...1. (TCO 3) At the end of the period it is necessary to close all temporary accounts. (1) Explain why this process is required (10 points) and (2) provide an example of the closing of an expense account, Salary Expense in the form of a journal entry. (10 points) (Points : 20) It’s basically all about bringin the account back to zero. It is necessary to close provisional financial records at the end of the financial report because when they are closed its of course back to zero, for instance; (2). I would Debit Salary Expense and Credit to Payroll Expenses at the end of the month, for example, Salary Expense 1800 ,Credit Payroll=1800 2. (TCO 2) As required to complete Course Project 1, one must follow the cycle that includes 10 steps to complete the accounting cycle. (1) Explain how the debit/credit rules are used when developing journal entries (10 points) and (2) provide an example of the application of the debit/credit rules in the form of a journal entry. (10 points)(Points : 20) 1. As I understood in accounting a debit rises the balance and a credit cuts the balance, + or -. Using a double entry system, we would debit one account and credit the other to get the journal in balance. When we debit an account, we increase the balance. When we credit the account, we decrease the balance. The financial records that have a standard debit balance are resources, the owner's equity, disbursements and losses. Standard credit balances are liabilities, equity, revenue...
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...Functional Areas of Business Business organizations are broken down into smaller functional areas. These functional areas include: marketing, human resources, finance and accounting, and sales. Each of these areas requires a manager to oversee the success of the area. “A manager is someone who coordinates and oversees the work of other people so that organizational goals can be accomplished” (Robbins & Coulter, 2012, p. 5). The role of a manager is crucial to the success of a business. There are differing levels of management, beginning with first-line managers all the way up to top-level managers according to Robbins and Coulter (2012). First-line managers tend to be production supervisors and oversee the operating areas of an organization. Mid-level managers tend to be store or district managers and oversee the first-line managers. Top-level managers tend be executive or financial officers and oversee the mid-level managers. Marketing is how business organizations communicate with their potential customer base. In order for marketing to be successful, a marketing manager must oversee the ideas of the marketing staff and select the best idea or two to attract customers. Marketing managers must have an idea of their customer’s needs as well as their marketing staff’s abilities. Combining these two areas to find the best marketing strategy for their company is what makes a successful marketing manager. Human resources is an area of business where the manager...
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...Introduction “Good customer service is the lifeblood of any business. You can offer promotions and slash prices to bring in as many new customers as you want, but unless you can get some of those customers to come back, your business won’t be profitable for long.” (As cited in Customer Service – 8 Rules For Good Customer Service 2009.) Excellent customer service is one of the key necessities that a business must have to run a successful enterprise. Businesses in today’s world are changing, especially in the marketing department. Weather the business is a large one, for example Wall Mart or just small local businesses that are family owned and operated, such as Wayne’s Drive Inn. The main point of any business is to focus on what the customers need is and to make sure they are satisfied with the quality of service that the business is providing. Businesses need to provide their employees on the front line with proper training, which means those employees that have contact and interact with customers on daily basis’s, weather face to face or verbally must be able to offer the amount of service required. Training is also important for business’s employees because those are the people your customers deal with, and also those employees are the face of the business. Therefore a businesses selection of employees can either make or break ones business. “Well, the Harvard Business Review reports that if you can prevent 5% of your customers from leaving you, you can increase yourbottom...
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...State University of New York BINGHAMTON UNIVERSITY School of Management Fall 2011 Class: Mgmt 501 Accounting for Managers Mondays: 4:25 – 5:50 pm LN 2403 Wednesdays: 4:25- 5:50 pm SL206 Instructor: Anna M. Addonisio, CPA, MBA Email: aaddonis@binghamton.edu Phone: 777-4941 Office: Library North Room 2430 Office Hours: by appointment Text: Financial and Managerial Accounting, by Needles, Powers, & Crosson, 9e edition, Houghton Mifflin Co. (required) Cases: Harvard Business School Cases (required) Wall Street Journal (recommended) Financial Calculator: Texas Instruments BAII Plus is required Course Objective: This course integrates financial accounting and managerial accounting. The objective is to provide students with an understanding of accounting information from the managers’ perspective and develop students’ ability and analytical skills necessary to use accounting information to make decisions in the business world. The first part of this course introduces financial accounting with the emphasis on financial statement preparation by accountants, selection of reporting strategies by managers, and interpretations by users of corporate financial reports. The second part of this course introduces managerial accounting, which is primarily concerned with data gathering and presentation for purpose of internal management evaluation and decision-making. The objective is to understand the determination of cost structure and develop techniques for...
