...Business owners often use management accounting to track, record and report financial information for managerial review. Management accounting does not usually follow any national accounting standards. Business owners can design management accounting systems according to their company’s business operations or management’s need for business information. Management accounting has several advantages. These advantages usually coincide with the ability for companies to improve operations and overall profitability. Business owners can also create a competitive advantage by developing cost allocation processes in their management accounting function. Reduce Expenses Management accounting can help companies lower their operational expenses. Business owners often use management accounting information to review the cost of economic resources and other business operations. This information allows owners to better understand how much money it costs to run the business. Business owners can also use management accounting to conduct an analysis on the quality of economic resources used to produce goods or services. If overall product quality would not suffer by using a cheaper raw material, business owners can make this change to reduce production costs. Improve Cash Flow Budgets are a major part of management accounting. Business owners often use budgets so they have a financial road map for future business expenditures. Many budgets are based on a company's historical...
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...Accounting & Finance for Non-Specialists Chapter 1 notes Accounting – concerned with collecting, analysing & communicating financial information Finance (Finance management) – concerned with the ways in which funds for business are raised & invested Relevance – information must have ability to influence decisions Reliability – free from serious error or bias-represent what is suppose to Comparability – identify changes in business over time, evaluate performance in relation to similar businesses Understandability –reports should be clear as possible and understood by those who information is aimed at Materiality – The requirement that material information should be disclosed to users in financial statements Management accounting – seeks to meet needs of managers Financial accounting – seeks to meet the accounting needs of all of the other users indentifies earlier in the chapter Chapter 1 Review questions 1.1 Accounting information is produced to help various users make informed judgements and decisions 1.2 Main users of accounting information for a university are: * Students * Skills funding Agency * Governing Body * Competitors – others colleges/universities * suppliers * lenders 1.3 In my opinion the saying that management accounting is the eyes and ears of management means that the management can’t see everything that is happening just by observation, the reports from management accounting provide overall...
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...A Secret Garden The business I have created is called “A Secret Garden”. This is a business that my mom and I had for several years that did really well. Unfortunately, we had to close shop due to family issues, and not enough help with the business. Sad to say, people were really upset, but family had to come first at the time. Now those times have passed, and we are ready to reopen the business, and let investors know that this is a sound business plan, especially on the accounting side. This business will be classified as a Limited Liability Company (LLC). The limited liability company is a distinct business entity that combines the corporate advantage of limited liability protection with “pass-through” taxation, the method of taxation afforded to both general partnerships and S corporations. I chose this simply because of the nature of the business. Companies that are considered LLC allow the owner to be free of all responsibility relating to debt. If the business was to fail the owner would not be held personally responsible for any loss. Although I would be required to send annual reports to the government on my business, this is perfect because with this being a fairly brand new business there is room for failure and my personal finances should be protected. My business would simply provide beautiful flowers and assorted beauties from all over the world to our area. These services would mostly be used in our neighborhood, so that is where my locations will be...
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...mostly be used in urban neighborhoods, so that is where my locations will be. This will be a perfect place for individuals without bank accounts that need to cash checks. It also implements convenience because customers can save time and pay major utility bills as well as select others. The short term loans are given on the individual’s gross pay and as an added plus the loans have low interest rates, which will be great for individuals who need money in between paychecks. As the owner I will mainly be responsible for understanding auditing procedures, how the business should be run, and hiring managers that will execute the rules and expectations I have in place. Internally, Cash Express will be operationally sound. Starting with the management, everyone will be properly trained on how to operate...
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...Individual Learning Project 1 Liberty University Accounting for Decision Making February 14, 2016 Company Analysis and Evaluation Project A Federally Qualified Health Center (FQHC) is a health center that allows patient who might otherwise not receive the critical primary care that they may need. These types of facilities help to fill crucial access gaps, allowing patient to pay according to their income on a sliding fee scale. “Congress passed FQHC-enabling legislation as part of the Social Security Act in 1989 and the application process and requirements for federal qualifications are governed under the Public Health Service Act” (Hennessy, 2013). There are approximately 1,200 main health centers that deliver care with over 8,000 service sites all across the United States. An FQHC provides primary care services to patients within the rural areas and are located within schools across America. This special care is allowing children to receive the wellness care to help them stay and improve in school. In reflection of this type of facility, this assignment will be about Capital City Family Health Center. A FQHC center in the heart of Baton Rouge, Louisiana. Taking care of the patients that they have and also providing services to the homeless throughout the metropolitan and surroundings. SWOT “SWOT has been used comprehensively to aid in understanding a variety of decisions and issues including: manufacturing, location decisions; penetration strategy, promotions...
