... 1.3 Prepare journal entries | √ | | 2. Post Transactions | 2.1 Prepare ledger | | √ | 2.2 Transfer journal entries | | √ | 2.3 Summarize ledger | | √ | 3. Prepare trial balance | 3.1 List account titles and transfer from the balance | √ | | 3.2 Summarize trial balance | √ | | 4. Prepare Financial Reports | 4.1 Prepare financial statements | √ | | 4.2 Analyze financial statements | √ | | 5. Review internal control system | 5.1 Check policy compliance | √ | | 5.2 Prepare policy compliance report | √ | | Evidences/Proof of Current Competencies Evidences of Current Competencies acquired related Job/Occupation Current Competencies | Proof/Evidence | Means of Validating | 1. Journalize Transactions | * Demonstration * Certificate of Employment | * Assessment * Authenticity | 1.1 Prepare chart of accounts | | | 1.2 Analyze documents | | | 1.3 Prepare journal entries | | | 3. Prepare trial balance | * Demonstration * Certificate of Employment | * Assessment * Authenticity | 1. List account titles and transfer from the balance | | | 2. Summarize trial balance | | | 4. Prepare Financial Reports | * Demonstration * Certificate of Employment | * Assessment * Authenticity | 4.1 Prepare financial statements | | | 4.2...
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...to uniquely identify your data. Whenever you see ### in these exercises, replace it with your identifier. Always work with your data. Business Process Overview The financial accounting process allows GBI to pay vendors for services or materials acquired. This process can be used to pay for liabilities that GBI has incurred due to normal operations. This exercise is about paying off liabilities within the accounting statements. Chapter 04 Save Reset Print Chapter 03: Financial Accounting Exercise 03-02 Exercise 04-02 Exercise Prerequisites Chapter 04: ProcurementFinancial Accounting Master Data-SCC Exercise 3-1 Process Exercise 04-02: Basic Procurement Process Exercise Single Company Code Workflow Invest in GBI View Account Balances Purchase Supplies for Cash Purchase Supplies Via Payables Misc. Pay Rent Exercise Deliverables Deliverables are consolidated into one answer sheet at the end of this exercise. For this exercise you will need the following deliverables. In the System: Journal Entries On Paper: Document numbers for each step. Answers to the Questions You may be assigned additional deliverables. Be...
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...Gather information to assess fraud risk 8. Develop overall audit plan and audit program Phase 2 Perform tests of controls & substantive tests of transactions Plan to reduce assessed level of control risk? No Yes Phase 3 Perform analytical procedures and tests of details of balances 1. Perform analytical procedures 2. Perform tests 3. Perform additional tests of details of balances Phase 4 Complete the audit & issue an audit report 1. Perform tests for presentation & disclosure 2. Accumulate final evidence 3. Evaluate results 4. Issue Audit Report 5. Communicate with audit committee & management 1. Perform test of controls 2. Perform substantive tests of transactions 3. Assess likelihood of misstatements in financial statements Accounts in the Sales and Collection Cycle 14-3 Sales and Sales returns Transaction 4 Accounts Sales Accounts receivable Business Functions Processing customer orders Granting credit Shipping goods Billing customers and recording sales Documents & Records Customer order Sales order Customer or sales order Shipping documents Sales invoice Sales transaction file Sales journal or listing Accounts receivable master file Accounts receivable trial balance Monthly statement Credit memo Sales return and allowances journal Sales returns and allowances Processing and recording sales returns and allowances Cash receipts Transaction 5 Accounts Cash in bank Accounts receivable Business...
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...Love 4-06-09 Advance Cost Utilizing Capabilities to Increase Stakeholder Wealth: A Balance Scorecard Approach Every for-profit company wants to be at the top of the food chain when it comes to financial wealth and goals. To increase company wealth a firm must balance their scorecard which consists of four key perspectives: financial, internal, customers, and future. I chose this article for my paper because one of my goals in life is to be at the top of the pyramid at a for-profit company. Some of the tools that are mentioned in this article will help me build my foundation on to achieve my goals of reaching top management at a for-profit company. Brief Overview The article discusses how for-profit companies can build and increase their wealth from an internal and external standpoint. The article also addresses how resources are accessed, developed, combined and/or deployed which leads to wealth creation. Taking a balance scorecard approach is one way a company can determine how capabilities can lead to wealth creation. The balance scorecard approach consists of the following perspectives: financial, internal, customers, and the future. The article also proposed a modified balance scorecard which consists of shareholders, customers, employee, and future positioning perspective. The financial perspective is concerned with risk and profit from a shareholder point of view. Public firms are in business to create and increase shareholders wealth. If a firm is not...
