...Glossary oF Accounting, Finance and Economic Terms Accounting – pages 1‐7 and 8 Finance – page 7 Economics – page 7 ACCOUNTING: http://www.alpineguild.com/glossary_of_important.htm Account ‐‐ a record of financial transactions; usually refers to a specific category or type, such as travel expense account or purchase account. Accountant ‐‐ a person who trained to prepare and maintain financial records. Accounting ‐‐ a system for keeping score in business, using dollars. Accounting period ‐‐ the period of time over which profits are calculated. Normal accounting periods are months, quarters, and years (fiscal or calendar). Accounts payable ‐‐ amounts owed by the company for the goods or services it has purchased from outside suppliers. Accounts receivable ‐‐ amounts owed to the company by its customers. Accrual basis, system, or method ‐‐ an accounting system that records revenues and expenses at the time the transaction occurs, not at the time cash changes hands. If you buy a coat and charge it, the store records or accrues the sale when you walk out with the coat, not when you pay your bill. Cash basis accounting is used by individuals. Accrual basis accounting is used by most businesses. Accrued expenses, accruals ‐‐ an expense which has been incurred but not yet paid for. Salaries are a good example. Employees earn or accrue salaries each hour they work. The salaries continue to accrue until payday when the accrued expense of the salaries is eliminated...
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...PRIVATE FITNESS, LLC Background/Issues and Concern: • Acts of Kate with regards to the theft • Rosemary and Kate are long-time friend • Rosemary wanted to increase her standard of hiring by capitalizing on her reputation and knowledge in the growing fitness field and to have more time to spend with her two young children • Rosemary wants to protect her assets Problem Statement: How should Rosemary address her prolem with regards to the situation with Kate as well as in protecting her assets? Point of View: Rosemary Worth, the owner of the Private Fitness, LLC Objectives: 1. to strengthen the controls of the business 2. to eliminate theft and any other kind of fraud which can harm the entity 3. to operate and earn revenues effectively and efficiently Areas of Consideration: 1. The market of their business 2. The acts of Kate 3. The goal of Rosemary 4. Protection of assets 5. Rosemary’s situation Alternative Courses of Action: 1. Fire Kate and hire one of the remaining instructors as a manager Advantages: • Possible thief will be reduced • Kate can no longer steal from the business Disadvantages: • Chance of Kate of proving that she can change and be a faithful employee would be lost • The new assigned instructor as manager might do the same 2. Fire Kate and hire a new person as a manager other than...
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...Case 15-1: Private Fitness LLC* Private Fitness LLC is a springboard case that can be used as the basis of a discussion of management's need for information. It serves the same purpose for Part 2 of the book that the Kim Fuller case did for Part 1. Approach This case uses a small business as its setting so that students can visualize the business's activities, and so questions of generally accepted accounting principles will be essentially irrelevant. In fact, a shift the student needs to make as he/she begins Part 2 of the book is to think of accounting primarily in terms of its usefulness to a company's management, rather than in terms of reporting to shareholders and other outside parties. Because of the differing focus of Part 1 of the book, particularly the later chapters, some students will forget that they are dealing here with information for an apparently unsophisticated manager to help her run a small business, and not data for a NYSE company. This case is compelling both because students understand the business—fitness-training—and because there is a real problem to discuss. A trusted employee was both stealing cash and, by not recording all sales, diverting some revenues to herself. Discussion of this simple case helps students think about both the records needed to run the business and the challenges managers face in making sure the information put into the records is recorded accurately (i.e., the challenges faced in maintaining an effective internal control...
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...I. Background/Issues and Concern Rosemary Worth was talking about the consequences of a theft that had recently occurred at the business she owned, Private Fitness, LLC. Private Fitness is a small health club located in Rancho Palos Verdes, California, an upscale community located in the Los Angeles Area. As manager of the business, Rosemary hired Kate Hoffman, one of the instructors and a long-time friend. Kate’s primary tasks included marketing, facility upkeep, scheduling of appointments, and record keeping. II. Problem Statement What should be the procedures or controls that Rosemary could use to protect her business’s assets? III. Point of View There is an existing employee fraud in the company done by Kate, who is a long-time friend and at the same time, valuable instructor and marketer. Since this is a serious offense made by Kate, a better control is needed to avoid incidents like these. Another thing is the company is not yet stable when it comes to policies/regulations. Proper segregation or delegation of duties must be done. Only one person is designed to do the recording of revenues and receiving of cash which is Kate. That’s the reason why Kate can have the opportunity to conceal fraud. IV. Objectives Specifically, the objectives of the study are the following: 1. To ensure that revenues are all recorded; 2. To make sure cash and cash in bank be equal to revenue recorded; and 3. To implement a better internal...
