...MEMO To: CEO From: Accounting Manager Date: February 19, 2013 Re: Need for internal managerial accountant Dear Chief Executive Officer, This is a memo that will state the reasons why and benefits of hiring another managerial accountant. As we all know, the significance of a trustworthy accounting department is essential in any business. Accounting is specifically the most important department of a business for the simple fact that it deals with the company’s money statuses. This includes where a business can and can’t go financially and what it has and has not accomplished in terms of financial objectives. It is essential that a business have a strong internal accounting system because it can mean monetary success or failure. An internal accounting system includes the maintenance of the company’s finances in terms of short as well as long-term goals, strategy formulation for revenue, operational direction and control of the company’s finances, and the organization of resources and assets aligned with the desired budget within the company. All of these duties will be separated and given specifically to the new internal accounting manager. It is desired that a position be made specifically for these duties because of the importance in the company’s finances. One can not get too overwhelmed with other aspects and/or factors within the company to make mistakes or over or under budget the company. There should be a main focus so there are no unanalyzed risks involved. (Wild and...
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...Evaluating Business Communication BCOM/230 January 30, 2012 Evaluating Business Communication The learning team assignment for the previous week has a formal memo sent to William, the CEO; a regular memo sent to Mark, the sales manager, and Dana, the marketing manager; and an email to the accounting department. These communiqués were to inform the individuals about the accounting team’s findings on JJJ Company’s files. Upon reviewing each communiqué from the previous week’s learning team assignment I have made the following evaluations. Each communication seemed to clearly convey the message of not moving forward with the acquisition of JJJ Company. The risk of acquiring JJJ is too great of a risk to take for Riordan at this time. The memos and email covered the unstable finances of JJJ Company and discussed the possibility of finding other channels to advance the growth Riordan Manufacturing. Other forms of communication may not have been better, but attaching JJJ’s financial reports to the memos may have benefitted the managers. The managers may not understand the financial reports, but the accounting team could have highlighted the information used to determine if JJJ was financially stable or not. Attaching these reports may have allowed for a better understanding of how the accounting team made the decision. The forms of communication were appropriate for the intended audiences and were kept professional. The individuals had all worked together before...
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...Restaurant Development Group’s Winston-Salem Project Paul E. Juras The Wayne Calloway School of Business and Accountancy Wake Forest University P.O. Box 7285 Reynolda Station Winston-Salem, NC 27109-7285 E-Mail: JURAS@WFU.EDU James F. Cotter The Wayne Calloway School of Business and Accountancy Wake Forest University P.O. Box 7285 Reynolda Station Winston-Salem, NC 27109-7285 Restaurant Development Group Memo To: Date: Re: Registered Students March 1st 2006 Restaurant Development Group’s Winston-Salem Project From: Mr. Bobbie Filet Introduction Restaurant Development Group (RDG) is considering opening a new restaurant in conjunction with the “Winston-Salem Partnership” group that is attempting develop a center of entertainment in downtown Winston-Salem, NC. As part of the project, the company plans to renovate an existing restaurant space in the downtown area and begin operations in six months. RDG has decided to hire several teams of professionals to handle various facets of the project. One team will work closely with city and county government officials to insure the project has strong support from all relevant government agencies. Another team will be responsible for developing the marketing plan and handling media and public relations to insure the project has a positive reception within the media. Finally, the finance and accounting team has responsibility for examining the financial viability of renovating the restaurant and developing a cash flow budget to...
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...Virtual Organization for Riordan Manufacturing Virtual Organization for Riordan Manufacturing Many companies today are looking to create virtual organizations for their businesses because of the innovation and organizational improvement it can provide. Creating an intranet in a virtual organization to hold shareable company data is the best form of communication between all employees. The intranet can be protected from outside interference by using the correct security measures. While reviewing the virtual organization for Riordan Manufacturing, there were some inconsistencies in the home page, accounting and finance, and human resources section that can be improved on. Home Page The home page is the most important web page for a user because it prepares and sets the tone for navigation and functionality. A glaring omission from the Riordan home page is the purpose of the Intranet and its usefulness for employees. Currently, the home page contains the mission statement, company facts, and a brief history. While this information is important, we would recommend creating a separate page named “About”, or placing it under the current link of “Riordan Industries”, which would be a more appropriate location. Our recommendation for the home page would be to include more details about the intranet itself. What is an intranet? Why is it important? Who are the users? These questions are very important, especially for someone who is new to the company. Additionally,...
