strategies that will entice customers to avail the services they are giving. Computerized Sales and Inventory System will greatly benefit our client‚ Co Tiong Bon Grocery Store as to improve their casual way of ordering‚ selling and inventory management of their products. This system will help them uplift their business and make them competitive to the latest trend of technology when it comes to business. 1-1 1.2 Statement of the Problem 1.2.1 General Problem After tedious
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1. Is there any evidence that management’s bonuses caused it to enter into any transactions‚ especially at year-end‚ that may not have been in the shareholder’s interest? I first need to understand the way managements bonuses are calculated. Per the notes‚ at the end of the year‚ Microline’s executives share equally in a bonus‚ which is equal to 25% of the dollar amount by which the corporation’s net income exceeds 10% of the shareholder’s equity dollar amount at the beginning of the year. To determine
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Week Five Individual Assignment Jonathan Scott ACC/561 7-A1) Preparing a Master Budget You are the new manager of the Betterbuy Electronics store in the Mall of America. Top management of Betterbuy Electronics is convinced that management training should include the active participation of store managers in the budgeting process. You have been asked to prepare a complete master budget for your store for June‚ July‚ and August. All accounting is done centrally so you have no expert help
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records‚ and methods that collect and process data from transactions and events‚ organize them in useful forms‚ and communicate results to decision makers Accounts payable ledger Subsidiary ledger listing individual creditor (supplier) accounts Accounts receivable ledger Subsidiary ledger listing individual customer accounts. Batch processing Accumulating source documents for a period of time and then processing them all at once such as once a day‚ week‚ or month. Cash disbursements
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Budgets These are used by management as a guide to planning‚ control and decision-making. • So we can see when commitments are due so the business can make payments on time‚ maintaining a good reputation and being able to obtain credit • To show when the business has excess funds which should be invested to earn interest in either the short-term money market‚ in a fixed term deposit‚ in government stock or in an investment account (rather than a cheque account) • To control by comparing
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prospective client is received‚ as required by auditing standards‚ they should consult with the predecessor auditors. The accounting firm should inquire if they were any disagreements about accounting principles‚ concerns about the integrity of management‚ or any other significant concerns about the client. These questions should also be asked of other third parties such as the firm’s bankers‚ creditors‚ lawyers‚ or any other third party that may have information about the integrity of the client
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Assess the strengths and weakness of the company Horniman Horticulture. Over the past years‚ Horniman Horticulture ran very well under the control of Bob and with the overseen of its finance by Maggie. Firstly‚ no debt happened through the management. Secondly‚ their equity capital kept increasing which resulted from the revenue was $788‚500 in 2002‚ however‚ it was $1‚048‚800 in 2005 with the revenue increased by 15.5% based on 2004. It is obviously that the business had a overall prospect. Finally
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Week 7 16-1 Cash Management Williams & Sons last year reported sales of $10 million and an inventory turnover ratio of 2. The company is now adopting a new inventory system. If the new system is able to reduce the firm’s inventory level and increase the firm’s inventory turnover ratio to 5 while maintaining the same level of sales‚ how much cash will be freed up? Inventory = Sales / inventory turnover ratio =10 mil/2 = 5 mil Inventory = Sales / inventory turnover
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WORKING CAPITAL STRATEGIES Working capital measures the availability of liquid assets that are needed to run the day to day activities. Proper management of this working capital is a key element to business success and a number one way to prevent business failure. Businesses can maintain a better position in paying their short term debts and also to fund the operational needs of the organization through different working capital strategies. Indeed‚ making working capital works for the
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RECOMMENDATIONS FOR IMPROVEMENTS TO THE ACCOUNTS PAYABLE DEPARTMENT AT COOKRIDGE CARPETS LTD An example of a competent submission for a previous scenario INDEX 1 2 3 4 5 6 7 8 9 10 Terms of Reference Executive Summary Methodology Introduction Structure and purpose of the Accounts Payable Function Current Accounts Payable system Weaknesses and improvements to the current Accounts Payable system Recommendations and Cost Benefit analysis Appendices Mapping to the assessment criteria 1
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