know what choice is right to make in your own situation.
- First, be careful not to jump to any conclusions about which of you (you or your sibling) doesn't match both of your biological parents and the nature of the events that led to this occurrence. Families are complicated, and being human is hard. Any one of our parents are capable of having been human and having a lapse in judgement at any point in time. Perhaps we don't have all of the information, and so it's best to wait until coming to a final conclusion about what happened until we do.
- If you have discovered that your own ancestry is not what you had believed it to be, then I believe that you are completely within your rights to divulge this information as you see fit. Keep in mind that you can explore your roots with discretion, if you feel like it is best to do so. It's your information to keep, or to tell.
- If you have discovered that someone else's ancestry is not what they thought it was (like a sibling, for example), I strongly recommend that you not say anything to them about it unless they explicitly ask you if you are full or half-siblings AND you really believe that your sibling really wants to know the truth. If it were my own sibling, I think I would avoid answering the question until they came to the conclusion on their own. I would never offer or volunteer this information to someone. If they want to know, they can access their own results and use Google to learn about DNA just like everyone else has.
If I discover something about my own ancestry, I can talk about it if I want to or I can keep it a secret if I want to. If I learn something about someone else, even a close family member, I don't talk about it unless they specifically ask me to tell them what I think about something. I would not tell my siblings anything surprising about their parentage unless they found out on their own and want to talk about it.
I hope that this post has given you some ideas as to how to figure out how whether or not your DNA match is a sibling, and if they are, whether or not they are a full or half-sibling. If you have any questions about something that you read in this post, or if you would like to add your experience with a sibling DNA match, I would love to hear from you in the discussion below.
Thanks for stopping by today!