...Many people think that Business is boring and disinteresting; that it’s just about figures and money but what those people do not realise is that it is this very subject that provides us with the knowledge needed to manage our everyday life. My interest in Business stems from the fact that I have been brought up in an entrepreneurial family where I have been constantly exposed to discussions varying from the accountancy of an everyday running business to the marketing of daily new products. The advantages of growing up in a family with a self employed business are that you begin to catch onto business traits from a very early age and I believe I have the experience of doing exactly that. By studying Business I would be able to learn what goes on behind the scenes of running a successful business and knowing that the Business industry is a very competitive and driven trade is what excites and motivates me even more into doing this particular course. As I have previously mentioned my interest in Business derives from my upbringing into a family who currently own 4 successful businesses and a number of different properties; therefore I have always been curious as to the work my parents have to put in, in order to make our businesses a success. You could say it is in my blood and I have certainly absorbed the interest and fascination of how business and commerce works. From an early age I have always been keen in how the business world operates among our everyday lives and to...
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...Chapter 01 Financial Statements and Business Decisions True / False Questions 1. Accounting is a system that collects and processes financial information about an organization and reports that information to decision makers. True False 2. Assets on the balance sheet are recorded at market value or replacement cost. True False 3. In accounting and reporting for a business entity, the accounting and reporting for the business must be kept separate from other economic affairs of its owners. True False 4. The accounting period in which service revenue is recognized (i.e., revenue for services rendered) is generally the period in which the cash is collected. True False 5. Total assets are $70,000, total liabilities, $40,000 and contributed capital is $20,000; therefore, retained earnings are $15,000. True False 6. The payment of a cash dividend to stockholders increases stockholders' equity. True False 7. The accounting model for the balance sheet is: Assets + Liabilities = Stockholders' Equity. True False 8. A decision maker who wants to understand a company's financial statements must carefully read the notes to the financial statements because the notes provide useful supplemental information. True False 9. The financial statement that shows an entity's economic resources and its liabilities is the statement of cash flows. True False 10. Companies prepare...
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...Comments 1. Pretty good post! I just stumbled upon your blog and wanted to say that I have really enjoyed reading your blog posts. Any way I'll be subscribing to your feed and I hope you post again soon. Just want to share another useful resource for your reputed blog/Forum: Find Villas in Dubai to get a house of your dream 2. This is a great post. I think it will be very useful to us. I read it but I need some thing more to know about this. How can I know about this? Meanwhile I want to add another useful resource for this great post: Find Villas in Dubai to get a house of your dream 3. I appreciate your idea here. Definitely it has a good content. Thank you for imparting more of your own thoughts. Good job! Meanwhile I want to add another useful resource for this great post: Find Villas in Dubai to get a house of your dream 4. This is a good post. This post gives truly quality information. I’m definitely going to look into it. Really very useful tips are provided here. Thank you so much. Keep up the good works.... Meanwhile I want to add another useful resource for this great post: Find Villas in Dubai to get a house of your dream 5. I just found your blog on the Google search engine and read a few of your other posts that you had done. I just added you to my Google News Reader. Keep up the great work. I will look forward to reading more from you again. Meanwhile I want to add another useful resource for this great post: Find Villas in Dubai to get...
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...In business, a mission statement defines what an organization is, why it exists and the reason for being. What are the benefits of having a highly defined mission statement? Explain why it is important for a company to define its values explicitly. Mission statements, a formal summary of the vision, objectives and values of a company, have become increasingly popular around the world. With the correct formulation and implementation, a mission statement can create clear vision of a company's main objectives. This can facilitate strategic direction of how a company moves from its present situation to its desired position. (Mirvis, Googins & Kinnicutt, 2010) Effective mission statements also have the ability to engage employees, and evoke an emotional response. With the right leaders, this response can be used as a tool to guide the behaviour of employees. (Campbell, 1997) "Vision without action is a daydream. Action without vision is a nightmare", as this Japanese proverb suggests, mission statements can only be seen as a beneficial tool if the actions of a business complement its vision. Whilst mission statements are prominent in the corporate world, there is much debate about the process involved, and what one is to entail specifically. Collis and Rukstad (2008)(as cited in Khalifa, 2011) define the mission statement as "the underlying motivation for being in business in the first place." Based on this definition, the purpose of a mission statement is to identify the...
