The First Week Learning In Accountant 2

Summary Week Two
University of Phoenix of Axia College

The first week learning in Accountant II we as a team have learned the meaning of different accountant terms. We liked the ideas of recognize account receivables; recognizing, valuing and depositing are all accounting issues associated with accounts receivable. Notes receivable are funds owed to the company by customers or others who have signed formal promissory notes stating they owe that debt. Account receivables are amounts that customers owe the company for normal credit purchases; every member of the group is familiar with types of receivables. Notes ReceivableHowever, as a group some of us were more comfortable with the different terms and meaning; a few members of the group were confused by percentage-of-Sales because we did not know how it was connected to uncollectible revenue. Thus, as a group we all understand the term uncollectible revenue. It is a process when a lender allows another party to borrow money and in many cases the money is not paid back and it does have maturity level on loans. “When the life of a note is expressed in terms of months, you find the date when it matures by counting the months from the date of issue” (Weygandt, 2010). Therefore a few of the team member have a good understanding between accounts payable, notes payable, and accrued expenses. At this time these will not play a role in many our careers nor will they in the future. It's just a good thing to know. However, one term of account that was familiar to everyone in the group was promissory note because it means a written promise to pay a specified amount of money on demand or at a definite time; when a company borrows money from a lender, that money needs to pay back in a reasonable time limit.
Analysis is a huge part of week one material. “Investors and corporate managers compute financial ratios to evaluate the liquidity of a company's accounts receivable. They use the accounts receivable turnover ratio to assess the liquidity of the receivables. This ratio measures the number of times, on average; the company collects accounts receivable during the period. It is computed by dividing net credit sales (net sales less cash sales) by the average net accounts receivable during the year. Unless seasonal factors are significant, average net accounts receivable outstanding can be computed from the beginning and ending balances of net accounts receivable”(Weygandt, 2010). However, this was area in which everyone in the group had problems with. Thus, looking over some of the material with had in Accountant I; we were able to get back on track.
We also learned about Valuation, depreciation, amortization, and depletion and how they pertain to the accountant world. Valuation is the true value of something; fair market price and the price of the item from the past to now. Depreciation is the adjusted value

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