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Behavioral issues of standard costing include planning and operational variances which further includes materials, sales, and labor variances. Planning and operational variances mean when plans or standards of a budget are normally depending on the expected environment where targets are decided. But in reality, the environment is not the same.
Balance Scorecard and Strategy Map of TESCO. Kaplan and Norton formulated the balanced scorecard strategy and the strategy map in the 1990s. Since then many businesses have implemented this strategy and management tool and have witnessed success. This report tries to look into the ways in which Tesco Plc has implemented this method in the day to day business and the management decision making process.
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Financial markets are vital for any economy. They channel the funds from firms, households, and governments for which they have surplus funds to those who have a shortage of funds as they spend more than their level of income. Primarily governments, corporations, households, and foreigners have excess funds with them and hence they lend them.
The gifts made to Bobby and Carla both accrued gift tax liability. Since Allie’s gift was valued less than $14,000, it did not accrue any taxes. Carla and Bobby’s gifts accrued a tax liability of $10,000. On a personal opinion, Steven could have minimized or eliminated this gift tax liability by considering, giving the gift as joint property with his wife.
Reckitt Benckiser group also provides sound return on capital to its shareholders at the rate of 17%. Also, it has good management of its operating activities, with creditors being paid off in 36 days and debtors complying with their requirements within 48 days.
During the analysis of the lessee’s financial position, it is evident that many users tend to want to capitalize operating leases through adjustments made to the reported financial information. The funny bit about such adjustments is that they can be based on the annual expenses of operating leases.
0,000) (7,000,000) (7,000,000) Profit/(Loss) (7,100,000) (5,900,000) (4,950,000) Comment: The proposed lens product will fall short of the required target income margin of 12% since research and development costs which are variable costs continues to be provided at $ 8,000,000 from year one to year 3.
List of Assumptions along with Financial Calculations
Given below is the proposal / break-even analysis of a new product to be introduced to the market. The product is a herbal shampoo prepared from natural herbs to protect, nourish and nurture the scalp and make hair healthy, thick and lustrous Based on the market research and demand analysis, the financial figures associated with the project are given below Scientific research for the development of new hair care product is exceptionally costly and it can be difficult to manage for smaller companies.
After judging these fine details, it is advisable to evaluate the business environment of the country in which the organization is planning to operate. The various variables that need to be scanned are social, economic, demographic, governmental, technological, and cultural. Organizations can choose to conduct environmental scanning.
In most organizations that have the best of technology and the most efficient systems in place, managers often fail to achieve their planned targets primarily because they are naive on the behavioural management aspect of their job role.
The main reason I am writing this memo to the board, is to offer a detailed explanation as to why I had to resign from the company as the Financial Accountant. The reasons I will spell out in this memo range from professional and personal reasons. However, the actual reasons stems from the fact that I had noted on the group accounts that there were no provision for the mis-selling of financial products and my quest in seeking further information regarding this before finalizing the accounts was frustrated by the Finance Director, Mr.
Here the company will raise the entire £40 million from the debt market. Using debt to run a business has both advantages and disadvantages. Debt is a low-cost capital. Using debt the company does not have to pay tax on it. Hence the company will have to pay less tax overall. Using debt the earnings per share of the company fluctuates more than using only equity as the source of capital.
In the contemporary period, process costing is one successfully adopted accounting methodology in organizations. Organizations use process costing for effective cost calculation, especially at times when other costing models (job costing or activity-based costing) are futile and do not produce desired outcomes.
The company is targeting to sell its products to lower and middle-income individuals. The monthly sales growth of toothbrushes and toothpaste is expected to grow at sales of £100 and £300 respectively for the first year. The company expects its low-priced products to attract consumers to save income.
Mandatory auditor rotation is the act of compelling all financial organizations to adopt and engage a different auditor each financial year to avoid the preference of a single auditor. Often, the management prefers to hire the same auditors every year to ensure that they are able to manipulate them to provide audit results that conform to the will of the management (Chung 2004, p. 8).
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The users of the financial statement of the SMEs are also benefitted from this since the information provided can be compared with the international standards as the SMEs are also seen to deal with the venture capital firms, credit rating agencies, customers, suppliers, financial institutions, and investors who are operating outside the home countries of the SMEs.
