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- Submitted by: femalestudent01
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- Category: Politics: Economics
- Date Submitted: 03/03/2010 09:15 AM
- Pages: 3
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Economics:
Ch. 3- The Production Process: The Behavior of Profit Max
For Economics, the production process is the solitary area that needs to be focused more for me. It is to my understanding that the production process involves combining a contribution of assets to construct a productivity of goods and services. There are three types of assets: National, Capital and Human. It is apparent to me that all firms require services to complete production processes. It is to my indulgent that firms rely on the service industries to offer production processes as a result making them both mutually dependent. There are additional information that was rigid for me to comprehend, but I deem I understand the broad fundamentals of production process.
In order for me to achieve improved understanding of this specific area, I will need to do more research and read more about why this is significant in economics. In the course of research and increase knowledge will help me to accomplish a better perceptive of the production process.
Accounting:
Ch. 4- Accrual Accounting
In accounting, the accrual accounting is the area that needs most focus. Knowing that I want to pursue a profession in accounting, it was very appealing to read about accounting and having the capability to comprehend the philosophy of accounting. For the most part, I was able to understand most of the chapters for accounting. My comprehension for accrual accounting is that it refers to any entity access recording profits or expense in the nonexistence of a cash operation. Through this technique, income and operating expense are usually recorded as they arise. So profits are counted when the transaction occurs and expenses are counted when you obtain the goods or services. Again, there are other areas where I struggled, but this is the one area I need most focus on. My plan to achieve a better indulgent in this area is to do more research, read more about accounting and be vigorous in doing some accounting...
Ch. 3- The Production Process: The Behavior of Profit Max
For Economics, the production process is the solitary area that needs to be focused more for me. It is to my understanding that the production process involves combining a contribution of assets to construct a productivity of goods and services. There are three types of assets: National, Capital and Human. It is apparent to me that all firms require services to complete production processes. It is to my indulgent that firms rely on the service industries to offer production processes as a result making them both mutually dependent. There are additional information that was rigid for me to comprehend, but I deem I understand the broad fundamentals of production process.
In order for me to achieve improved understanding of this specific area, I will need to do more research and read more about why this is significant in economics. In the course of research and increase knowledge will help me to accomplish a better perceptive of the production process.
Accounting:
Ch. 4- Accrual Accounting
In accounting, the accrual accounting is the area that needs most focus. Knowing that I want to pursue a profession in accounting, it was very appealing to read about accounting and having the capability to comprehend the philosophy of accounting. For the most part, I was able to understand most of the chapters for accounting. My comprehension for accrual accounting is that it refers to any entity access recording profits or expense in the nonexistence of a cash operation. Through this technique, income and operating expense are usually recorded as they arise. So profits are counted when the transaction occurs and expenses are counted when you obtain the goods or services. Again, there are other areas where I struggled, but this is the one area I need most focus on. My plan to achieve a better indulgent in this area is to do more research, read more about accounting and be vigorous in doing some accounting...