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...Tattoo company | Designers of Desires Contents Task#1 OUR GREAT BUSINESS IDEA (Flora Hardi) 3 Task#2: INDUSTRY ANALYSIS(Karen Khalil) 4 Task #3: MANAGEMENT PLAN (MISSION, VALUES, FORM AND STRUCTURE) (Teodora Medenica) 5 Task #4: MANAGEMENT QUALIFICATIONS AND COMPENSATION (Antal Andras and Geczi Kristof) 9 Task#5: PRODUCTS AND PRODUCTION ( Antal Andras) 10 Task #6: MARKETING PLAN ( Flora Hardi) 11 Task #7: ESTIMATING SALES ( Teodora Medenica) 14 Task#8: ACCOUNTING REPORTS ( Teodora Medenica and Karen Khlaili) 20 #9: FINANCIAL PLAN: ( Teodora Medenica) 20 Task#1 OUR GREAT BUSINESS IDEA (Flora Hardi) Our tattooing company was formed for the purpose to provide a unique service to people seeking for a reliable company that provides tattoo making in a safe and hygienic environment. Designers of Desires works with professional and well-known, eminent tattoo artist from all over the world. Our company offers an exclusive service to grown-up customers. Our purpose is to fulfil our customers’ requirements and design tattoos that they desire. Our company is focusing on good service where customers meet with their needs. A designer of Desires is located in the centre of Budapest. Our company is placed to the crowded and vivid environment of Andrassy Street. This position has the opportunity of easy accessibility and a well-known location. Andrassy Street besides being well-known among Hungarians, it is also highly visited by foreign people/ tourists. / These...
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... Managing at the Speed of Change. In this seminal work, Conner penned the analogy "burning platform" based on the 1988 Piper off shore oil rig fire (North Sea off the coast of Scotland).[3] Conner Partners influenced the large Management Consulting firms over the 80s and 90s as firms needed to understand the human performance and adoption techniques to help ensure technology innovations were absorbed and adopted as best as possible. Linda Ackerman Anderson states in Beyond Change Management that in the late 1980s and early 1990s, top leaders, growing dissatisfied with the failures of creating and implementing changes in a top-down fashion, created the role of the change leader to take responsibility for the human side of the change.[4] The first "State of the Change Management Industry" report in the Consultants News was published in February 1995.[5] McKinsey consultant Julien Phillips first published a change management model in 1982 in the journal Human Resource Management, though it took a decade for his change management peers to catch up with him.[6] Marshak[7] credits the big 6 accounting firms and management consulting firms with creating the change management industry when they branded their reengineering services groups as change management services in the...
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...Attribute Standard 1210 - Proficiency Internal auditors should possess the knowledge, skills and other competencies needed to perform their individual responsibilities. The internal audit activity collectively should possess or obtain the knowledge, skills and other competencies needed to perform its responsibilities. ii) Performance Standard 2030 - Resource Management The Chief Audit Executive should ensure that internal audit resources are appropriate, sufficient and effectively deployed to achieve the approved plan. Professionalism Internal auditing is grounded in professionalism and efficiency. Today's internal auditors are a far cry from the 'fault finders' or 'policeman' role that the profession has long been associated with. Modern day internal auditors are routinely consulted on all aspects of the organisation's activities from strategic planning issues to the standard day-to-day operational issues relating to the risk environment and internal control framework. They are continually on the lookout for emerging risks and changing risk profiles which may have an adverse impact on the organisation. They form the 'eyes' and 'ears' of Audit Committees who rely on their work before executing statements of internal control...