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... Bachelor of Science in Business with a Concentration in Human Resource Management The Bachelor of Science in Business (BSB) undergraduate degree program is designed to prepare graduates with the requisite knowledge, skills, and values to effectively apply various business principles and tools in an organizational setting. The BSB foundation is designed to bridge the gap between theory and practical application, while examining the areas of accounting, critical thinking and decision-making, finance, business law, management, marketing, organizational behavior, research and evaluation, and technology. Students are required to demonstrate a comprehensive understanding of the undergraduate business curricula through an integrated topics course. The Human Resource Management Concentration helps students develop an understanding of the fundamentals of human resource management and its strategic relevance in business. The concentration addresses the legal and ethical components of the decision making process involved in the human resources environment. The Human Resource Management Concentration introduces students to the basic concepts of human resource management, and allows further study in the areas of employment law, risk management, recruitment and selection of employees, international HR, change management, compensation and benefits, employee development, and performance management. Students will also develop an understanding of the critical business implications for human resource...
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...Exploring Business Purposes Introduction This unit is based on exploring a business. There are two tasks in this assignment. I have been asked to do; Describe four types of business from the, primary, secondary, and territory. I will be describing their purpose, ownership, size, scale. Differences & Similarities between Business because each business are different from each other in so many ways. I need to illustrate how the 3 sectors are all linked together. All businesses have objectives which they aim to fulfill in order for their business to run smoothly and effectively as possible. I will also be, looking at the companies aims to see if they have reached them yet, or what they are doing to reach their aim. I will be explaining areas of growth. As a result of the research I found the following information from research on the computer, getting help from teacher and by my own knowledge. :Sainsbury’s: Background information Sainsbury's Supermarkets is the UK's longest standing major food retailing chain, having opened its first store in 1869. The Sainsbury's brand is built upon a heritage of providing customers with healthy, safe, fresh and tasty food. It differentiates itself by offering a broad range of great quality products at fair prices with particular emphasis on fresh food, a strong ethical approach to business and continuous leadership and innovation. Size of business J Sainsbury plc consists of Sainsbury's – a chain of 504 supermarkets and 319 convenience...
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...Аbstrаct The report detаils on the Industry- e-commerce, to which Аmаzon belongs аnd how Аmаzon implemets E-commerce in its model. Аmаzon’s business strаtegies аnd it’s mаrket strаtegies hаve been covered in brief. Аmаzon is one of the biggest plаyers in the field of cloud computing аnd the wаy it’s implemented hаs been covered. Vаrious MIS tools аnd Models which аre employed by Аmаzon in it’s business solution, helps in developing better understаnding of the compаny аnd the subject in generаl. Industry Introduction: E-Commerce Electronic commerce populаrly known аs e-commerce is а new growth direction for the business community. It is the use of digitаl trаnsаctions between businesses аnd individuаls. In other words, e-commerce is the use of the Internet to conduct business trаnsаctions. Given the huge potentiаl thаt this formаt hаs, technology will certаinly improve ecommerce аnd hence provide individuаls with more choices, thereby аdding to the economy. E-Commerce is аlso defined аs the аbility of а compаny to possess а dynаmic presence on the Internet which will thus аllow the compаny to conduct its business electronicаlly; in other words shift to аn electronic shop. Products here аre аdvertised, sold аnd pаid electronicаlly. Due to the expаnsion of the internet, аdvertising аnd is аvаilаble to people аcross the world for аlmost negligible. Аn аdditionаl аdvаntаge is thаt, the technology offers immediаte up grаdаtion аnd solution to issues. The biggest chаllenge for...
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...Club IT part 2 Mark Reis Xbis/219 August 18, 2013 Katherine Escobar Club IT part 2 Ruben Keys and Lisa Tejada along with many other business owners understand that information system technologies will let their originations to compete and flourish in the market place. Lisa, Rubin, and a systems consultant have analyzed the current information system status and during this analysis they have identified three areas that need improvement. This prompted Lisa and Ruben made the decision to upgrade their information management systems. The first problem their information system identified was neither Lisa nor Ruben were not up-to-speed with e-commerce. The second problem is that their computers are old and out-dated along with that their Internet connection was the old hard-wired system that plugged directly into the computer. The third problem, they need a better way to keep track of customer orders along with keeping track of inventory. A “Water Fall” method was Lisa and Rubens choice of method to use in their systems analysis (Wiley Higher Education, 2006). Current Information System Lisa and Rubin use their information system to help run their business and in their decision-making process’ (Wiley Higher Education, 2006). Their intranet and using the Internet helps them search for and retrieve needed information quickly. The web site has a login for employees, and they can access their personal information like, how many hours they...
