McDonald’s success‚ founder Ray Kroc used to say‚ "We take the hamburger business more seriously than anyone else." Kroc was a perfectionist. From the day he opened his first restaurant‚ he vowed to give his customers high quality products‚ served quickly --and with a smile‚ in a clean and pleasant environment‚ and all at a fair price. Quality‚ Service‚ Cleanliness and Value (QSC&V) became the philosophy that drove McDonald’s business. McDonald’s Quality Management instills the culture of quality
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two different types of sources of finance: internal (capital from inside the business) and external (capital from outside the business). New businesses starting up need money to spend in long-term assets such as premises and equipment. They also need cash to pay for materials‚ pay wages‚ and to pay the day-today- bills such as water and electricity. In-experienced entrepreneurs often underestimate the capital needed for the everyday running of the business; this is the reason many businesses fail due
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Chapter 5: Internal Control over Financial Reporting 1. Internal control is a process designed to guarantee the achievement of the objectives of reliable financial reporting‚ compliance with laws and regulations and ineffective and inefficient operations. FALSE 2. Auditing standards require that the auditor exercise professional judgment and maintain professional skepticism throughout the planning and performance of the audit. TRUE 3. If internal controls are not enforced they are useless
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in 119 countries. Headquartered in the United States‚ the company began in 1940 as a barbecue restaurant operated by Richard and Maurice McDonald; in 1948 they reorganized their business as a hamburger stand using production line principles. Businessman Ray Kroc joined the company as a franchise agent in 1955. He subsequently purchased the chain from the McDonald brothers and oversaw its worldwide growth. A McDonald’s restaurant is operated by either a franchisee‚ an affiliate‚ or the corporation
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Task Investigation Essay on Internal Control Submit your completed Task to your teacher at the first lesson of Term 3 The Scenario Kay Slater‚ an experienced surfie and owner of Surfies and Boardies‚ has employed nine staff in her business to make and sell surf boards‚ and surfing equipment and assist with administration. She has employed her staff as follows: * Five of the employees work in the factory where valuable equipment is stored and used. Of these‚ one is responsible for the inventory
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8 Internal Trade 8.1 Introduction In the lesson on trade you have already been made familiar with the distinction between internal and external trade i.e. between home trade and foreign trade. You will recall that internal trade consists of exchange of goods and services between people living within the same country. In this lesson you will learn about internal trade in detail. 8.2 Objectives After studying this lesson you will be able to • • • • • • • • recall the meaning of Internal Trade; explain
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Introduction Loyalty Scheme Case Study - McDonald’s Posted by on Wednesday‚ May 30‚ 2012 Under: Case Studies McDonald’s uses a combination of marketing strategies to build loyalty and promote their products. They offer coffee loyalty cards and student discounts. The student offers are divided into two; those that use NUS Extra Card and those that present valid student ID. Many companies also use the NUS Extra card to offer discounts to fulltime‚ part-time and distance learning students. Coffee
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Steps Process The Ten Steps process is the approach for assessing‚ improving‚ and creating information 1 Define Business Need and Approach 2 Analyze Information Environment 3 Assess Data Quality and data quality. The steps are shown in the figure and described in the box. 5 Identify Root Causes 6 Develop Improvement Plans 4 Assess Business Impact 7 Prevent Future Data Errors 9 Implement Controls 8 Correct Current Data Errors 10 Communicate
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Internal Controls Internal controls are all the procedures and measures companies put in place in order to achieve two specific goals related to accounting (Kieso‚ Kimmel‚ & Weygandt‚ 2011). The first goal is the protection against loss of assets from various sources such as theft or accounting error (Kieso‚ Kimmel‚ & Weygandt‚ 2011). Companies‚ clients and shareholders must have assurance that there is suitable control over all business assets like inventory and bank accounts all the
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McDonalds is one of the world’s most well-known fast food restaurants. It is the world’s leading food service with more than 30 thousand restaurants‚ throughout the world‚ serving 46 million customers each day. McDonalds tries to display their trustworthiness to consumers through their commercials. For example‚ the videos Grandmother and Granddaughter‚ New Dad‚ and ChaCha slide show how McDonalds commercials attract viewers and identifies McDonalds as a “trustworthy friend”. McDonalds has developed
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