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...Problem 2-3A Name: Section: Score: 0% Key Code: [Key code here] Instructions Answers are entered in the cells with gray backgrounds. Cells with non-gray backgrounds are protected and cannot be edited. Enter the appropriate amounts/formulas in the answer cells, or select from the drop-down list. In journal entries, dates will not be graded. In the general ledger accounts, only the final balance of the account will be graded. An asterisk (*) will appear to the right of incorrect entries in outlined answer cells. For correct grading in the trial balance, enter a zero where you would otherwise leave an amount cell blank. 1. JOURNAL Page 1 Post Date Description Ref. Debit Credit 2012 April ...
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...annual report. They think it’s all about financial statements and nothing else. But it doesn’t only consist of financial statements, but it contains a lot of useful information which explain every why behind every what. So, it’s not about numbers only. It’s just like a story about the company which was being told in a systematic manner with an evidence of financial statements like balance sheet, profit and loss account and cash flow statement. Let’s see the structure of annual report Before going into detail, let look at the structure in which the annual report is usually arranged – * Company Information * Notice of the AGM (Annual General Meeting) * Director’s Report * Corporate Governance Report * MDA (Management Discussion & Analysis) * Auditors’ report * Financial Statements (Balance Sheet, Profit and Loss and Cash Flow Statement) What will you find in detailed analysis of the annual report? 1. Company Information – It contains information mainly regarding CXO levels of officers, executives, board of directors, auditors, registered offices, factories and branches. Key point: It’s just the overview of the company before going into further detail. 2. Notice of Annual General Meeting –...
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...Principles of Accounting: Volume I Principles of Accounting: Volume I Editor-in-Chief: Steve Wainwright Sponsoring Editor: Christina Ganim Director of Editorial Technology: Peter Galuardi Development Editors: Denis Ralling and Dan Moneypenny Assistant Editor: Nick Devine Editorial Assistant: Laura Wilson Media Editor: Kimberly Purcell Composition: Lachina Publishing Services Cover Image: © T-Pool/Stock4B/Corbis ISBN-10: 1-62178-014-7 ISBN-13: 978-1-62178-014-4 Copyright © 2012, Bridgepoint Education, Inc. All rights reserved. GRANT OF PERMISSION TO PRINT: Bridgepoint Education, Inc., the copyright owner of this material, hereby grants the holder of this publication the right to print these materials for personal use. The holder of this material may print the materials herein for personal use only. Any print, reprint, reproduction or distribution of these materials for commercial use without the express written consent of Bridgepoint Education, Inc. constitutes a violation of the Copyright Law of the United States of 1976 (P.L. 94-553). Brief Contents Chapter 1: Introduction to Accounting . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Chapter 2: The Accounting System . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 Chapter 3: Income Measurement and the Accounting Cycle . . . . . . . 53 Chapter 4: Cash, Receivables, and Controls . . . . . . . . . . . . . . . . . . ....
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...KEY CONCEPTS OF FINANCE A QUALITY E-LEARNING PROGRAM BY WWW.LEARNWITHFLIP.COM ©Finitiatives Learning India Pvt. Ltd. (FLIP), 2010. Proprietary content. Please do not misuse! Accounting All businesses have financial transactions all the time. These are recorded in a particular way. Businesses can be structured in 3 ways: 1. Proprietorship: business with a single owner. Owner has complete liability for all debts of the company. 2. Partnership: business with 2 to 10 equal owners. All partners share complete liability for all debts of the company. 3. Limited company: Many owners with limited liability for debts of the business; this liability is only up to their capital contributed. There are t two types of limited companies: private and public. The former is held by 2-50 owners privately. The latter has unlimited number of owners, and any member of the public can be a part-owner. A business has numerous transactions which need to be recorded following certain accounting principles and process. Accounting Principles These are called Generally Accepted Accounting Principles, or GAAP. Key GAAPs are 1. Going Concern Concept: This principle assumes that a business will go on, that is, it will continue in the foreseeable future – it has no finite life. We use this principle to project cash flows in the future. 2. Legal Entity: The business is an entity separate from owners; even if it’s a small, one person business running out of home. Therefore the business accounts...
