...Financial Statements in Business Bethany Herman ACC/561 July 13, 2015 Tom Myers Financial Statements in Business Businesses review and use four primary types of financial statements to reflect their financial position. The four primary types of financial statements businesses use are the balance sheet, income statements, statements of equity, and the statement of cash flow. The financial statements used to display financial information to the public are all incorporated with showing a full financial picture of a company. Each of the four financial statements interacts with one another to give investors and the public a good insight into the overall finances of a company. “Financial statements, which are accounting reports, serve as the principal method of communicating financial information about a business entity or an individual to outside parties such as banks and investors. In a technical sense, financial statements summarize the accounting process and provide a tabulation of account titles and amounts of money. Furthermore, financial statements report the financial position or financial status of a business or an individual as well as financial changes at a particular time or during a period of time. The basic purpose of financial statements is to communicate to external and internal parties information about financial decisions that have been made.” According to Referenceforbusiness.com (2015). The balance sheet is used to show a company’s financial standing...
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...yChris Helling Chapter 1 review questions 1. Why is service so critical in the hospitality and tourism industries? Customer service is the essence of the hospitality industry. The importance of customer service in hospitality is stressed in on-the-job training. Good service in the hospitality industry is the only thing that will keep businesses aloft. 2. Describe and give an example of the following: a. Mission Statement: a statement of the purpose of a company, organization, or person and its reason for existing. A mission statement guides the actions of the organization, spell out overall goal, and guides decision-making. Ex: McDonald's - "To provide the fast food customer food prepared in the same high-quality manner world-wide that has consistent taste, serving time, and price in a low-key décor and friendly atmosphere b. Moment of truth: The interaction that occurs between a service provider and the guest is one of the key elements of service that define a guest’s experience. Ex: When a Disney employee recognized that one of their guests had to leave early because they were sick, so the employee got the approval to send them a care package. 3. What is the Disney service model? Start with a smile Eye contact and body language Respect and welcome Value the magic Initiate guest contact Create service solutions End with a thank you 4. Explain why Ritz-Carlton won the Malcolm Baldridge award. The Ritz-Carlton has a philosophy...
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...What is a reaction paper? Reaction or response papers are designed so that you'll consider carefully what you think or feel about something you've read or seen. Instructions Read or view whatever you've been asked to respond to read or view. While reading or viewing think about the following questions: • How do you feel about what you are reading (seeing)? • With what do you agree or disagree? • Can you identify with the situation? • What would be the best way to evaluate what you read or see? Pre-writing for Your Reaction Paper Keeping your responses to these questions in mind, complete as many statements as possible about what you read or saw. 1. I think that ____________________________________________________________________________________________________________________________________ 2. I see that ____________________________________________________________________________________________________________________________________ 3. I feel that ____________________________________________________________________________________________________________________________________ 4. It seems that ____________________________________________________________________________________________________________________________________ 5. In my opinion ____________________________________________________________________________________________________________________________________ 6. Because _______________...
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...Task 1 LO 1.1 All high-level programming languages support the concept of data types. A data type defines a set of values that a variable can store along with a set of operations. Data types are used to store various types of data which is managed by program. Data type attaches with variable to determine the number of bytes to be allocate to variable and valid operations which can be performed on that variable. Although C has several built-in data types, it is not a strongly typed language, as are Pascal and Ada. C supports various data types and here some common data type as character, integer and floating-point types. C defines five foundational data types as defined below: ▪ character ▪ integer ▪ floating-point ▪ double floating-point ▪ valueless These are declared as by char, int, float, double, and void, respectively. These types form the basis for some other types also. The extent and choice of these and data types may contrast amongst processor natures and compilers. However, in all belongings an object of type char is 1 byte. C stores character type inside as an integer. Each character has 8 bits so, we can have 256 different characters values (0-255). Character set is used to map between an integer value and a character. The size of an int is ordinarily the same as the word length of the implementation setting of the program. C has 3 classes of integer storage namely short int, int and long int. All of these data types...
