Recognize how the transition from paper-based records to computer-based records increases the speed and accuracy of recordkeeping systems.
- Remember when we used to work as bookkeepers…at Wasatch Medical Center back when we were…accounting students at BYU?…- Ah, those were the days.…That was some real hands on experience keeping the books…for a partnership of three busy doctors.…- I started there first, and then you came along…a couple years later and took over when…I graduated from BYU.…By the time you got there I had the entire bookkeeping…operation working like a well oiled machine.…- Yeah, hey we could conduct an entire course…about the messes you made that I had to clean up.…But today let's focus on the transition from…paper based records to computer based records…at Wasatch Medical Center. - Good.…
When I started working for the doctors their books…actually were two, big physical books.…- Two? Why two books?…- Well, one book contained a chronological list of…the business events: cash collections from customers…and from insurance companies, payments to suppliers,…payroll, payments for utilities, and so forth.…- Now we'll talk about payroll more in a minute.…
- Summarize the two forecasting techniques used to create a complete business plan.
- Analyze the five methods for maintaining financial records for a company and explain what kind of company would require each method.
- Calculate payroll expenses with accuracy.
- Apply the entity concept to hypothetical situations.
- Describe the process for obtaining financing from third-party sources.
- Explain the process for valuing a company.