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...EXAMPLE: Business activity statement ‘My Business’ has chosen Option 1 for reporting GST. Refer to the completed cash receipts and cash payments books on pages 44 and 42 for the source of the figures used in the ‘Option 1’ GST calculations. Front of activity statement A Office use only O When completing this form, please • use a BLACK pen only (to help with processing) • leave boxes blank if not applicable (do not use N/A, NIL) • show whole dollars only (do not show cents) • do not use symbols such as +, –, /, $ Complete Option 1 OR 2 OR 3 (indicate one choice with an X) X PL E 2 6 , 0 0 0 .00 No Goods and services tax (GST) Option 1: Calculate GST and report quarterly Total sales Option 2: Calculate GST quarterly and report annually Total sales G1 Does the amount shown at G1 include GST? (indicate with X) G1 $ , OR N LY Document ID ABN Form due on Payment due on GST accounting method Contact phone number Contact person who completed the form My Business 2003 Bass Road Mt Pleasant NSW Business activity statement 41890404 0 2 5 5 5 1 2 3 4 5 my name $ Yes , No , .00 M , , , , Does the amount shown at G1 include GST? (indicate with X) Export sales Other GST-free sales X Yes G2 $ G3 $ G10 $ G11 $ , .00 Report GST on sales at 1A and GST on purchases at 1B in the Summary section over the page Option 3: Pay GST instalment amount quarterly SA 8 , 3 5 0 .00 OR Capital purchases ...
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...Provide bookkeeping services as follows: a. Process sales transactions b. Process purchase transactions c. Process cash receipt and cash payment transactions d. Produce a report of all outstanding debtors e. Process general ledger transactions, including journal entries f. Carry out bank reconciliations on a weekly basis 2. Payroll Services a. Enter staff timesheets b. Prepare payroll runs as per required frequency c. Monitor employee entitlements d. Reconcile payroll on monthly basis to ensure no discrepancies e. Prepare end of year payroll reconciliation and payment summaries 3. GST/BAS a. Reconcile, verify and report in relation to the GST accounting b. Prepare and Lodge Business Activity Statement as required c. Prepare and lodge Instalment Activity Statement as required d. Liaise with Australian Taxation Office in relation to these services 4. General a. Provision of telephone support b. Liaise with external accountant Should you require any additional work outside the above scope could you please advise in an email before commencement. If I believe this work to be outside my experience or competency I retain the right to decline the work and/or seek help from a person who holds the expertise. Service Fees any Payments All bookkeeping fees for the services I provide to you will be based on the time spent and the degree of skill necessary to complete the tasks required as between the parties. We will issue you with an invoice...
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...PBL 1 GST ACT 1999 s29.40 Choosing to account on a cash basis Is the GST done on an accruals or cash basis? Cash basis GST ACT 1999 s195.1 "GST exclusive market value" , in relation to a supply or acquisition: (a) other than of a * luxury car--is 1 0 / 11 of the * GSTinclusive market value of the supply or acquisition; or (b) of a * luxury car--is 1 0 / 11 of the * GSTinclusive market value of the luxury car (excluding any * luxury car tax that is, or would be, payable on the supply of that car). What was the cost of the vehicle? $90,000 GST inclusive $57,466*60%=$34,480 $34,480*10/11= $31,345 G10 GST=$3,135 How much was the car used for business? 60% Did you use an ABN number when buying vehicle? Yes How is the Car depreciated? Straight line depreciation over 8 years What method do we use for the car? Log-book method, car has driven over 5000km What is the loss on sale of non-current asset? We sold a computer for $1,100 (GST 100). We bought it for $2,900 and had a depreciation of $1,520. So it had a written down value of $1,380 (2,900-1,520), resulting in a loss of $380. GST ACT 1999 s38.3-food that is not GST-free What are the food sales? Fresh food - $58,000(GST-free) Sandwich – $14,000 (GST 1,400) Microwave Meals – $8,000 (GST 800) Chocolate, lollies and snacks – $10,650(GST 1,065) Total – $90,650 (GST free sale 58,000) GST 1400+800+1065=3265 GST ACT 1999 s38.3(d) Beverage...
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...After graduating high school, I never had an immediate plan or intended major of what I wanted to do. I started off working full time and taking general education courses at College of DuPage. At the time I didn’t have any guidance or help from my family and always felt like the black sheep. After taking intro to business courses, I truly enjoyed marketing. I fell in love with the innovation and creativity forces that were driven behind branding, promoting, and selling. During my newfound epiphany, I worked at goodwill. Goodwill is a not for profit business that strictly builds its capital and success from blind donations. For 40 hours a week I would dig through perpetual garbage bags filled with clothes from target, Walmart, and come across...