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...to spread the mission, vision and values amongst all stakeholders in order to affect the target market most effective?’ Sub-research questions - What is the level of awareness of the current mission statement amongst stakeholders? - What are the company’s strengths and weaknesses? - What are the company’s opportunities and threats? - How is the target market defined? - How does the desired business model look like? Reason for research There has been quite some big changes the past couple of years within the Fat Duck Company, such as tv-shows, interviews, partnerships and a pressuring competition. I discovered the main goal of the company shifted the past couple of years. For example, the restaurant The Fat Duck as a three Michelin star restaurant is no more the number one to focus on in terms of the core business and profit. The direction of the company is dedicated and engaged to take a broader view on the market, opportunities and target markets. Therefore, in order to keep this company up and expanding, the mission statement must be clarified throughout all layers of the company and its stakeholders. To deal more efficient with new opportunities the future direction must be bright and well discussed amongst all employees. Besides a well known mission statement, the company has to overcome some other difficulties, such as the limited space they have to operate in, the sometimes subjective critical view of the media, the company structure, the alignment of a çhefs’...
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...This leaves management with the task of determining which computing services are feasible. If yes, then this service becomes a part of the budget (Strassman, 1998). Next identify which units within the organization have a legitimate computing need. Although this isn’t an easy task, organizations can survive with less. Consider replacing un-needed workstations with smaller servers. They’re easier to maintain and require lesser IT personnel to administrate them (Burrows and Green, 2001). Finally, provide computing services in reliable manner by educating workers on the capabilities and software applications that are included. Have a trained professional onsite to answer and assist in solving hardware and software issues. A mission statement that addresses security is critical because if an organization’s data is comprised, it has a negative impact in the public’s eye. Trust is lost, and it may take years to regain that trust. I believe some security controls are loosened because some believe it reduces the effectiveness of employees to get their...
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...a case study on Mc Donald’s Corporation. The writer will perform a SWOT analysis, suggest an appropriate mission and vision statement for this company and will provide recommendations for the future success of Mc Donald’s Corporation. Mission Statement “The mission statement defines the direction in which the organization is heading and how it will succeed in reaching its desired goal” (Peter & Donnelly, 2009, p. 8). A mission statement should describe the morals of the business as well as the products offered, target market and the company’s commitment to the consumer. According to the information presented in this case study; Mc Donald’s Corporation does not have a mission statement. The student believes that an appropriate mission statement for this company would be to provide our customers with high quality food and superior service at an affordable price. Vision Statement The vision statement describes where the organization wants to be in the future. The vision statement also describes the purpose and values of the organization, but in future terms. “A clear vision provides the foundation for developing a comprehensive mission statement” (David, 2011, p. 43). According to the information presented in this case study; Mc Donald’s Corporation does not have a vision statement. The student believes that an appropriate vision statement for this company would be to become the world leader in the restaurant industry by providing our customers with exceptional...
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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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...A Handbook of Statistical Analyses using SAS SECOND EDITION Geoff Der Statistician MRC Social and Public Health Sciences Unit University of Glasgow Glasgow, Scotland and Brian S. Everitt Professor of Statistics in Behavioural Science Institute of Psychiatry University of London London, U.K. CHAPMAN & HALL/CRC Boca Raton London New York Washington, D.C. Library of Congress Cataloging-in-Publication Data Catalog record is available from the Library of Congress This book contains information obtained from authentic and highly regarded sources. Reprinted material is quoted with permission, and sources are indicated. A wide variety of references are listed. Reasonable efforts have been made to publish reliable data and information, but the author and the publisher cannot assume responsibility for the validity of all materials or for the consequences of their use. Neither this book nor any part may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, microfilming, and recording, or by any information storage or retrieval system, without prior permission in writing from the publisher. The consent of CRC Press LLC does not extend to copying for general distribution, for promotion, for creating new works, or for resale. Specific permission must be obtained in writing from CRC Press LLC for such copying. Direct all inquiries to CRC Press LLC, 2000 N.W. Corporate Blvd., Boca Raton, Florida 33431. Trademark Notice:...
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...Personal Leadership Mission Statement "Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do." – Steve Jobs My main mission is to reach a senior position in my banking or financial career and to demonstrate that hearing impaired people can also rise to the professional level through determination, hard work and perseverance. To be considered dependable and invaluable among my colleagues and seniors that I can produce timely and quality work in my assignments. My company Standard Chartered Bank motto “Here for Good” has inspired my soul. Its sustainable business model stands out from its competitors in which I like to apply to my personal life. Its six priorities are * Access to financial services * Tackling financial crime * Responsible selling and marketing * Community investment (Employee volunteering) * Great place to work * Protecting the environment My personal mission is to promote and demonstrate respect for property, beliefs, ideas and opinions of my family and others and stand up for my country’s constitution. I will accept responsibility for my mistakes in which I will study from them. I will welcome constructive criticism as it helps me make better decisions and character. I will act honorably and integrity in challenging situations. My actions will be done with the best of intentions, honest, ethical...