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...SG C1 True/False Indicate whether the statement is true or false. __T_ 1. IBM defines electronic business as "the transformation of key business processes through the use of Internet technologies." ___T_ 2. A transaction is an exchange of value. ___F_ 3. A transaction always has one or more activities associated with it, and an activity will always be related to a transaction. __T__ 4. Transferring funds, placing orders, sending invoices, and shipping goods to customers are all types of activities or transactions. __F__ 5. Business-to-consumer electronic commerce occurs when a person sells an item through a Web auction site to another person. __T__ 6. The U.S. government is one of the largest EDI trading partners in the world. __T__ 7. Firms such as Walmart and General Electric have been pioneers in using EDI to improve their purchasing processes and their relationships with suppliers. __T__ 8. A value added network (VAN) is an independent firm that offers connection and transaction-forwarding services to buyers and sellers engaged in EDI. __T__ 9. The increase in broadband connections in homes is a key element in the B2C component of the second wave. __T__ 10. In some cases, business processes use traditional commerce activities very effectively, and technology cannot improve upon them. __F__ 11. The skills of merchandising and personal selling can be easy to practice remotely. __F__ 12. A small-denomination item...
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...The Growth of Alibaba pg.8-pg.10 * Alibaba Business Model pg.11 * Five Forces Analysis pg.12-pg.13 * Present the Corporation Now pg.13 * Business Environment pg.14-pg.15 * The Financial Analysis pg.17-pg.18 * SWOT Analysis pg.19 * Recommendation for Alibaba pg.20 * Conclusion pg.20 * References pg.21 Definition * E-commerce Electronic commerce, commonly known as e-commerce or eCommerce, is a type of industry where the buying and selling of products or services is conducted over electronic systems such as the Internet and other computer networks. Electronic commerce draws on technologies such as mobile commerce, electronic funds transfer, supply chain management, Internet marketing, online transaction processing, electronic data interchange (EDI), inventory management systems, and automated data collection systems. Modern electronic commerce typically uses the World Wide Web at least at one point in the transaction’s life-cycle, although it may encompass a wider range of technologies such as e-mail, mobile devices, social media, and telephones as well. Electronic commerce is generally considered to be the sales aspect of e-business. It also consists of the exchange of data to facilitate the financing and payment aspects of business transactions. This is an effective and efficient way of communicating...
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...Li & Fung : Strategic Role of E-Commerce 2006/9/13 ECT 7010 Fundamental of ECommerce Technologies 1 Defensive posture of Li & Fung to the Internet at the beginning “Would the Internet disintermediate us? Would we get Amazoned by someone who will put together all of the information about buyers and factories online?” Answer: The Internet facilitates supply chain management and Li & Fung were not going to be disintermediated Key: have the old economy know-how and yet be open to new economy ideas 2 2006/9/13 ECT 7010 Fundamental of E-Commerce Technologies Internet Issues August 2000, beta launch of the new Businessto-business(B2B) e-commerce portal Important issues: Was there any chance of channel conflict or cannibalization between the offline business and the start-up? How would the market reach to the start-up once it was launched the following year? How specifically would e-commerce ultimately transform his family’s century-old company? 2006/9/13 ECT 7010 Fundamental of E-Commerce Technologies 3 Company Background 2000 – Li & Fung a $2 billion global export trading company 3,600 staff worldwide Sourcing and managing the global supply chain for high-volume, time-sensitive consumer goods Product mix – hard and soft goods Soft goods – apparel, including woven and knit garments Hard goods – fashion accessories, festive or holiday products, furnishings, giftware, handicrafts, home products, furnishing, home products, fireworks, sporting goods, toys...