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...TONE at the Issue 55 / April 2012 TOP Exclusively for Senior Management, Boards of Directors, and Audit Committees Ethical Dilemmas What rationalization does a company make to justify a corporate culture where ethics are ignored? In recent years, greed, fraud, and a lack of ethical conduct have led to the collapse of many organizations. A variety of internal and external pressures can lead companies down the wrong path. And once the first misstep is taken, it’s a slippery slope to hurting stakeholders, the community, and your reputation. This turmoil and damage could have been avoided if organizations had chosen to maintain an ethical corporate environment, exercising integrity-rich behavior and ensuring the tone at the top was above reproach. This issue of Tone at the Top presents suggestions for creating and promoting an ethical corporate climate and the role internal auditors can play in helping ensure the environment supports ethical decisions and behavior. Code of Ethics It’s important to note that internal auditors adhere to their own Code of Ethics, which is included in The IIA’s International Professional Practices Framework (IPPF). The Code of Ethics mandates that internal auditors behave and practice with: n Integrity. n Objectivity. n Confidentiality. n Competency. It also delineates rules of conduct under each of the principles. A code of ethics is necessary and appropriate for the profession of internal auditing, founded as it is on the trust placed...
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...SOCIAL AND ENVIRONMENTAL DISCLOSURE A project report submitted in partial fulfillment of the requirements for MBA Project M.B.A. Candidate's Declaration I hereby certify that I have properly checked and verified all the items as prescribed in the checklist and ensure that my thesis/report is in proper format as specified in the guideline for thesis preparation. I also declare that the work containing in this report is my own work. I, understand that plagiarism is defined as anyone or combination of the following: 1. To steal and pass of (the ideas or words of another) as one's own 2. To use (another's production) without crediting the source 3. To commit literary theft 4. To present as new and original an idea or product derived from an existing source I understand that plagiarism involves an intentional act by the plagiarist of using some-one else's work/ideas completely/partially and claiming authorship/originality of the work/ideas. Verbatim copy as well as close resemblance to some else's work constitute plagiarism. I have given due credit to the original authors/sources for all the words, ideas, diagrams, graphics, computer programs, experiments, results, websites, that are not my original contribution. I have used quotation marks to identify verbatim sentences and given credit to the original authors/sources. I affirm that no portion of my work is plagiarized, and the experiments and results reported in the report/dissertation/thesis...
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...Demonstrative Communication Taron Jackson BCOM/275 June 4, 2012 University of Phoenix Demonstrative Communication The word communication could be defined a number of different ways. Communication is the process of sending and receiving messages (Cheesbro, O’Connor, and Rios, 2010). Demonstrative communication includes nonverbal and unwritten communication and involves such things as facial expressions, tone of voice, body language and so forth. Oral and written communication is a part of verbal communication whereas nonverbal communication includes eye contact, tone of voice, body posture, gestures, and facial expressions. This paper will discuss how demonstrative communication can be both effective and ineffective. Also this paper will indicate how demonstrative communication can be both positive and negative for the sender, as well as positive and negative for the receiver. In addition, the paper will also explain how demonstrative communication involves listening and responding. Demonstrative communication includes nonverbal and unwritten communications. Demonstrative communication includes sending and receiving unspoken messages. Though it can stand alone and express messages on its own, it is often used to support or strengthen verbal communication. The most common amongst all nonverbal communication are facial expressions. It is estimated that body language including facial expressions account for 55% of all communication (Nayab, 2010). Demonstrative...
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...Isaiah Polk Professor Desmarais Pom 448 March 10, 2015 Frito-Lay: The Backhaul Decision Frito-Lay, the largest salty snack manufacturer in the United States based out of Texas is a two-billion plus corporation employing over twenty-seven thousand employees. The company came into existence from a merger between the Frito company and the Lay company. Then in 1965 it was purchased by the Pepsi Corporation and because the the company’s belief of “If it ain’t broke, don't fix it” Frito-Lay’s management was able to operate under the own accord as they had previously done before. Frito-Lay’s product mix is made up of potato chips, corn chips, tortilla chips, cheese-flavored snacks, pretzels and other snack items and dips. It has six core products; Lays, Ruffles, Fritos, Doritos, Tostitos, and Cheetos, that make up roughly eighty percent of their sales. Their core products have short shelf lives and are high volume low-weight products. Along with the core products they have specialty products but these products have longer shelf lives and produce less sales. Currently Frito-Lay operates using direct store delivery using their own private fleet of trucks. Eighty-five percent of their outbound sales were made on their own vehicles. By doing this it allows them to avoid third party distributors for sale services. It also means total quality control of products and a high service level. They have a very high on-time delivery rate compared to competition (same day vs same hour) because...