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...CHAPTER 1 Programs that make a computer useful for everyday tasks are known as ___. Application Software ****** Which of the following is not an example of operating system software? Microsoft Word ****** What function(s) does an interpreter perform with the instructions in a high-level programming language? Translates and Execute ****** The term used for a set of rules that must be strictly followed when writing a program is: Syntax ****** ____ was the first high-level programming language designed that could perform complex mathematical calculations. FORTRAN ****** Which computer language uses short words known as mnemonics for writing programs? Assembly ****** The process known as the ____ cycle is used by the CPU to execute instructions in a program. Fetch-decode-execute ****** Which of the following is not a microprocessor manufacturing company? Dell ****** The following is an example of an instruction written in which computer language? 10110000 Machine language ****** What is the encoding technique called that is used to store negative numbers in the computer’s memory? Twos complement ****** The ______ coding scheme contains a set of 128 numeric codes that are used to represent characters in a computer's memory. ASCII ****** What is the largest value that can be stored in one byte? 255 ****** The smallest storage location in a computer’s memory is known as a ______. bit ****** The disk drive is a secondary storage device that stores...
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...What is a reaction paper? Reaction or response papers are designed so that you'll consider carefully what you think or feel about something you've read or seen. Instructions Read or view whatever you've been asked to respond to read or view. While reading or viewing think about the following questions: • How do you feel about what you are reading (seeing)? • With what do you agree or disagree? • Can you identify with the situation? • What would be the best way to evaluate what you read or see? Pre-writing for Your Reaction Paper Keeping your responses to these questions in mind, complete as many statements as possible about what you read or saw. 1. I think that ____________________________________________________________________________________________________________________________________ 2. I see that ____________________________________________________________________________________________________________________________________ 3. I feel that ____________________________________________________________________________________________________________________________________ 4. It seems that ____________________________________________________________________________________________________________________________________ 5. In my opinion ____________________________________________________________________________________________________________________________________ 6. Because _______________...
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...HR587 Weeks 3 and 5 Assignments * Write a 2-3 page analysis on the change management concept as it applies to an organization or a case study of choice from the text. * Use the numbered items for each assignment as main headings. The lettered items may be used as subheadings. This approach will help insure assignment criteria are included. Week 3 Assignment: Images Paper The Images paper focuses on the six different images of managing change. These images of change represent the various ways managers view the most effective strategy to bring about change. Each one represents a mindset that is unique to a manager as they try to summarize the key components of change. This paper should focus on evidence that demonstrates how the management of the organization integrated one or more of the Six Images of managing change. Then, what management could have done differently to increase the probability of a more successful change? 1. Introduction a. Briefly explain the change management initiative. b. Briefly explain the importance of the Images concepts and application to the change management initiative 2. Application Analysis a. Provide a history of information from your organization or case study that supports the change management initiative. Provide a review of the change management process related to your chosen topic. b. After providing this review of the change, based on how the change was managed, how would you assess...
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...crisis of the financial sector and for the collapse of some companies. A number of companies have recently announced that they will abolish or change their pay- for-performance systems. When organizations have performance related pay systems in place, (front line) managers usually play an important role. They make pay decisions, or provide information for these decisions. The paper is also a preparation for a class debate about pay for performance in the fourth lecture. The debate will be about the statement: “The introduction of individual pay for performance contributes to an improvement in a company's (financial) performance” The paper will be written from one of three starting points: 1. You are against the statement: all arguments you discuss should underpin that the statement is false 2. You are in favour of the statement: all arguments you bring forward should underpin that the statements is true 3. You are undecided: find balance in the arguments against and in favour of the statement. Start your paper by stating which starting point you have chosen. About 25% of your arguments should be based on your own experience with (the lack of) individual incentive or performance related pay systems. Another 50% of your arguments will be based on arguments which are taken from the textbook or reader (at least use...
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...business so that you and your employees know what the goals of the company are. Starting a business blind, with no plan, ideals, goals, or foresight can almost guarantee the business will fail. Peter Drucker stated there are four main strategies and implemented them in his life. • “Being fustest with the mostest” – creating something new and different. • “Hitting them where they ain’t” – use another’s idea and improve it. • “Finding and occupying a specialized ‘ecological niche’- specialize in a product or knowledge no other company has. • “Changing the economic characteristics of a product” – create new customers for an existing market. (Drucker, 1985) 2. Create a mission statement for the company explaining how the mission will be essential to the company’s success. The purpose of a mission statement is to...
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