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ACCT 301 (1)
Lecture 1

ACCT 301 Lecture 1: Taxes

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ACCT 301
Janet Faughnan

ACCT 303 Notes • 10K: Regulatory document; communication to public regarding events of company for last fiscal year o Some these included are: ▪ Business (different businesses that this company owns) ▪ Risk factors ▪ Selected financial data ▪ Financial statements (balance sheet, income statement, statement of cash flows) • SEC: government agency set up by US government to protect investors; located in Washington DC; have certain regulations that publically held corporations must comply with o Public corporations: a company where anybody can buy a share of stock ▪ Share of stock: when you own a piece of the company; you receive dividends when the company is profitable • 3 Registered Exchanges in USA: all located in NYC and trade in Manhattan; only exchanges regulated by US government o NASDAQ o New York Stock Exchange o American Stock Exchange • International Exchanges: not regulated by US government; Asian markets are always growing o London Stock Exchange o Shanghai Stock Exchange o Madrid Stock Exchange o Berlin Stock Exchange • Revenue: resources earned/brought in/obtained during a specific period of time o Examples: ▪ Services (media, broadcasting, ESPN) ▪ Sales • Expenses: o Cost of goods sold o Advertisements o Customer service employees o Buildings, equipment • Decentralized Organizational Structure o Cost Center: A segment whose manager has control over costs but not over revenues or investment funds. Ex: Universities o Profit Center: A segment whose manager has control over both costs and revenues but no control over investment funds. Ex: Starbucks o Investment center: A segment whose manager has control over costs, revenues, and investments in operating assets. • Decentralized organizational structure functions well in the following situations: o strong level of individualized customer service is needed, usually at the point of contact with customers o many store locations, so that senior management cannot reasonably monitor or make decisions for all locations o considerable competition o innovations change the business model constantly • Benefits of Decentralization o Lower-level decisions often based on better information o Lower-level managers gain experience in decision making o Top management freed to concentrate on strategy o Lower-level managers can respond quickly to customers o Decision-making authority leads to job satisfaction • Disadvantages of Decentralization o May be a lack of coordination among autonomous managers o Lower-level manager’s objectives may not be those of the organization o Lower-level managers may make decisions without seeing the “big picture” o May be difficulty to spread innovative ideas in the organization • Understanding ROI o Return on Investment (ROI) ▪ ROI = Net Operating Income / Average Operating Assets ▪ Net Operating Income= income before interest and taxes
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