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...students’ oral and written communication skills, as well as their social skills. Students will prepare a formal report, individual memo and an oral presentation (accompanied by a PowerPoint slideshow) on the topic described below. THE TOPIC You and your team of professional accountants have been hired by Mike MacCloud to provide his new business with accounting services. Mr. MacCloud has just decided to create his own wine label, and he and a group of three investors have a few accounting questions that they need you and your team to answer. Mr. MacCloud formerly worked in the operations side of the wine business, and while he does have a lot of “on the job” knowledge about accounting, he did not study accounting formally. Of the three investors, only two are knowledgeable in accounting. The third investor is an attorney who specializes in corporate finance. Mr. MacCloud and his investors would like you to provide a formal report that sets forth the answers to his accounting questions, along with an oral presentation of the report’s findings. The committee would also like the oral presentation to include a PowerPoint presentation. Mr. MacCloud’s questions are number 1, 3, 4, 5, and 6 as noted on the attached case study from Harvard Business School. RESEARCH Please use the information presented in the attached case study from Harvard Business School. Make sure to use these facts to support all relevant aspects of your proposal. You may conduct independent research. ...
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...is considered plagiarism. This will result in an unsatisfactory grade for the work submitted or for the entire course. It may also result in academic dismissal from the University. | | | |Course ID SKS7000-8-3 |Instructor: Instructor: Milton Kabia , PhD | | | | |Course Title: Executive Concepts in Business Strategy. |Assignment Number 3 | Faculty Use Only Assignment #3 You are to create response in the form of a memo for a business finance and accounting. The only required references for this assignment are the chapters...
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...CPA Report This memo has been prepared in response to Mr. Butterworth’s inquiry on behalf of the independent audit team reviewing XYZ Corporation, a wholly owned subsidiary of ABC Company. Specifically this memo addressed the methodology used to determine deferred taxes, the procedure for reporting accounting changes and error corrections, and the rationale behind establishing XYZ Corporation as a subsidiary. Also included in this memo, as requested, is a discussion of the responsibilities of a CPA, and the differences between a financial review report and a financial audit report. Methodology used to Determine Deferred Taxes Deferred taxes can be one of two different types of deferred tax entries, permanent or temporary. Permanent deferred tax liabilities are income generating events that do not incur tax liabilities, and thus a permanent adjustment to the financial reports is made to adjust for the discrepancy between income for tax purposes, and income for reporting purposes. A temporary deferred tax liability is a liability where taxable income is different from reportable income, but at some future point, the taxable income will reconcile to the reportable income (Kieso, Weygandt, & Warfield, 2007). Temporary deferred tax liabilities can result in either an excessive or insufficient amount of tax withheld in the current period, which will be reconciled at a later period. An example is the depreciation of a capital asset. If the book depreciation of a...
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...is a skill that is required. You could be faced with many deadlines that could be very stressful. Your education course of study was also included to compare to the education requirements of each career and even though there are many similarities between the two, there are many differences. For example, both careers require good written and oral comprehension but an accountant needs to have excellent mathematic skills and be able to choose the right formula to solve a problem. This skill is not as important as a financial analyst as is the ability to develop solutions to complex problems that need to be solved. Your college transcript shows your focus in accounting and mathematics which falls under an accountant’s criteria. You could use this degree as a financial analyst however you would need to take some more finance or risk management. We feel that with all these facts considered, a career as an accountant is the best choice for you. Thank you for this opportunity. Please review the enclosed...