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...Case 3 – Private Fitness, Inc. Private Fitness, owned by Rosemary Worth is a very good example to show the consequences of lack of internal control procedures. The two major problems she is facing are: I. Protecting business revenue and assets even without her presence. a. No proper recording of revenues and operating expenditures b. No scheduling system for instructors or employees c. Payroll system doesn’t exist d. Limited funds II. To decide what to do with Kate. Following the Controls or the procedures that are briefly explained as follows can solve the first problem of protecting business revenue and assets even without her presence. 1. Maintenance of carbon copy receipt forms, three parts for: * Client – whether customer will take it or not * Instructor – for evaluation of commission * Office – accounting and book keeping aspect 2. Controlling access to cash by limiting access and using a drop safe and access should not be given to the instructors. 3. Provide computer security by including password protection, limited access, and room security. 4. Rosemary needs to personally supervise daily operation and keep account records or hire an accountant. 5. Eliminating unnecessary office supplies and unused services. The second problem of keeping Kate on staff or not? It can be answered by the following facts. * A valuable Instructor * Marketing efforts of Kate had been proving to be...
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...Case 15-1: Private Fitness LLC* Private Fitness LLC is a springboard case that can be used as the basis of a discussion of management's need for information. It serves the same purpose for Part 2 of the book that the Kim Fuller case did for Part 1. Approach This case uses a small business as its setting so that students can visualize the business's activities, and so questions of generally accepted accounting principles will be essentially irrelevant. In fact, a shift the student needs to make as he/she begins Part 2 of the book is to think of accounting primarily in terms of its usefulness to a company's management, rather than in terms of reporting to shareholders and other outside parties. Because of the differing focus of Part 1 of the book, particularly the later chapters, some students will forget that they are dealing here with information for an apparently unsophisticated manager to help her run a small business, and not data for a NYSE company. This case is compelling both because students understand the business—fitness-training—and because there is a real problem to discuss. A trusted employee was both stealing cash and, by not recording all sales, diverting some revenues to herself. Discussion of this simple case helps students think about both the records needed to run the business and the challenges managers face in making sure the information put into the records is recorded accurately (i.e., the challenges faced in maintaining an effective internal...
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...deserved more commission. When her expectation was not met, she lacked the motivation to handle multiple tasks and turned to an unethical way – stealing money from unrecorded revenue. If a new manager is hired, Kate can be released from administrative work and concentrate on her instructor job. Thus, further money loss can be avoided, and you can still keep the friendship between Kate and you as before. Furthermore, the newly hired manager can take place of the part time clerical employee. He/she is the only one that is responsible for appointment scheduling, record keeping and reports directly to you. Instructors may facilitate in marketing and facility up-keeping. Action Controls As a small newly established fitness business, Private Fitness Inc. offers too many fitness choices to its clients – 10 in total. Some of them are overlapped. It results in some of...
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...CASE STUDY: PRIVATE FITNESS, LLC I-Summary Private Fitness, LLC a private fitness owned by Rosemary Worth, a small health club which is located in Rancho Palos Verdes, California- an upscale community located in Los Angeles area. The services offered by the club were personal fitness training and fitness classes of various types including aerobics, spinning, body sculpting, air boxing, kickboxing, hip hop, step and pump, dynamic stretch, Pilates and yoga. Private Fitness LLC Rate for services offered: Services Offered Rate per hour Personal training client’s $ 50/hr Prime Time (5:30-9:00 am & 4:00-9:00 pm) $ 50/hr Lean Time (9:00 am-4:00pm) $ 35/hr Students $ 12/hr Discounts for prepayments Private Fitness LLC established in the motivation and inspiration of Rosemary Worth as a former finalist in Ms. Fitness USA competition and since she was an aerobics instructor she decided to start her own Private Fitness by using her personal savings plus a bank loan in order to renovate the facility of her club and acquire necessary fitness equipments by spending $150,000. Rosemary herself ran most the spinning classes and some aerobics classes. Also she contracted with five instructors. The instructors were paid on commission which ranged, between 20% and 50% of revenue. She also hired Kate Hoffman, one of the instructors and long-time friend. Kate’s primary task included marketing, facility upkeep, scheduling of appointments and record keeping...