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...Demonstrative Communication BCOM/275 March 6, 2013 Demonstrative Communication Communication is demonstrated in several different ways. Its most commonly defined as the process of sending and receiving messages (Cheesbro, O’Connor, and Rios, 2010). This includes all give-and-take of information, thoughts, and messages. Communication is proficient orally or non-orally. Oral communication consist of written and verbal communication, however nonverbal communication consist of body posture, facial expressions, gestures, tone of voice, and eye contact. As stated previous, demonstrative communication also contains unwritten and nonverbal communications. Demonstrative communication entails sending and receiving wordless messages (Nayab, 2010). It’s used to strengthen verbal communication, though it can support and send messages by itself. Facial expressions are the greatest form of nonverbal communication in a business setting. According to Nayab (2010), it’s believed that body language accounts for more than 50% of all communication. Demonstrative communication highlights spoken communication. For instance, appearance, friendly appeal and a strong handshake can express largely about what type of individual somebody is during an interview. A person can rely on these qualities to reinforce his or her verbal performance (Sutton, 2011). The minute an individual meets someone, they’re able to tell if that person is nice, not simply because that...
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...Keller Graduate School of Management DeVry University Case Study 2 xxxxxxxxx xxxxxxxxx Table of Contents I. Introduction II. Situations and Solutions a.Williams Oil Services b. Scott Sales Services c. Craig’s List III. Assessment IV. References I. INTRODUCTION Internal Control is one of the most vital issues that every company has to have inorder to have a better chance of success. Inorder to protect company’s assets and prevent from theft, fraud or unauthorized use of company property, one of the best preventive process is to teach all employees of how Internal Control exist in the company, in the company’s environment, and how employees need to abide to it, and also in its process and overall in the entirety of the company. Statistics indicate that companies with 100 or less employees is prone to fraud or misappropriate use of company’s property; which almost 32% of fraud occurred. While bigger companies with more than 1,000 employees have bigger losses; and have threatened some companies into deep trouble. Enron, a huge company is one example where some of their management team members and employees committed fraud or embezzlement. With the various corporate or business scandals happened in Corporate America, Congress had introduced and passed the Sarbanes-Oxley Act (SOX). Under SOX, all publicly traded companies were required to maintain an adequate system of internal control. Under Section 404 of the SOX, states that...
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...FAR EASTERN UNIVERSITY INSTITUTE OF TOURISM AND HOTEL MANAGEMENT Super Dog’s Gym & Training Center ---------------------------------------------------------------------------- A Business Plan Presented to the Faculty of the Institute of Tourism and Hotel Management Far Eastern University Nicanor Reyes Street, Sampaloc, Manila ---------------------------------------------------------------------------- In Partial Fulfillment of the Requirements for the Degree of Bachelor of Science in Tourism Management ---------------------------------------------------------------------------- BASAT, JOLINA BELLE C. HUANG, YA-HUI E. MATAYA, TRIZIAMAE D. PAREDES, CHIT JANSSEN A. TELAN, DERREN KRISTELLE J. October 2015 FAR EASTERN UNIVERSITY INSTITUTE OF TOURISM AND HOTEL MANAGEMENT APPROVAL SHEET In partial fulfillment of the requirements for the degree of BACHELOR OF SCIENCE TOURISM MANAGEMENT, this business plan entitled “Super Dog’s Gym and Training Center”, prepared and submitted by JOLINA BELLE C. BASAT, YA-HUI E. HUANG, TRIZIAMAE D. MATAYA, CHIT JANSSEN A. PAREDES, and DERREN KRISTELLE J. TELAN, is hereby recommended for submission to the Oral Presentation. _____________________________________________ Adviser Approved by the Research Committee at the Oral Examination conducted on October 4, 2015 with the grade of __________ %. THE RESEARCH PANEL COMMITTEE ______________________________ Chairman ______________________________ ...
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