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Reflection Essay

761 words - 4 pages

Over the past week we have discussed several different topics. In this paper we will talk about several topics and how we learned and dealt with each section. Also which ones we struggled with and ones that we felt were easy.
Depreciation and amortization work together in many ways, both accounting for and assessing an actual value to a company’s assets. Amortization is the process of spreading out payments for a particular asset for a set period of time, while also factoring in the accrued interest into the payments. This makes the balance easy to pay, and keeps the payments the same until the account is settled. Depreciation is the necessary drop in value of an asset over a period of ...view middle of the document...

As I completed further research, I was able to obtain a much clearer view. Having a better understanding, will help me in any future business situations I may encounter, as well as my current position of a salaried manager in retail. Understanding how some vendor product is not owned by the store, until it has been sold, simply gives me more knowledge needed to make great business decisions.
The term receivable accounts refer to it as an amount due from a person or other outside company other than yours. Accounts receivable is when work is completed or items are purchased then it is due at a later time. This is when a certain pay date is set from that company when that purchase order or ticket has to be paid. There are three main types of receivables they are accounts receivables, notes receivable, and other receivables. Accounts receivables are again when a product is purchased or work is completed and expected to be paid within a set time frame. Notes receivable is where credits are issued in the form of debt. The last kind of receivables is listed under other, which includes any non trade receivables. Some examples of these are interest...

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