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...mainly used to make traditional women’s colorful dresses in India called the saris. One sari averaged eight yards of fabric. Indian women usually purchased three saris every year. India’s female population is around 500 million, with a demand for saris accounting for more than twelve billion yards of fabric and a stable business. The demand was being supplied by domestic textile mills that fulfilled their yarn requirements from suppliers like Kota Fibers. Kota used new technology and domestic raw materials to produce their quality product. Demand for synthetic textiles was characterized by a stable year to year growth with fluctuation based on special Indian festivals and celebrations. The most important festival was the Diwali celebration in mid-autumn, which made a seasonal peak in demand for new saris. Therefore, mid-summer was the seasonal peak demand for nylon yarn from Kota. Unit industry growth was expected to be 15% per year. Consumers purchased their saris from cloth merchants located all around the country. Cloth merchants were important local figures that were well known to the area residents who granted credit in order to support their sales. The suppliers were very competitive in order to keep the merchant’s business. The suppliers were aggressive in price, service, and credit granted. Mrs. Pundir, owner and managing director of Kota Fibers, adopted policies which required a seasonal production plan, due to thin profit margins. This meant that Kota would operate at...
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...Your manager would like you to manage one of the teams in this new department. Your manager has put together the team you will be managing. Your new team consists of the members of your current Learning Team. To be successful in the new market segment, your team must efficiently accomplish the goals set by the company. Your manager, therefore, would like you to develop a leadership approach for each team member on your team based on the theories of leadership and each member’s individual personalities. Write a memo to your manager of no more than 1,400 words in which you explain how you plan to successfully lead your team. Include the following: Evaluate the individuals, including yourself, based on the personality assessment. Evaluate the situation in terms of urgency, culture, and so forth. Determine leadership approaches, based on individuals and the situation. Highlight the principles you have applied from various leadership theories. Format your memo consistent with APA guidelines. Click the Assignment Files tab to submit your assignment 2- Your Learning Team is a team of managers of a customer call center for timeshare vacations. Discuss, with your team, the types of control measures you would use to see how efficient and effective an employee is. Discuss, with your team, the measures you would use to evaluate the entire call center. Prepare a 350- to 1,050-word paper detailing the findings of your discussion. 3 QUIZ The control process assumes that...
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...in 1997. His name was MB.MB was a financial director from Coca Cola with a bachelor’s degree in Accounting/Finance. For several years, MB had held strategic positions and his fame increased with great accomplishments and was recognized as one of the best director in our company. He was gifted in many areas as procurement direct for payables. He had a tremendous leadership skill and was a role model. He managed the accounting department and brought productivity up to speed. In 2002 MB was nominated as Chief Financial Officer (CFO). Prior to his appointment our CEO A H had an interview with him to make sure that he was the right candidate for this position. After his interview with our CEO, Walter ordered a security clearance screening to be done on MB to make sure that there were no skeletons in the closet. Shortly after his interview, human resources had completed a background and security screening on MB. Our human resources personnel Stacy had called for his college transcripts as well. And they discovered that MB had not graduated from Accounting, despite the fact that this was listed on his resume. Our human resources director Stacy contacted MB to ask him about this discrepancy, and he immediately confirmed that he had not graduated. MB, who had publicly acknowledge the fact that he received a bachelor’s degree in accounting/Finance in 1969 and had attended National Business College in Roanoke Virginia was caught lying on his resume. Shortly thereafter, he submitted his...
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...IRCO 421B Finance Spring 2013 IRPS, UC San Diego Krislert Samphantharak Assignment 1 Due April 19, 11.59 pm, by email (“Finance B Turnin” on FirstClass) This assignment serves three main objectives. First, it allows you to review various present value and discounting concepts and how to compute them using relevant functions in Excel. Second, it helps you review some crucial concepts in financial accounting that you studied in the last quarter. Finally, it guides you through the calculation of NPV and other investment criteria we discuss in class. Although the case is from a privately-owned company in the US, it serves as an illustrative example on how we compute NPV, IRR, payback period, and profitability index in practice. This procedure could be applied (with appropriate adjustments) to other investment decision making by other forms of organizations, including households, publicly-traded companies, not-for-profit organizations, or governments, both in the US and elsewhere. Instruction 1. Read “New Heritage Doll Company: Capital Budgeting” case. The case can be purchased from Harvard Business School Press at https://cb.hbsp.harvard.edu/cbmp/access/19276442 You need to register on the site to create a user name if you do not already have one. After you register, you can get to the coursepack at any time by doing the following: 1. Visit hbsp.harvard.edu and log in. 2. Click “My Coursepacks”, and then click “Finance B”. 2...
