...position with AMETEK Aerospace & Defense. I continued my schooling at night with Northeastern University, taking 18 credits per quarter, while working full time during the day for AMETEK, as I needed the income to pay for my tuition. Even though being a full-time student and employee is very demanding I was always determined to succeed. I have never been one to shy away from challenges, as I believe mental prowess, determination, and perseverance are the keys to success. During this time I was able to maintain a GPA of 3.944 and moved from a Co-Op position into a Design Engineer position and before graduating Summa Cum Laude I already saw Graduate school on the horizon. Working with AMETEK in their Sensors and Fluid Management Systems business unit I was introduced to many technologies where I was constantly growing and learning new things while building the underlying...
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...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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...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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...current taxation system-Australian Taxation Office- has its roots in the Land Tax Act 1910. TASA 2009 was enacted on 1st March 2010 and it governs the behavior and business dealings of al bookkeepers, tax agents, and BAS agents. Activity 2 Determining which GST code should be allocated to a transaction Activity 4 GST Legislation: it refers to an act that plays a significant role in creating provision for the imposition and collection of goods and services tax as well as other matters connected therewith. Any businesses in Australia with a turnover higher than the minimum threshold (75,000 dollars per annum) are required to register for GST; however, it is not a must for businesses with a lower threshold than the minimum to do so. Australian Business Number (ABN): ABN refers to a unique number that has 11 digits that businesspersons utilize when dealing with other businesspersons; applying for ANB is free. One may apply for an ABN or rather access and update his or her details online A bookkeeper can consult an accountant on insurance issues; help set up both bookkeeping and account systems in order to facilitate the evaluation of profitability and modification of prices. They can further help you in tax planning and compliance. Planning help you reduce the overall burden whereas compliance helps you obey and adhere to business-related laws. Activity 8 It is appropriate to reconcile all amounts withheld from wages, salaries, and other payments in order to ensure agreement of all financial...
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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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...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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...Engineering is a process of formulas and theories, while management is a process of practically applying theories, both working towards a greater end. As a mechanical engineering graduate, a career choice in engineering management and consulting allows me to satisfy my personal passion for engineering, while being a part of something bigger than myself. I am applying for admission to MSc program in engineering business management because I want a career in the field of servicing, consultancy and marketing. My undergraduate studies in Mechanical Engineering at University College London have given me a strong foundation of analytical skills, since the variety of courses I took, such as applied mechanics and stress analysis, involves a lot of complex and intricate calculations and the application of physics and mathematical skills. These skills and theories were put into practice in my final year project, which involved designing and creating a working three-dimensional simulation of the dynamic and static behaviour of a cricket bat when subjected to applied force. This virtual simulation was then evaluated by comparing it with a real life prototype. The results indicated that computer simulation can be very useful for testing and developing innovative designs without wasting vital resources, like time, money and manpower, which is an important managerial responsibility. These results symbolise how better engineering translates into better management and vice versa. Only through...
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...STRATEGIC POSITION _ THE IMPACTS ON ITS MANUFACTURING TECHNOLOGY AND MANAGEMENT PRACTICES the advancement in the technological sector has led to the discovery of alternative cheaper and faster ways of manufacturing, such discovery has inspired daimler over the past years and has also led to its success. modern manufacturing technology practiced by Daimler include the used of production plan of a prototype technology which is approved by a function of the group and later processed for inspection then improvement are subsequently implicated for the MSD (Mercedes Benz Development System) phase. All vehicle manufacturing plant are equipped with automated robotic systems which is used in the lean production of all its automobiles. the production method utilizes CIM (computer integrated manufacturing) this system exploits all computer related information by the means of IDS ( integrated database systems) and combines its into a single database thereafter the computer controls the reboots for some part of the machining processes and paint job, thus saving cost on health related circumstances of physical labour. other systems used include the CAD computer aided design which assist engineers in the design aspect of manufacturing. MPM (management process manufacturing) is popular at Daimler, is gathers the methods and technologies used in the manufacturing thus assisting the management accounting department with reducing work in progress. _ EXPLAIN WHAT IS MEANT BY STRATEGIC POSITIONING...
