3003 3b Essay Example | Topics and Well Written Essays - 1000 words

3003 3b - Essay Example Accounting has its own specialist terms and vocabulary which is used to disseminate accounting-specific knowledge. For this reason, literacy development is important in reading and understanding accounting theories and concepts successfully. Major subjects like Accounting also involve extensive academic writing for which literary understanding is quite useful. Kerry Dirk has dedicated an entire essay explaining the importance of genre-specific knowledge in writing. Dirk describes how genres can be told from one another and he mentions that knowledge about a particular subject or genre is significant in understanding its meaning efficiently and accurately (249). Giving the example of a joke about country music, the author explains that understanding the joke requires a previous knowledge of the country music genre and its other elements. Similar is the case in writing where every major subject is symbolized by its distinct use of language, format, genres, jargons, and so on. For this reason, literary knowledge not only helps in understanding important concept but also helps in advancing the knowledge bank. Accounting is one major discipline which may use complex language in the sense that their meanings could differ in the accounting context as opposed to their common usage. In order to develop the literacy skills that help in understanding and absorbing accounting terminology and language, journal reading helps remarkably. My preparation for my majors in Accounting involved extensive gathering of accounting knowledge including current developments in the financial sector. Remaining updated with the latest information from the industry is also a major part of developing literacy skills. Reading assists in developing the necessary accounting-specific word bank and it also familiarizes an individual with the terms and their meanings which could later be used as a reference to an accounting concept. Reading academic accounting

Management accounting Essay Example | Topics and Well Written Essays - 1500 words - 7

Management accounting - Essay Example This is a growing market as evident from the fact that  £ 85 billion is spent annually on UK tourism, especially London. About 50 % of this is by overseas visitors and the rest are by UK residents in day trips and staying away from home (UK-Culture, 2007). The book will be marketed to both the tourists and business visitors alike, as business tourism is also becoming increasingly common. In 2005, business tourism accounted to about 8 million visits to London (UK-Culture, 2007). The shareholders of the company will invest  £ 5,000 for the company. Another  £ 30,000 will be taken as a long term loan from the family with instalment payments starting from the third year with a standard rate of 0 % and in a period of 9 years. A loan of  £ 25,000 from NatWest bank will be availed at an interest rate of 6.4 % APR. The estimated sales for the initial year of operations are about 6,173 units. This amounts to an average sale of 515 units per month in the first year. The tourist industry in London is always active and the company estimates to sell all of the 515 units produced in the month irrespective of the season. The sales volume is presented in Appendix 2. The cash for the sales made in the month are collected within the end of the month (i.e., within a maximum period of 30 days). This way, the company will be able to maintain effective liquidity. The suppliers will be paid in two instalments, 50 % on purchase date and the remaining 50 % after 30 days. The books will be made based on a just in time strategy, thus reducing the inventory to zero. This will enable the company to effectively safe on storage costs as well. A total of 6,173 units will be sold in the first year and there will not be any closing stock in the monthly budget, as all the 525 units manufactured in the month will be sold. The initial inventory will be zero at start