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...DUE) Prepared by: Really Smart Senior (YOUR NAME) Reviewed by: Professor Robert Elya ISSUE: Accounting for ABC’s sale-sublease-leaseback of solar equipment with customers and third party investors. (THIS TOPIC/ISSUE LINE SHOULD SUCCINCTLY DESCRIBE THE OVERALL ACCOUNTING ISSUE BEING ADDRESSED IN THE MEMO) BRIEF BACKGROUND OF COMPANY (THIS SECTION IS DESIGNED TO PUT THE ISSUE IN CONTEXT) THIS SECTION SHOULD BRIEFLY DESCRIBE THE IMPORTANT INFORMATION ABOUT THE COMPANY THAT A READER OF MEMO WOULD FIND HELPFUL IN EVALUATING THE ISSUE, INCLUDING NATURE OF ITS BUSINESS, RELATIVE SIZE (TO PROVIDE DEGREE OF MATERIALITY OF ISSUE TO THE COMPANY’S OVERALL FINANCIAL STATEMENTS),PUBLIC/PRIVATE (TO DETERMINE SEC CONSIDERATIONS), AND AN INTRODUCTION TO THE OVERALL QUESTION BEING ADDRESSED ABC Company is a publicly held alternative energy firm that develops and leases solar panel technology to residential, government and commercial markets. As of December 31st, 2011, ABC Company recognized $X billion in revenue for the sale, lease and installation of photovoltaic solar systems. Customers have the choice of either purchasing or leasing ABC’s solar panels. ABC Company is currently involved in a sale and leasing arrangement involving residents and third party investors. KEY CONSIDERATIONS INVOLVED IN THE ACCOUNTING QUESTIONS (IN THIS SECTION YOU WILL BREAKDOWN THE OVERALL ACCOUNTING QUESTION INTO ITS COMPONENT PARTS THAT MUST BE ANSWERED TO ARRIVE AT YOUR OVERALL CONCLUSION) ...
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...1. P. Kemezis and W Clasgall, 'ATexas Wildcatter Cashes in on French Oil," Busrhess W-eek,'tsllay' ' 1985, 106-10i. 2. The dominant companies in the oil and gas industry include such firms as ExxonMobil and ConocoPhillips. These firms are often referred to as the "majors' or simply as "Big Oil." 207 208 !': $1 iil {r i. $- :..1 sEcTtoNTHREE INTERNALCournollssuas of oil and gas exploration by employing a rough-andtumble business strategy. Lee recognized that the large domestic oil firms in the U.S. had already identified the prime drilling sites in this country. So, Lee decided that Triton should focus its exploration efforts in other oil-producing countries, particularly in regions of those countries largely overlooked by "Big Oil." During Lee's tenure with Triton, the company launched exploration ventures in Argentina, Australia, Canada, Colombia, France, Indonesia, Malaysia, New Zealand, and Thailand. In the early 1970s, Triton discovered a large oil and gas field in the Gulf of Thailand. Recurring disagreements and confrontations with the Thai government stymied Triton from developing that field for more than l0 years. Lee's experience with the Thai government taught him an important lesson: If Triton's exploration ventures *.re io be successful in foreign countries, the company had to foster good relationships with key governmental officials in those countries. Lee created Triton Indonesia, Inc., a wholly owned subsidiary...
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...Running head: FINANCE ACCOUNTING HUMAN RESOURCE Software Application Tametha Hughes University of Phoenix Software Application and Information Systems Software applications are used by and large in every company worldwide. Software application and information systems have proven to be virtually concise engines for steam lining every day business duties as we know it. The days for using type writers and dictation memo pads are just about out dated. Software is only as good as it is programmed to be. Computers have replaced the humans that have programmed them. While it is much easier in most cases to click a ‘mouse’ than it is to write long or short hand dictation when the computer inevitably breaks down the business world, home businesses etc are at a stand still. This paper will give an overview of software application for Accounting, Human Resource and Finance Management as it relates to the working world today. Finance Management Application System Net suite is the financial system that is most innovative to me and very easy to use. Net suite encompasses all financial management areas. The financial need of the company is more than met with the many functions of this information system. The system supports your inventory/supply chain needs, inventory, shipping, order and billing . There is a recurring revenue management, financial analytics and reporting that makes month end and year end closing just a few clicks to completion...
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