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...Business Model and Strategic Plan Part 1 BUS/475 Business Model and Strategic Plan Part 1 Scorecard Four Balanced Areas For Measures | Strategic Objectives | Measure | Metric | Target Year 2 | Target Year 2 | TargetYear 3 | Financial | Improve Profitability | Improve return on investments | ROIC | +2% | +3% | +4% | | Improve Revenue | Improve overall Revenue for the company | Revenue | +3% | +4% | +5% | | Increase Assets | Strengthen Financial Resources | Cash Flow | 5% | 5% | 5% | Customer | Customer oriented growth | Increase total number of customers | Market share | +3% | +5% | +7% | | Increase customer satisfaction | Customer satisfaction for goods | Customer surveys | +5% | +10% | +15% | | Increase obesity and healthy living awareness | The amount of customers signing up for monthly newsletters | Customer enrollments | +25% | +40% | +50% | Operation or Process | Improve productivity | Reduce the time to launch products | Product development cycle time | -3% | -5% | -7% | | Improve Physical Resources | Increase the efficiency of current products that product products | Product development | +3% | +4% | +5% | | Reduce Waste | Decrease the total amount of waste at the production line | Expense | -3% | -5% | -8% | Learning and Growth | Improve leadership by reducing turnover | Retain top management positions | Management turnover rate | -20% | -30% | -50% | | Implement a unique work-friendly culture for employees to continue to...
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...multiple physical fall risk factors. Two studies targeted balance, as one of their fall risk factors, to reduce falls. Gao et al (2014) reported a significant reduction in falls and improvement in balance in a group undertaking 24-form Yang Style Tai Chi three times a week for 12 weeks compared to a control group with no exercise intervention. Canning et al (2015) reported that 6-month, minimally supervised exercise programs, targeting balance, leg strength, and gait, did not reduce fall in the exercise group compared to the control group with no exercise. Even though reduction in fall was not statistically significant, the balance and mobility, fear of falling, positive affect, and overall quality of life of people with PD were improved upon the completion of the exercise programs (Canning et al., 2015). Pilot research study by Mirelman et al. (2011) focused on risk of falls based on mobility and cognition factors of people with PD. Mirelman et al. (2011) concluded that the treadmill with virtual obstacles might improve the physical performance, gait during complex walking, and certain aspects of cognition, known as mediators of fall risk. However, this study did not include control group to rule out the possibility of the improvements based on placebo effect (Mirelman et al., 2011). Therefore, the fall reduction could not be assessed. The important outcome of exercise intervention for people with PD is to improve balance, mobility, and gait to reduce the fall incidence. However...
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...an organisation such as this one, and evaluate the approach taken to measurement “recommended” by the BBC. Key Success Factors Identify and Measure the organisation {SWOT&PEST) Key Performance Indicators Balance Scorecard Appraisal & Review of Business Policy Measurement 4 4 5 6 7 9 3 How should the senior team in BBC Broadcasting & Presentation develop their thinking to sustain the momentum of total quality/business excellence? Pillars and Dimensions of Total Quality Management Customer Focus Continuous Improvement Employee Investment and Empowerment Systems Thinking Plan-Do-Check-Act Cycle Leadership Customer Focus through Customer Relationship Management (CRM) European Forum for Quality Management (EFQM) Balance Scorecard Programme Management Process (BSPM) Establishment and set up of Programme Office Strategic Analysis Strategic Development Strategic Implementation Strategic Implementation: Measure and Appraise 10 11 11 12 14 14 15 16 16 17 19 19 21 22 22 23 4 Conclusion 24 5 Bibliography 25 Executive Summary BBC Broadcasting & Presentation began their quality journey when their mission statement was emerged out of a lengthy process. They develop objectives that connected to their mission. To deliver their mission they had critical success factors and key performance indicators than linked to the critical success factors. They also assigned owners to each critical process...
