Rahul is an intern at a retail store. Store accountant is trying to talk the owner and is trying to convince him to purchase an integrated enterprise system (IES) for small businesses. The owner thinks the accountant is just trying find a way to charge more service fee. On what basis would Rahul convince the owner that each piece of the integrated enterprise system would help the business?

Your uncle and two friends started a small office supply store several years ago. The company has expanded and now has several large locations. Your uncle knows that you are taking a financial accounting class and asks you the following question: “When we first got started, our accountant told us to use LIFO for our inventory. We were paying her a lot of money so we followed that advice. One of our biggest customers is owned by a company located in Italy. Recently, the manager for that company was telling me that their accounting is based on IFRS rather than U.S. GAAP and that IFRS apparently believes that LIFO is theoretically flawed. Why are we using a flawed system? I don’t even what impact LIFO has on our financial statements. I know that we started out this year with 100,000 units that cost $5 each and then we bought another 400,000 units for $8.00. At the end of the year, because of our sales during the period, we only had 100,000 units left. What difference did LIFO make?”

Solve a business problem. Do you or someone that you know have a small business with a specific problem or opportunity that needs to be addressed? Expansion plans, entering a new market, establishing various policies, operations issues, training and so on? If so, you can address their problem or opportunity.    Provide a solution that a small business has. And explain how to solve it.

Two of your friends, Sony and Ted, are planning on starting a new  business. Knowing you are studying accounting they come to you for advice as to the best business form they should use for their business. They want to be able to raise capital; they also want protection against claims by creditors.  As an accounting student:     What business form would you recommend to Sony and Ted for their business?    Why?

not use ai please

Joe is interested in purchasing a café in Hillcrest, primarily catering to the student market. Assume that Joe’s parents are likely to invest in the business and may play a management role. Describe the major characteristics, as well as listing the advantages and disadvantages, of any three forms of business structure appropriate to carrying on this business.

You should use a financial calculator and Excel to solve the problems. Discuss the differences between efficiency and effectiveness. Why is it important for small business owners to understand the difference between profit and profitability? What financial ratio is used to determine profitability? Sam quit a $30,000-a-year job with a local heating and air conditioning firm to go into business for himself. After his first year in business, his accountant showed him an income statement that indicated Sam’s firm had a profit of $40,000. During this year Sam had drawn a salary of $20,000. What was Sam’s accounting profit, his entrepreneurial profit, and his opportunity cost? Explain the difference between accounting and entrepreneurial profit. Discuss the differences between operating and financial leverage. You are going to open a business making custom cabinets. You can sell each cabinet for $80. It takes a cabinet-maker approximately 45 minutes to make one cabinet. Each…

Kate’s business is growing faster than she had predicted. In order to keep up, she will need to purchase improved computer hardware. Kate has learned that the software that she uses runs much faster if her computer has a lot of memory. In addition, her files are very large and she is running out of free space on her existing hard drive. Finally, Kate has heard horror stories about hard disk drive crashes and the possibility that all of her work will be destroyed. In order to protect against this possibility, she has decided to invest in a large commercial grade backup system. The cost of the memory and hard disk drive upgrade to Kate’s computer will total $420. The cost of the backup system is $3,000. The memory and hard disk upgrade will increase the productivity of Kate’s current computer; however, it will not extend its useful life. The backup system is expected to have a five-year useful life. Kate would like to know the following items: 1. How should the expenditure for the memory…

Pick only one option:  The owner of Tommy's Technicians has found that his shop is losing money and he is in jeopardy of going out of business. Sales have remained constant for quite some time and now he is looking at ways to cut expenses to stay in business. Which of the following expenses is his best choice to try to immediately reduce and save him meaningful dollars so he can remain in business? (Hint: First consider which ones he has ultimate control over?) Rent expense Utilities expense Payroll expense Shop insurance expense Advertising expense

businesses exist and operate in many different environments. This has always been the case, but many consumers don't realize the different environments or how businesses must adapt to operate in each.  what are some of these environments? Can you give some examples as to how they might influence operations? In your opinion, which has the most influence?