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...Liquidity ratios: | | | | | | Name of the ratio | formula | Working 2011 | Results 2011 | Working 2012 | Results 2012 | Current ratio | Current Assets Current Liability | 102,900 68,500 | 1.5:1 | 130,000 80,000 | 1.63:1 | Quick ratio | Current Assets –Stock Current Liabilities | 102,900-33,500 68,500 | 1.01:1 | 130,650 – 45,000 80,000 | 1.06:1 | Name: Hira Awan ID Number: 81528 Group: A Lecturer: Yaw Sarpong Task: illustrate the financial state of a given business Efficiency Ratios: | | | | | | Name Of The Ratio | Formula | Working 2011 | Results 2011 | Working 2012 | Results 2012 | Stock turnover Period | Average stock X 365 daysCost of sales | 34,850 X 36511,5000 | 111 days 106 | 47,000 X 365146,700 | 112 days | Creditors Payment Period | Trade creditors X 365 daysCredit purchases | 60,500 X 365112,300 | 197 days | 70,500 X 365142,700 | 180 days | Debtors Payment Period | Trade debtors X 365 daysCredit sales | 48,900 X 365383,000 | 47 days | 55,500 X 365373,000 | 54 days | Investor Ratios: | | | | | | Name of the ratios | Formula | Workings2011 | Results 2011 | Working 2012 | results | Gearing ratio(External funds) | Borrowings X 100Total shareholders fund + borrowings | 20,000 X 100104,800 + 20,000 | 16% | 20,000 X 100116,400 + 20,000 | 15% | Interest cover | NPBITInterest paid | 135,0004,000 | 34:1 | 81,5004,000 | 20:1 | Dividend per share | Dividend paidNumber of shares | 73,00040,000 | £1.82Per share...
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...vision statements of Sports International. This is a part of strategic planning. Strategic management is defined as the set of decisions and actions that result in the formulation and implementation of plans designed to achieve a company’s objectives (Pearce & Robinson, 2009). Whether a firm is developing a new business or reformulating direction for an ongoing business, it must determine the basic goals and philosophies that will shape its strategic posture (Pearce & Robinson, 2009). Before finalizing the list of strategic issues, perform what is called a litmus test to confirm that the strategic issues identified are truly strategic (Fire Engineering, p85). This paper will define the guiding principles and give an overview of how the mission and vision statement work together with the values and objectives of the company. Mission Statement The purpose of a mission statement for a business is to endorse the meanings of the company by articulating the objectives of the business that corresponds with the product or service offered in the market place and the ultimate characteristics of the company that distinguishes the company from the competition. Sports International is a gym facility that not only provides equipment for its clients to work out on, they also provide other services such as: exercise classes, childcare, personal training, staff nutritionist, power express line, small group training, sport specific training. The current mission statement is more...
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...Mission and Vision Statement Analysis of Patagonia and Columbia Sportswear Patagonia Mission Statement: Build the best product, cause no unnecessary harm, use business to inspire and implement solutions to the environmental crisis. Columbia Sportswear Mission Statement: Design and deliver authentic, outdoor, high-value products for active consumers of all ages. Mission Statement Analysis Both Patagonia and Columbia Sportswear principle market sector involves outdoor apparel and equipment. Patagonia’s mission statement does not directly state what their product is but focuses more on the quality and impact of manufacturing on the environment. Based upon Patagonia’s annual report from 2013, the company has gone to endless measures to ensure they maintain their social responsibility as guardians of the environment. “[C]ause no unnecessary harm”, is reflected in one instance in 1996 when the company stopped using traditionally grown cotton in their clothing because of chemicals and pesticides used in growth. In 2001, founder Yvon Chouinard cofounded 1% for the Planet, a collective of organizations dedicating 1% of their sales to support environmental efforts. Patagonia consistently sets the bar for environmental awareness in business and manufacturing practices. As a consumer of their products for close to a decade, I can attest the “[b]uild the best product” is an accurate statement, comparative to other outdoor clothing producers. Even with “build the best product” as their...