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...Charles T. Horngren (Author), Gary L. Sundem (Author)) Write your answer in the space provided or on a separate sheet of paper. QUESTION 1 Designate how each transaction would be reported on the statement of cash flows using OP for operating activities, IN for investing activities, FI for financing activities, I for an inflow of cash and O for an outflow of cash. If the transaction is included only in a supplemental schedule, denote this as SS. Section Inflow or Outflow 1. Paid cash dividends ________ ________ 2. Purchased 6 months of insurance in advance ________ ________ 3. Sold inventory for cash ________ ________ 4. Purchased equipment signing a two-year note ________ ________ 5. Collected accounts receivable balance from a customer ________ ________ 6. Sold shares of another company's stock held for speculative purposes ________ ________ 7. Reclassified a note from long term to short term ________ ________ 8. Issued bonds at a premium ________ ________ QUESTION 2 The following data pertains to Joss Decorating for the year of 2012: a. Salaries and wages: accrued, $175,000; paid in cash $200,000. b. Depreciation, $50,000. c. Interest expense, all paid in cash, $12,500. d. Other expenses, all paid in cash, $112,000. e. Income taxes accrued, $35,000; income taxes paid in cash, $33,000. f. Bought plant and facilities for $365,000 cash. g. Sales of $1,500,000, all on credit. Cash collections from customers, $1,250,000. h. The cost of items...
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...family substantially wealthier than he, which in terms may have made things somewhat easier. Over the course of his marriage, he was birthed with 15 kids, which most of their names are acknowledged religious connotations. Among the most mentioned of all his children was Ignatius. He was youngest child of the Vermeer’s children. In addition, was heavily notated due to being named after the founder of Jesuit Order. Over his over his career he officially made 34 peices and each artwork influenced artistry. His concentrated area was in domestic interior scenes in middle class. These world renowned collections are inspired based on a true story. A true story meaning his story considering he grew up in middle class. Vermeer’s “Woman Holding a Balance” is highly known for its’ boldly symbolic display of stability and rhythm. The painting displays a pregnant woman wearing a blue fur jacket with white accented fur trims on her jacket sleeve. She was staring like, what I would call “unbothered” at a table in the corner of a room. In her right hand she is comfortably holding a scale at equilibrium. The table she’s gazing at is a very silky blue cloth, open boxes, and two sets of pearls. With the relaxing expression on her face and scale being at equilibrium, suggested her current inner state of mind. In the same room she was displayed, also was a picture (painting) hanging on the back wall framed in black. There is a light that shines lightly through the window and gives an illuminating effect...
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...Q1. Select either the balance sheet or income statement and explain how the use of it may be applied to your everyday life? I have selected balance sheet to examine in this assignment. Balance sheet consists of the assets, liabilities and equity held by a firm. Both assets and liabilities are classified into short term and long term depending on the time period. Liabilities are what company owes to its creditors, customers and suppliers whereas assets are what company own. The shareholders equity is mainly the investments of investors and owners in the firm. The balance sheet can be applied to our day to day life in the following ways – a) Balance sheet gives a clear picture of our financial strength in terms of cash availability or liquidity. The liquidity helps us to plan better in short term as well as long term. b) Balance sheet tells us how much our debtors owe to us in terms of the accounts payable. This would help us to calculate the turnover rate and plan the forecasting. c) Balance sheet also gives the amount of debt we have from external borrowings. The debt to asset ratios help us the understand the health of the firm and future borrowing power d) The key ratios like inventory turnover ratios, accounts receivable ratios, accounts payable rations, debt to equity ratios, liquidity and quick ratios help us to understand how leveraged the firm is and indicates the financial strength. Q2. Using the same concept selected above, discuss how a business manager may benefit...
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...The Importance of Financial Statements Accounting is one key function in organizations today. It is also becoming a top career students are studying. According to Weygand (2008) accounting consists of three key points –it identifies, records, and communicates the economic events of the organization. (p. 4). To grasp the concept of accounting this paper entails the purpose of accounting. The four basic financial statements are identified. The paper will also explain how financial statements interrelate with each other. It will further elaborate the importance to creditors, investors, managers, and employees. Companies need financial information to make decision on various aspects of a business. The most important purpose of financial information is to help determine profit or loss in business. Its shows the most popular products use over a period, which ultimately define the customers’ preference. They first key point of accounting mentioned above is identifying, which means the accounting department in each organization uses an accounting system or manually to identify the financial transaction. The second key point is to record it in a manner, which is understandable to track the organizational goals. Example, Hotels group financial transaction by departments –front office and restaurant transaction in a hotel are group individually to determine each department gains and losses. The third key point is it communicates. The information is communicated in forms of reports...
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