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Week 3 Media Summary The video this week summarizing what we have learned in class to this point was very entertaining. It took accounting and used it in a fun way by making a game show out of it. It combined some accounting principles, and put it in test questions form for a chance for the contestant to win a million dollars. It paused periodically to summarize each section to enhance the learning experience. I was able to refresh what I have learned to date, and compare the answers with what I knew. I only missed three questions, but unfortunately one of them was the second question which means I would have walked away with only $50. The video refreshed concepts that we learned such as what accounting was used for, which is to collect, record, analyze, and report financial data of a company to help decision makers make key decisions for the company. The video showed us that users of financial statements are anyone who has a stake in the business. It reiterated that today accounting software is used to organize data as opposed to the old hand written ways that used to be popular. We learned that current assets and liabilities are only items that are used short term and not year after. The video showed the accounting equation of assets equal liabilities plus owner’s equity. Concepts that I didn’t know were uncovered such as taxes are not included on profit and loss statements, and making a sale on credit increases profit. Some new items that I never heard of before were introduced such as Operational Cash Cycle (OCC) which deals with how cash is handled on site, and how to keep control and checks and balances in place to deter from missing cash. I learned that the arranged settlement period ratio is used to measure the efficiency of a company. I was surprised to see that only 10% of businesses file bankruptcy because of cash flow problems. I thought that...

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