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Day: May 10, 2018

Business Will Be Booming With The IoT

The internet of things (IoT) started out as a simple concept: allow individual objects to communicate directly with each other without the need for human interaction. On its surface that might seem to be cutting humans out of the picture, but that is far from the truth. Not only can this amazing application of technology help to make our lives easier, it also promises to open up a whole new world of business opportunities as it takes hold across the globe.

There are several key areas in which this innovative technology is expected to have a major impact, including the media, the environment, infrastructure, manufacturing and energy management. In each of these areas, there are many business examples where technology will be more integral than ever and again the need for qualified IT professionals will also be more prominent.

In terms of the media, the internet of things will allow for a much greater ability to track consumer needs and target advertising towards a specific audience. By gleaning information directly from a person's refrigerator, for example, you can learn what brands of food they use and send advertisements for those products directly to their phones.

Environmental applications can include everything from air and water monitoring to tracking the movements of wildlife to predicting weather patterns more accurately and issuing warnings quicker. Infrastructure management can help cities keep on top of bridge and road maintenance and public transportation use to help maintain safety. These are just a few business examples, showing how the deployment of smart wireless devices can have a tremendous impact.

The use of the internet of things in manufacturing will be more humble, but it is likely to have an impact on how equipment is used and manufacturing processes are controlled. Large industrial plants can now be connected via the new technology and have the ability to run more smoothly and efficiently. Likewise, the smart systems can be used to improve the function of the power grid, with applications ranging from monitoring personal use to overseeing the use of an entire city in order to maximize efficiency.

With all of these far reaching applications, the business examples afforded by this technology are almost mind-boggling and that is true now more than in the information technology field. As a result, IT professionals will have many more opportunities to put their skills to use to help all sorts of businesses take advantage of this exciting new technology.

Rather than dwindling the participation of humans, the Internet of things will only increase the possibilities and this means opening doors for everyone. In order to get this object-to-object communication process working properly, skilled workers will be needed more than ever. It's not the end of human interaction; it's the beginning of a whole new kind of interaction that could lead to many potentially profitable business opportunities. …

Users and Uses of Financial Information

In every financial accounting textbook, the authors explain in detail about "Users and Uses of Financial Accounting." Information such as cash flow statements, income statements, and balance sheets are important documents that are kept to ensure that the company is recording everything correctly. The users of this accounting information are divided into two categories, internal and external users.

The internal users of accounting information are the managers who organize, operate and plan daily business routine. They are directly affiliated with the company and use administrative accounting, which includes in-depth reports used to determine financial strengths and weaknesses. For example, internal users would include management, finance, marketing, and human resources. An example of a human resource manager would be that he or she has to ensure the rights of their employees by using wage information along with other data. Important questions arise with internal users. A question for a marketing manager would include, "What price for an Apple I Pad will maximize the company's net income?"

External users are groups of individuals that are outside organizations, and they use accounting to make financial decisions. An example of an external user would include a creditor, who uses accounting to evaluate the risks of granting credit. Taxing authorities, investors, and customers are also external users. External users would receive limited financial information from a company such as financial statements. These statements are the backbone of financial accounting and they give the external users enough information to inform them of the company's economic position. Assets, liabilities, revenues, and expenses are of great importance to users of accounting information. For business purposes, it is customary to arrange this information in the format of four different financial statements; Balance sheet, income statement, retained earnings statement, and statement of cash flows.

The purpose of the income statement is to report the success or failure of the company's operations for a period of time. The income statement lists the company's revenues followed by it expenses. A key point to recall when preparing an income statement is that amounts received from issuing stock are not revenues, and amounts paid out as dividends are not expenses. Therefore they are not reported on the income statement. Retained earnings statement shows the amounts and causes of changes in retained earnings during the period. The time period is equivalent to the time covered on the income statement. Financial statement users can evaluate dividend payment practices by monitoring the retained earnings statement. Some investors seek companies that have a history of paying high dividends, while others seek companies that reinvest earnings to increase the company's growth.

The balance sheet is based on this equation: Assets = Liabilities + Stockholders Equity. This equation is referred to as the basis accounting equation. The balance sheet reports the company's assets, liabilities and owners equity. It is a financial window to the company at a specific point in time. Claims are divided into two categories: claims of creditors, which are called liabilities and claims of owners, which are …