The Certified Public Accountants firms have managers and audit partners who review the work of the staff auditors. Furthermore, the audits of the public companies and other engagements are checked by independent audit partners, who provide the second review of the information, before the audit opinion is finally released.
As a part of socially responsible behaviour, companies are mandatorily required to make environmental disclosures. These include all kinds of revelation concerning the company and its interaction with its environment. This includes energy consumptions, the natural environment, human and community involvement and product safety standards.
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The company is one of the giants in the mobile and communications industry. Apple Inc. has shown considerable stability over the years of financial downturn. The company has held up strongly even in highly volatile markets. Also, the company has an enviable customer base that is extremely loyal to the iOS platform.
Accounting Theory This report presents a review and discussion related to the different theoretical concepts of accounting in the practical world. The areas discussed in the report include arguments related to the free market perspective with respect to the regulation of accounting and their validity after the recent financial crisis, difference between the assumptions underlying the capital market research and behavioural research and main criticisms of Positive Accounting Theory.
Introduction Business reputation is a very important aspect in today’s competitive world. Some of the most successful businesses are the ones that have been able to uphold their first impression, the impression that made it stand out among others. The reputation of any business is enhanced by many factors, among which include communication and a sound crisis management (Abratt, 1989).
Fraud is a term that is generally used to refer to acts of deceit with regard to economic crimes involving money transactions. Fraud is perpetrated by individuals who plot schemes that resemble genuine transactions, but end up being fake or fraudulent transactions with those targeted by fraudsters ending up being the victims of an elaborate con-game.
This helps the organization in ensuring the financial reporting procedure is within the established regulations and the accounting ethics practices (TJX.com, 1). In addition, it helps the senior management and audit committee in ensuring there is efficient, adequate and effective internal control systems in the company.
The global workforce of the firm is composed of 8,000 workers. The firm was founded in Ted Waitt in 1985. The chairman and chief executive officer of the organization is Stan Stih. The purpose of this paper is to analyze the financial performance of Acer Group during fiscal year 2012.
The author states that the auditors provide guidance to the owners as well as investors for assisting them in their decision making procedure. The appropriate use of financial statements needs a proper understanding of the responsibilities of auditors. It is essential to maintain authenticity and reliability for avoiding fraudulent actions.
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The last business strategic theme of the company emphasizes strategic initiatives, which are linked to the differentiation strategic corporate option in use by the company. What the strategic initiatives require from the company is a paradigm shift from most of the traditional ways and means through which business is run on a corporate level.
Based on this research, the family does not have enough liquidity to finance all this because it has only a balance of $ 5,800. They are almost running out of cash at the moment. The adjustments required would be to take a credit card with a higher limit of over $100,000. The credit card offer is too low for the family based on all the needs that the family requires.
Where there is a need to sign, some employees may forge a signature to cover for someone else in absentia and still no follow up is done because of the trust in the organization. Another aspect is that any incidence of fraud is accompanied by very stringent measures to conceal the evidence; the chances of establishing the truth are minimal.
Managerial accounting is the identification, collection, classification, and reporting of financial and non-financial information, which is useful to internal users in planning, controlling and decision making (Rich and Jones 667). Managerial accounting is a vital function of an organization. It aids in planning for the future.
A company listed on the bourses can raise its finance through both equity and debt financing but an unlisted company can raise its finances only through debt financing as its main source. Since all companies can raise money through debt financing, it is considered the main source of finance for a company of any size.
The growth of any business internally can encounter high risk in this dynamic world of business. Thus there is always a need for acquiring existing business entrepreneurs. The strategy is less risky and it eradicates the problems that are encountered if the business is going to get started from scratch.
The GCC central bank will need a single and indivisible monetary as well as an exchange rate policy. With this principle of indivisibility, a monetary union is more than just a specific tight exchange rate arrangement and mere coordination of national monetary policies that will not sustain a single currency.
Ratio analysis can be used to detect such weaknesses and make suggestions on how to rectify them. Ratio analysis is also used in planning, using a company’s limited resources it may be possible for the company to lay down a road map of its future performance by way of setting targets based on ratios.