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...The Fit Shop The Fit Shop Ltd. is a brand new firm that will open its doors exactly four months from today. Its business objective is to sell all types of training, fitness, conditioning, and exercise equipment to the general public. The Fit Stop plans to specialize in this equipment and to provide customers with personalized advice geared to a customer's specific training or conditioning needs (e.g. training for a particular sport, rehabilitation from injuries, strengthening of specific muscle groups to deal with back pain, general conditioning and fitness), regardless of the age of the customer. In order to provide high quality advice, each store will employ a physiotherapist (to provide advice on problems such as injuries or chronic back pain) and a person with a bachelor's degree in kinesiology (to provide advice on training for various sports or other physical activities). In fact, a staff member will even sit down with customers and develop a personalized training or conditioning program that meets their own specific objectives and needs at no cost to the customer upon purchase of equipment. The remainder of the staff in the store will consist of a manager, with a Bachelor of Commerce degree, and sales staff, who will have at least a high school diploma. Due to the long opening hours, it is expected that between 8 and 12 salespeople will be needed for each store. Because the stores are located in shopping malls, they will operate on a seven-day-a-week basis...
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...I. Background/Issues and Concern Rosemary Worth was talking about the consequences of a theft that had recently occurred at the business she owned, Private Fitness, LLC. Private Fitness is a small health club located in Rancho Palos Verdes, California, an upscale community located in the Los Angeles Area. As manager of the business, Rosemary hired Kate Hoffman, one of the instructors and a long-time friend. Kate’s primary tasks included marketing, facility upkeep, scheduling of appointments, and record keeping. II. Problem Statement What should be the procedures or controls that Rosemary could use to protect her business’s assets? III. Point of View There is an existing employee fraud in the company done by Kate, who is a long-time friend and at the same time, valuable instructor and marketer. Since this is a serious offense made by Kate, a better control is needed to avoid incidents like these. Another thing is the company is not yet stable when it comes to policies/regulations. Proper segregation or delegation of duties must be done. Only one person is designed to do the recording of revenues and receiving of cash which is Kate. That’s the reason why Kate can have the opportunity to conceal fraud. IV. Objectives Specifically, the objectives of the study are the following: 1. To ensure that revenues are all recorded; 2. To make sure cash and cash in bank be equal to revenue recorded; and 3. To implement a better internal control. ...
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...BUS/475 Strategic Plan Part II: SWOTT Analysis Freshly Squeeze Fit Center Lisa Martinez October 30, 2014 Professor Richard Taylor Table of Contents I: Introduction II: SWOTT Table Analysis II: External Forces: What is an external force? a). Environmental b). Economic c). Social d). Technological IV: Internal Forces: What is an internal force? a). Strategy b). Goals c). Leadership V: Economic and Legal/Regulatory Trends VI: Adapting to Change VII: Supply Chain Operation VIII: Issues and/or Opportunities IX: Conclusion Introduction Freshly Squeeze Fit Center is the alternative fitness studio center that enhances the overall quality of life by integrating holistic remedies such as natural freshly squeeze juices, vitamins and nutrients supplements, nutritionist counseling, meal preparation demo, along with 15-30 minute workouts. Also we specialized in therapeutic treatments to contour the entire body. Our specialized trainers will guide committed clients along the way towards the path of success. As we plan the upcoming opening of our new studio, we are committed to the continuance of personal education in order to excel in achieving long life lasting results for our consumers. Therefore the following SWOTT (Strengths, Weaknesses, Opportunities, Threads, and Trends) analysis is attached, this has helped us recognized our strengths and weaknesses in order to comprehend where the possibilities of opportunities may be as well as potential...