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...Associate Level Material Appendix D Club IT, Part 2 To learn more about Club IT’s operations, you stayed until the 2:00 a.m. closing this morning to see how everything was tallied and accounted at the end of a business day. Although it was a late night and you had to wake up early this morning to report back to work, you now have a better understanding of the daily business cycle at Club IT. You are energized when Lisa asks you for suggestions on how to use club and public resources to keep Club IT’s edge as the high-energy, high-impact club it strives to be. The Internet research you have been doing for Lisa and Ruben has been eye-opening, but it is also exasperatingly slow on their dialup connection in their cramped back office. You have a lot of ideas for useful network applications at Club IT. There are many opportunities for discovery and collaboration among employees, members and business partners. You decide to take the initiative and research network applications for the benefit of Club IT. You have interviewed Ruben and the rest of the staff at Club IT and have compiled the following notes: • Club IT’s customers are mostly Net Generation and Millennials. They regularly use mobile technologies such as Blackberries, PDAs, camera phones, and other wireless communication devices. Online shopping is a regular part of their lives. • Not many nightclubs have taken advantage of various e-commerce activities, and Ruben sees this as an opportunity to gain...
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...3. Comprehensive Discussion on Consumerism Issues Panasonic adopted Firefox OS on their TV Panasonic faced huge competition in distributing and promoting the smart TV with operating system among the competitors such as Sony with Android TV, LG with webOS and Samsung with Tizen. In order to stay stable among the competitors, Panasonic made a great effort in their Smart TV platforms. Hence, Panasonic united together with Mozilla and subsequently came out with Panasonic Smart TV powered by Firefox OS. (Hands on: Panasonic Firefox OS Smart TV, 2015). By launching Firefox OS in smart TV, it will definitely bring more choices to customers, hardware manufacturers, developers and community. Panasonic has used the Firefox OS since year 2014. This development of the Firefox OS enhances the accessibility of the smart TV by supporting the HTML5 and web technologies on desktop computer and smart phones or tablets. (Harris, 2014). Simultaneously, this platform also facilitates the consumers in the optimal access to web browsers as well as broadcasts the content and services through the Internet. With the introduction of new Mozilla-pioeered WebAPIs for hardware operation, next generation smart TVs are capable of monitoring and controlling the devices of the home appliances. (Harris, 2014). Other than that, the manufacturers can create innovative applications across the connected devices by leveraging the flexibility of the web. (First Panasonic Smart TVs powered by Firefox OS Debut Worldwide...
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...types of EC activities Business-to-Business (B2B) An interaction between the business people and other organizations is known as Business-to-Business (B2B). For example www.walmart.com and www.Sams club.com Business-to-consumer (B2C) Business selling to individual shoppers is known as Business-to-consumer (B2C). For example www.Barnes&Nobles.com. E-tailing Online shopping having access to products of interest for the consumers, by visiting their website directly is called E-tailing. For example Amazon, e-Bay. Business-to-Business-to-consumer (B2B2C) Business providing some product or service to a client business that maintains its own customers is known as (B2B2C). Consumer-to-Business (C2B) A consumer uses internet to sell products or services to organizations or individuals seeking sellers, to bid on products or services they need. For example e-Bay. Business-to-employees (B2E) Organization delivers services, information, or products to its individual employees. For example www.asics.com Consumer-to-consumer (C2C) Consumer sells the product directly to other consumer. For example www.craigslist.com List of advantages and disadvantages of Electronic Commerce Advantages - 24/7 services for buying or selling products - Readily available to customers - Easy to manage a business - Faster and user friendly buying/selling procedure - Low operational costs and better quality of services - No need of physical company set-ups for business Disadvantages - No...
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...Product Design and Development Strategy On 5 September 2012, BBC reports that Lumia 920, which is the flagship device in Europe, features wireless charging as well as its revolutionary camera pure view, which allows you to take pictures at night. Nokia argues that it can capture 10 times the amount of light, compared to the rest of the Smartphones in the market (“Nokia unveils two” 2012). This feature creates competitive advantage for the company as well as technological leadership. The 820 model featured also wireless charging however less impressive technology and a slightly smaller display (Stevenson, 2012) Customers have encountered problems with the phone software. Such as, Lumia 900, which is the flagship device for US, has been introduced with software bug, which prevents users from connecting to the Internet (“Bug hits new”, 2012). This has surely caused negative word of mouth for the devices, as well as disappointment for the owners of the Windows phone, it has surely affected European customer base as well. Apps that run on Windows phone are much less than those that Android and IOS offer for their customers. This is a huge problem for Nokia, as apps are really important for the Smartphone user. Nokia’s devices are offered in different colours such as green, red and yellow so the customers can customize the phone by their preferences. The devices are differentiated in the product part of the marketing mix. However it does not become clear whether the products...
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