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...Tim’s Coffee Shoppe: Vision statement and Mission Statement Sherry Henryhand Kaplan University AB299: Associate Capstone Management Paul Biersack August 10, 2013 The difference between the vision statement and the mission statement is pretty much clear. The vision statement basically describes the organization as it would appear in the future successful state. So if the organization was to provide all of the strategic goals for the business and what they are trying to achieve in the next 10 years (SHRM: Society for Human Resource Management, Leading People, and Leasing Organization. Mission & Vision Statements: What is the difference between mission, vision and value statements? Retrieved, 2013). The mission statement basically explains the company’s or the (department’s) reason to existence. Mainly they describe the company or the (department), in what it mainly does and very much likely its overall of intention. Basically this mission statement mainly supports the vision and it also serves to pretty much communicate in purpose and also give directions to employees, customers, vendors, and mainly stakeholders on top of that (SHRM: Society for Human Resource Management, Leading People, and Leasing Organization. Mission & Vision Statements: What is the difference between mission, vision and value statements? Retrieved, 2013). So very much likely this mission can basically change to mainly reflect on a company’s or the (department’s) priorities and also the...
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...Keller Graduate School of Management Introduction The vision statement of a company states where the company would like to go in the future. The mission statement defines to the internal and external customers of the company what the business does for whom and why it exists. The strategy statement of a firm sets the firm’s long-term strategic direction and broad policy directions. It gives the firm a clear sense of direction and a blueprint for the firm’s activities for the upcoming years (Management study guide, 2012). A good strategy statement includes the Strategic Intent, Mission Statement, Vision and Goals/Objectives. Statements TriQuint was founded by a group of engineers from Tektronix in 1985 to develop gallium arsenide (GaAs) for high performance wireless applications. In 1991 GaAs pioneers from Gazelle Microcircuits, Gigabit Logic, and TriQuint merge under the TriQuint Semiconductor name and Steven J. Sharp was the named CEO. Five years later the company launched Continuous Process Improvement (CPI) for improve technical, manufacturing and business processes and SAP for their information management system. One year later the company moved all operations to a new 32-acre corporate campus in Hillsboro, Oregon with a 160,000 square foot complex including a 16,000 square foot wafer fabrication clean-room space capable of Class 10 operation. In 1998 TriQuint acquired Texas Instruments GaAs MMIC business and Raytheon, TI's Defense Systems and Electronics Group. In the...
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...Business Model and Strategic Plan - Part I BUS/475 Business Model and Strategic Plan Part I Importance of innovation “It’s not that people hate change -- although some do, of course – it’s that innovation is so risky, so expensive and more often than not leads to failure, wasted investment and, for some people, a career cul de sac in special projects” (Milligan, & Smith, 2011). Tender Childcare is no different than any other business that needs innovation to prosper in the markets of today. This essay will give information concerning Tender’s vision, mission, and values and how each component is used to facilitate the day-to-day actions of Tender Childcare. The mission and vision statements serve as directions for a business, providing the blueprint for operations and keeping the organization focused on its goals. “These statements serve a dual purpose by helping employees to remain focused on the tasks at hand, as well as encouraging them to find innovative ways of moving towards an increasingly productive achievement of company goals” (Investopedia, 2015). The mission, vision, and value statements also serve as directives that detail what services or goods a company offers to its customers. The competitive advantage, prosperity, and seamless operation of an organization is guided by the mission, vision, and value statements, so creating, spreading, and adhering to these statements is imperative for Tender Childcare. Business Description with Mission Statement ...
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...is the communication issued by an organisation to all stakeholders such as employees, customers, media, government and the general public. Corporate communication activities involved in managing all internal and external communications aimed at creating good impressions with stakeholders. An organisation can present corporate communications in ways such as: mission statement, advertising, packaging, logos, livery, straplines, endorsements and sponsorship. What is the purpose of each of the corporate communication and what Bsix is trying to achieve? Mission statement is a statement that defines the purpose of a company or a business. The mission statement represents the business products or services it intends to offer to customers. Mission statement includes the aims and objectives of the company for the future benefit or plans. Aims and objectives shows where the business is set up to achieve in the future also serve as a guide to the business. The mission statement should be the first consideration for that for any employees before applying for that specific job in the business. Bsix College mission statement shows where the college wants to go in the future. Bsix is trying to inspire and support student to achieve an academic and personal success in the college which helps to gain more students in the UK. Bsix College is to raise the aspirations and achievements of young people in London. The college offer courses from entry through to advanced, educating young people...
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