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This paper aims at examining the impact of the global financial crisis of 2007-2009 on the countries in the Gulf Areas, universally referred to as the Gulf Cooperation Council (GCC). The essay will mostly be based on the economic situation of Qatar, one of the countries in the Gulf area, as an example of how the last global financial crisis affected the countries; economy.
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The is also no doubt about the importance of sufficient management of finance in such organizations. Large manufacturing and supply chain companies require drivers of value like requirements development, demand management, purchase volume aggregation, management of financial information, and the management of finance, amongst others.
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Adoption of the single currency in GCC countries can achieve the creation of economic bloc for the benefit of all the GCC member countries. Establishing central bank by GCC is necessary for this purpose. Convergence of monetary, fiscal and structural policies of the member nations is a prerequisite for achieving this objective.
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During 1980, the Union Law issued the ‘Monetary System and Organization of Banking’ which provides the authority of banking and monetary system to the Central Bank. Central bank started its function in 1980 with the objective of regulating credit, monetary and banking policy and to supervise over the implementation of these policies in gulf countries Board of directors of the Central bank have reorganized the structure of the bank which is now having five branches with seven departments and seven divisions, seven units and a risk bureau.
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Following the footsteps of the Great Depression of 1923, it was termed The Great Recession due to the magnitude of the economic disruption caused by it. Our analysis relates to the determinable impacts of the GFC on the middle-eastern financial markets with a specific focus on the financial markets of Qatar and other Gulf Cooperation Council members.
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This research paper includes an in-depth study of various inter-related topics which gives a good understanding of the globally connected financial industry. It explains various aspects of the financial industry and their resulting consequences. To start with, the role of credit rating agencies in the 2007-08 global financial crises has been discussed in detail.
The high costs stock items will be received last and issued first. This will reduce the cost of closing stock. Consequently, the cost of the issue will be increased and the profit will be decreased. If the LIFO method is used over the lifetime of the business where the costs of raw materials are expected to rapidly increase, it will have minimal effect.
Tax authorities want to determine the extent to which filed tax returns are credible (Webster, 2004). Creditors want to determine an organization’s creditworthiness. They give credit according to their customer’s level of financial health. Customers use financial information to assess the financial position of a company and its ability to supply goods or services stably for a long period.
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The audit committee must consider the skills of the auditor before providing non-audit services and related fees relative to the audit fee. In this case, the safeguards should ensure that external auditors do not make managerial decisions for the firm, create mutual interest and performance a role of advocacy on behalf of the client firm.
Types of capital control include exchange controls that prevent or limit the buying and selling of national currency at the market rate, caps on the allowed volume for the international sale or purchase of various financial assets, transaction taxes such as the proposed Tobin tax, minimum stay requirements, requirements for mandatory approval.
It is providing, retail, commercial and investment banking services to its customers. Barclays have an extensive network of branches and ATM machines so that they can cover a large area of customer market. Barclays also offer some personal banking services.
Insurance companies judge their customers based on the variety of risks they have. Insurance companies always try to take adequate money as insurance premiums what they have to pay out to the insured party under the insurance policies that have issued by the insurance company.
Over the past couple of decades, the number of companies preparing CSR in their reporting has been growing rapidly. There are a couple of key reasons behind the reporting. Some of the companies prepare the reports to meet their stakeholders’ needs (Moir, 2001). Other key reasons behind the reporting are legislative purposes, as well as, developing the brand names.
Attaining the goals set for a business is a priority of every entrepreneur, and various methods and managerial techniques are being quoted by experts as to how an entrepreneur can ensure the attainment of his or her business objectives. Budgeting is a widely preferred tool of managers managing business operations whether for small, medium, or large corporate entities.
There is a separation between management and ownership in TCS. Founder of Tata group was J.R.D Tata and owner is Ratan Tata. In the Board of Directors, Cyrus Mistry is the chairman and N Chandrasekaran is CEO and MD of Tata Consultancy Services.
The policies should be such formed so as to affirm the independence of the auditors with the client and that the auditors are not influenced by the client. The policies followed should denote the independence of auditors regarding audit procedures and opinion and the client shall not be able to influence the opinion of the auditor.
The main source of revenue for these colleges as Townsley (2009) says is tuition fee charged on the students and therefore the more students enrol, the more the college will get revenues. As a result, the main issue here was to increase students’ enrolment.