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Reflection

In: Business and Management

Submitted By Criddle2011
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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 time and must be considered in order to assess the true value of one’s assets. The main portion that I struggled with was learning what method of depreciation was appropriate for a specific scenario. Is it right to use the straight line method and base depreciation over time? Or to base it on the use the item has gotten? Sometimes it is not so clear and is based on a combination of these things. It is important to understand these concepts in the field of retail because there are a lot of company owned assets that are needed to run operations every day. Knowing the cost and value, while figuring a way to afford them all without cutting too deeply into profits is where Amortization and depreciation come in handy.
Accounts payable is when money is owed to suppliers from a business. Notes payable is a written promissory note that some businesses may use in place of accounts payable that can give the lender formal proof of obligations in case of legal remedies (Wegandt, Kimmel, & Kieso). Finally, accrued expenses are expenses that have been incurred by a company but not paid. I feel comfortable with the general understanding if these liabilities, however I found myself getting...

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