BUS 305 Signature Project Deliverable 4 reflection paper

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School for Professional Studies, CUNY *

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Apr 3, 2024

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1 Signature Term Project Deliverable 4 Reflection Paper Petrina Williams School of Professional Studies BUS 305: Fundamentals of Accounting Professor. Roger Mayer November 10, 2023

2 Deliverable 4 Reflective Paper: What I Have Learned from the Assignment The Napolito's Pizzeria signature project taught me about accounting, its practical applications in business, and accountants' role in small company financial success. This reflection will cover Deliverable 4's important learning objectives from the rubric. Define accounting, its uses, and the role of accountants in business. This project has helped me comprehend accounting as a tool for recording, evaluating, and reporting firm financial data. Accounting provides numerous vital purposes: i. Financial Record Keeping: Accounting enables organizations to keep precise and structured financial records, guaranteeing openness and compliance with rules. ii. Decision-Making: Accountants help company owners and stakeholders make educated decisions by offering financial data and analysis (ii. Decision-Making). Allen (2020). iii. Performance Evaluation: Accounting enables the assessment of a business's financial health and performance through the preparation of financial statements such as the income statement, balance sheet, and cash flow statement. iv. Tax Compliance: Accountants help businesses comply with tax laws and optimize their tax strategies ( Schroeder et al. , 2022). v. Business Growth: Proper accounting practices are essential for securing financing, attracting investors, and achieving long-term business growth.

3 I have learned that accountants are central to these functions, serving as financial advisors, record keepers, and analysts who ensure the accuracy and integrity of financial information. Explain how accounts are classified In the course of this assignment, I have become well-versed in the classification of accounts, which is fundamental to the double-entry accounting system. Accounts are categorized into several classifications, including: i. Assets: These represent what a business owns, such as cash, inventory, and property. I learned how to recognize and record various asset types accurately. ii. Liabilities: Liabilities are the financial obligations a business owes to external parties, such as loans, accounts payable, and accrued expenses ( Cai, 2021). I grasped the importance of accurately recording and tracking liabilities. iii. Equity: Equity accounts show ownership stake in a firm, such as common stock and retained profits (Schroeder et al., 2022). I knew equity transactions affect a company's finances. iv. Income and expenses: Accounts that record income and costs for a specified accounting period (Cai, 2021). I recorded these transactions and their income statement effects. I also learned how important the chart of accounts is, which arranges accounts into divisions for clarity and reporting.

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4 Calculations and Tables Let's use a simple example to demonstrate my practical knowledge:  Suppose Napolito's Pizzeria had the following initial financial data:  Contributed Capital: $50,000  Purchase of Capital Items (Ovens, Refrigerators): $30,000 Initial Expenses: $10,000 I've learnt that accounting involves precise transaction documentation. The following table summarizes these early transactions: Account Debit ($) Credit ($) Contributed Capital 50,000 Cash (Initial Capital Receipt) 50,000 Capital Items (Assets) 30,000 Cash (Purchase of Assets) 30,000 Initial Expenses (Expenses) 10,000 Cash (Payment of Expenses) 10,000 These journal entries show how Napolito's Pizzeria's first financial choices affected the business and its financial transactions.

5 Conclusion This assignment taught me a lot and allowed me to apply theoretical accounting concepts to real- world company problems. I now have a greater understanding of accounting's role in business, account classification, and transaction recording. This knowledge will assist me in running my own business and advising others on financial matters. I enjoy learning and putting accounting concepts into practice.

6 References: Allen, C. E. (2020). The Obowth of Accounting Instruction Since 1900. In The US Accounting Profession in the 1890s and Early 1900s (pp. 559-576). Routledge. Cai, C. W. (2021). Triple‐entry accounting with blockchain: How far have we come? Accounting & Finance , 61 (1), 71-93. https://doi.org/10.1111/acfi.12556 Schroeder, R. G., Clark, M. W., & Cathey, J. M. (2022). Financial accounting theory and analysis: text and cases . John Wiley & Sons.

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