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...Choosing a degree in Economics is a result of my interest in knowing why economies are they way they are and how capital markets operate. Studying economics at A level further strengthens my will to go further in the subject. Coming from a fast developing country, Nigeria. My interests tend to lean towards macroeconomics and learning how an economy can be driven forward. With the knowledge gained from an economics degree, I intend to someday be a part of the process of driving the Nigerian economy forward. In terms of career paths I intend on entering the commercial world and being a part of a fast growing sector of our economy, such as banking. I would eventually like to run a business of my own. The other subjects I am studying at A Level provide a good grounding in skills and knowledge for this course. The knowledge gained in geography has sharpened my analytical skills as I have learnt to gather and evaluate data. This will be very important for my research skills. Politics is valuable as it helps me look at issues from different angles, improved my essay writing and most importantly, keeps me on top with contemporary world issues and offers insight into how/why political choices are made by governments around the world. My interest in the subject goes beyond the classroom, as I have recently become an avid reader of the economist and financial times. I also read the famous ‘the undercover economist’ which raises questions such as why the gap between rich and poor countries...
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...Target was built in 1962 in Roseville Minnesota. It was establish by a man name George Dayton. Dayton own serval different companies in Minneapolis, one of the companies were called “Dry Good”. He decided to call one of those companies Target. His philosophy for Target was to have a symbol of a bull’s eye. What is the Mission Statement of Target? The mission Statement of Target “Our missions is to take Target the preferred shopping destination for our guest by delivering outstanding values and continuous innovation and exceptional guest experience”. Target Corporate Mission Statement they want to see vision, and values and history and founder headquarter. Target is a company that focuses it leader and employees an fulfilling the promise of...
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...To what extent do you agree with the statement that 'e-business is much more than a strategic initiative'? I find particularly interesting Johnsons and Whang’s (2002, p. 413) statement that “nothing has rocked the young field of the supply chain management like the emergence of the Internet”. It indeed rocked, by lowering costs, minimizing the response time, creating new business models, improving logistics abilities and overall improving the service offered to the customer. Gribbins et al. (n.d.) analyzed in their paper how e-business impacted P & G, a major player in the consumer goods industry. From P & G’s e-business and internet “embrace” we can clearly see the impact and results this strategic initiative has on an organization. A few examples of what they have developed: 1. E-stores (e-commerce) platforms, where customers can do purchases online; this approach have brought the organization direct contact with the customer and a global reach and expansion; 2. Supply Chain Information Collection Initiatives which, by sharing effectively information, efficiency is increased, inventory management is kept under control, hence costs are reduced; 3. Transora online B2B procurement e-stores which reduces the customer’s ordering time and purchasing costs and provided a good flow of inventory management, which makes a close to perfection integrated supply chain for all parties involved; 4. Web-based knowledge data bases, to help reduce product development time by creating...
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...In recent times, with the development of Information Communication Technology (ICT), firms are incorporating internet technology in their business processes with the aim of achieving competitive advantage. This has resulted in e-business playing a major role in today’s business with investors, entrepreneurs, executives etc embracing it. E-business is explained as performing business on the internet. This therefore means that e-business does not just involve buying and selling but also serving customers and working together with business partners towards achieving its objectives. IBM considers e-business: ... the use of internet technologies to improve and transform key business processes. With the adoption of e-business, more value can be created by the way in which business is transacted in an organization. For example, businesses transacted over the internet or in any highly networked environment results in a reduced transaction costs as compared to a traditional set up or market. In this context, transaction cost include; the time spent by managers and employees searching for customers and suppliers, communicating with other players in the industry as well as other companies regarding transaction details. … the costs of travel, physical space for meetings, and processing paper documents,’ as well as the costs of production and inventory management (Lucking Reiley and Spulber, 2001). E-businesses also boost transaction efficiency by facilitating quicker and more informed...
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