“Father of Accounting” and the “Father of Profitability.” He was the first to describe in detail the double-entry bookkeeping‚ a process that plays an integral role in the development of capitalism as it allows us to calculate profits (Fischer‚ 2000). According to Pacioli‚ the hallmark of a successful business is what he calls the profit motive. This is the notion that successful business men and women must acknowledge and be influenced by the spiritual aspects of their lives. Or more specifically
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IT/205 December 13‚ 2013 Week 6 CheckPoint-Enterprise Systems Enterprise systems are large scale‚ integrated application software that allow for collaboration and communication across an organization. They use the computational‚ data storage‚ and data transmission of information technology. Enterprise systems are used through the collection of data that can be accessed and used by multiple departments within an organization. Enterprise systems increase operational efficiency by providing
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PRINCE2 Question: I am studying E2 at the moment. Under the topic of PRINCE2‚ both the BPP book and the official Learning System state that there are 8 components and 8 processes. However‚ when I studied for the PRINCE2 exam using the official PRINCE2 Manual‚ there should be 7 components and 7 processes. I am wondering if this is a mistake in the BPP book? If there is a question in the exam on PRINCE2‚ shall I answer 7 processes or 8? Response from tutor: 7 will be more than plenty so do not worry
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1. Executive Summary of the Case This case study goes through the evolution of IT governance at Cisco and the related project management. This case is a classic example of the result of a decentralized governance of business units. What happened to CISCO due to the decentralized governance‚ how the business processes were modified to overcome the chaos created by the decentralized governance and how the employees and management reacted to this change in CISCO’s business governance? This case clearly
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Profit Determination Prepared by John Hoggett and Clare Innes Measurement of Profit • Cash basis • Cash income received - Cash expenses paid – Revenues recorded when received – Expenses recorded when paid • Accrual basis • Profit = Income (incl. Revenues) - Expenses – Revenue is recognised when the anticipated inflow of economic benefit can be reliably measured – Expenses when the consumption of benefits can be reliably measured 2 Adjusting Entries • The need for adjusting entries-
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2) Explain why a profit maximizing firm produces the output that equates marginal revenues to marginal costs (MR=MC). In a perfectly competitive market‚ producers are price-takers and consumers are price-takers. There are many producers‚ none having a large market share and the industry produces a standardized product‚ also free entry and exit of the industry. They produce using the optimal output rule: produce where marginal revenue equals marginal cost as Smith (1904) demonstrated. Figure
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GLOBAL ENTERPRISES‚ (GEI) GEI is a long-term military contractor and manufacturer of protective body armor‚ munitions equipment‚ and armored vehicles‚ with annual revenues of $300 billion. GEI employs 140 workers each highly paid union technicians and mechanics‚ members of the Union of Munitions and Armor Workers (UMAW). GEI manufactures protective body flak jackets‚ night vision rifle scopes and armored tank vehicles for the US military. Contrary to international law and treaties
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INCREAS PROFITABILITY OF BRANCH profit center Definition A business unit or department which is treated as a distinct entity enabling revenues and expenses to be determined so that profitability can be measured. Distinctly identifiable department or unit that contributes to the overall financial results of a firm. Where adequate cost accounting systems are in place‚ profit centers are given responsibility to target certain percentages of the total revenue and are given adequate authority
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should take after setting up their winery tour business. It compares the differences between a partnership and a private company. This report will compare initial capital‚ registration‚ liability‚ legal entities‚ management and control‚ taxation‚ profit and the life span of the business. All of these factors should be considered before making a recommendation at the end of the report. “Dan and Nicole are married with two teenage children. Dan has been thinking of starting his own business
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“Auerbach Enterprises uses machine hours as the cost driver to assign overhead costs to the air conditioners. The company has used a company-wide predetermined overhead rate in past years‚ but the new controller‚ Bennie Leon‚ is considering the use of departmental overhead rates beginning with the next year. “(Schneider‚ 2012). One product is affected more than the other by use of departmental rates rather than companywide rate. “Companies can choose to use the accounting job order costing method
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