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...Kathmandu, you will certainly meet visitors from all over the worlds. These streets are also known to have the most tours and travel companies. Besides, trekking in Nepal offers you the opportunity of meeting with the locals as they juggle in their daily activities. When to visit Nepal Trekking in Nepal is most appropriate during the dry and warm spells of the year. These seasons occur between the months of March to June and between September and November. The dry and warm season offer conducive temperatures and clear skies. What to expect Once in Nepal, you will find many treks that will offer you opportunities to improve your physical fitness. A few trips along the hills in Nepal will provide you with the opportunity of finding an appropriate trek. If you are physically fit, you will qualify to get accommodation and a guide in Nepal. Your physical fitness is important because at times you will undergo long treks in some of the remotest places of Nepal. It is advisable to have some experience in climbing alpines before you decide to trek the highest summits, which have altitudes of over 5500 meters. Legal requirements Trekking in Nepal requires you to have valid police permits. These permits are provided in accordance with Nepal tourism board. Accommodation Various companies offer accommodation. In case you are unaware of the providers of these services, you should visit Nepal travel agency and they will give you Nepal travel guides to choose the best place to get accommodation....
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...It is not easy to become a corporate company. When entrepreneurs like Rosemary enters the market with limited sources, the very important thing is to create a team. The team members should be professional of their business in accordance with the jobs that they are doing. Rosemary is an instructor and she also hired 5 instructors to run the classes and training sessions. It is very suitable to hire instructors for training. And training is also a field that Rosemary has experience. Apart from them, she hired Kate Hoffman who also has an instructor experience and a close friend of her. Rosemary has given the marketing, facility up keep, scheduling and record keeping responsibilities to her. Although Kate has no experience on those specialized fields, Rosemary also has a limited knowledge about those tasks. It is very dangerous for a manager to give disproportionate responsibilities to the employees. If as a manager or company owner, you are not an expert on the marketing, accounting, human resources and other department’s functions, it is a good idea to hire professionals or receive consultancy. To run a company, it is not only enough to know the technical functionalities. The company should at least have a trustable accountant and cash handler in order to control the money flow. Since Rosemary is not an accountant it is very easy for her to lose the control about the company records. It is very clear that Kate is telling lie to Rosemary and unfortunately she has no records...
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...Mark Cardona Spc1024 Biography Speech Outline Greg Plitt: The Fitness Model Genera Purpose: Is to educate those who does not know about the fitness community and how Greg Plitt life changed after he made his decision to move forward with the community of Modeling. Specific Purpose: Greg Plitt legacy it was to impact those who doubt them self and had no self confidence what's so ever, In fact Greg Plitt his legacy was so big that he influence the world by his presence and word of wisdom about life lessons. I. Introduction A. Opening statement: Greg Plitt is known in the Fitness Industry but Greg has other roles that he played such as a motivational Speaker around the world and a Actor. B. Topic Introduction: Greg Plitt it's a Professional Fitness Model, who dedicate himself to fitness and health and to motivate others who have not found their way. C. Topic Relevance or Importance: Greg Plitt Fame came about after he got out of the military he was in the United State Military Academy and became a Ranger for five years. After that he took on Fitness Modeling and for 5 years straight he broke the record by being on a Fitness Magazine Cover every month! But not only he was a Fitness Model he was also a actor, entrepreneur, and Motivational Speaker. Adding to that he became America 1st Male Fitness Model. D. Thesis: We are going to be talking about how did Geg Plitt grew up with and where, how did he became a model and acting career, what was his achievements...
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...College School of Science and Technology Cardio Kickboxing PHED 1090-08 Term and Year: Fall 2012 Professor: Mona Smith, MEd Office: I 2134 Open Door Times: By mutual agreement of the student and the instructor Professor’s Contacts: msmith11@ggc.edu, or preferably through D2L 678-429-2556 (cell) Prerequisites: None Course Location: F-2104, Aerobics room Meeting Time: Thursday 3:30-4:45 pm Course Description: This course will teach students the proper technique and fundamentals for cardio kickboxing and introduce them to a new form of lifetime aerobic activity, utilizing punches and kicks as well as improving their physical fitness. This course will also address all of the five components of fitness. Required Textbook: No required textbook. Course Format: Each class meeting will follow the format below: ▪ Introduction to basic skills, lecture on various material: 10 minutes ▪ Stretching/Warm-up: 10 minutes ▪ Cardio based activity: 45 minutes ▪ Cool Down/ Stretching: 10 minutes . Grading Scale: A 90 – 100 (Excellent) B 80 – 89 (Good) C 70 – 79 (Fair) D 60 – 69 (Poor) F below 60 (Failure) |Assignment ...
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