...Lemonade Stand Account Summary Report Olivia Amosun BUS 599 Introduction to Quantitative Principles October 13, 2014 Instructor Kurt Diesch The following report states the operating activities of the Lemonade Stand during season one. The journal, income statement and balance sheet will express the flow of funds in expenses and income including any gains or loss during the accounting period. Exhibit 1.1 Journal First Season |Date |Description |Debit | |Credits | | | |Account |Amount | |Account |Amount | |1 |Partnership |Cash | 40.00 | |Equity | 40.00 | |1 |2 pitchers, 2 spoons |Equipment | 11.50 | |Acct. Payable | 11.50 | |1 |Purchase supplies |Inventory | 7.50 | |Acct. Payable | 7.50 | |1 |Sold 23 @ 0.5 |Cash | 11.50 | |Revenue | 11.50 | |1 |Supplies used |Expenses | 6.96 | |Inventory | 6.96 | |2 |Purchase supplies |Inventory | 11.50 | |Acct. Payable | 11.50 | |2 |Supplies used |Expenses | 5.21 | |Inventory...
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...CASE STUDIES in CS 17 Mr. Eldimario O. Antiquina, CPA, MBA Professor Ms. Crismarjoe Dara L. Vasay Student 1. Breezy Company EXECUTIVE SUMMARY The sales manager of Breezy Company, John Breezy moved to Alaska so Chuck Breezy, President of Breezy Company hired a young college graduate to fill the position. Trying to keep sales level up, Chuck established a reward incentive based on net sales. Bob Sellmore as the new sales manager was eager to set his career in motion and decided he would attempt to increase the sales levels. He recruited new customers while keeping the old clientele. For one year, Bob had proved himself to Chuck, who decided to introduce an advertising program to further increase sales which brought in orders from a number of new customers, many of whom Breezy had never done business with before. With the influx of orders from new customers, Chuck became excited that he instructed Jane Breezy, the finance manager to raise the initial credit limit for new customers that induce them to purchase more. As the finance manager, Jane performs credit checks. At first, Jane really sees to it that credits are approved on the basis of past behavior to those customers who she had been familiar. When there are new customers, she usually approved low credit at first but increases it after the customer exhibited reliability. But Chuck felt that this policy is restricting a further increase on sales that he decided to increase credit limits even to new customers...
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...What is Annual Report? An annual report is a comprehensive report on a company's activities throughout the preceding year. Annual reports are intended to give shareholders and other interested people information about the company's activities and financial performance. The annual report is a report issued to a company's shareholders, creditors, and regulatory organizations following the end of its fiscal year. The report typically contains at least an income statement, balance sheet, statement of cash flows, and accompanying footnotes. It may also contain management comments, an audit report, and various supporting schedules that may be required by regulatory organizations. In addition to the auditor's report, an annual report commonly includes management's review of the operations of the firm and its future prospects, balance sheet, income statement (profit and loss account), cash flow statement, and other supporting documents also called annual accounts. Annual Report and Accounts - Contents – Chairmen’s statement – Directors’ report – Operating and financial review – Review of operations – Statement of corporate governance – Auditors report – Statement of directors’ responsibilities – Shareholder information – Highlights – Historical summary – Shareholder analysis Balance sheet • A balance sheet is a statement of the resources owned and controlled by a business at a single point in time. • It gives a snapshot of assets, liabilities and capital at a point...
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...Executive Summary The purpose of an executive summary is to summarize a report. Executive summaries are written for executives who most likely do not have time to read the complete document. Therefore, the executive summary must cover the major points and be detailed enough to mirror the content yet concise enough for an executive to understand the substance without reading the entire report. An executive summary differs from an abstract. Readers use an abstract to decide whether to read the complete document. They read an executive summary to obtain information without having to read the report in full. The executive summary should be written as a document that can stand on its own and is usually written on one or two pages, depending on the length of the report. It restates the purpose of the report and describes any results, conclusions, or recommendations made in the report so that the reader understands the reasons for the conclusion or recommendations. Acronyms, symbols, and abbreviations must be written out. Tables and figures in the report should not be referred to by number in the executive summary. The audience for an executive summary is receptive to the message, so the writer should assume that the audience wants to know and understand the message. It is written in a formal tone using an impersonal style and eliminating first person pronouns (I, we, our, etc.). Use the following guidelines when writing an executive summary: • • • • • State clearly the purpose of the...
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...accrual for an estimate of unrecorded liabilities in account 2162030 (Accrued Other Accounts Payable) in profit center US09999G. Twice a year (Q1 & Q3), the estimated accrual for unrecorded liabilities is reviewed to determine the adjustment needed. If the calculated adjustment results in less than a $xx million change, the segment accounting team will use judgment to determine whether an adjustment to the GL balance will be made in that quarter. If the calculated adjustment results in greater than a $10 million change, the segment accounting team will use judgment determine the dollar amount of the adjustment to be made. Beginning with Q3 FY14, the review is completed in the first month of the quarter instead of the second month of the quarter as had been previously done. The estimate for unrecorded liabilities is determined utilizing the report RB0250_US “Invoice Accrual Report.” This report displays, for a given period and restrictions, the amount of invoices that are posted to the general ledger in a period subsequent to the date of the invoice (i.e. in SAP, the document date (which represents invoice date) is in a period prior to the posting date.) Prior to Q3 FY13, the estimated accrual was based on a six month history of the “Invoice Accrual Report” and was calculated on the previous two quarters. Beginning in Q3 FY13, the estimated accrual was based on a trailing 12 month history of the “Invoice Accrual Report.” In Q1 of each fiscal year, the assumptions used...
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...1. Accounting is an information and measurement system that identifies, records, and communicates relevant, reliable, and comparable information about an organization's business activities. True False 2. Managerial accounting is the area of accounting that provides internal reports to assist the decision making needs of internal users. True False 3. The primary objective of financial accounting is to provide general purpose financial statements to help external users analyze and interpret an organization's activities. True False 4. The area of accounting aimed at serving the decision making needs of internal users is: Financial accounting. Managerial accounting. External auditing. SEC reporting. Bookkeeping. 5. External users of accounting information include all of the following except: Shareholders. Customers. Purchasing managers. Government regulators. Creditors. 6. Social responsibility: Is a concern for the impact of our actions on society. Is a code that helps in dealing with confidential information. Is required by the SEC. Requires that all businesses conduct social audits. Is limited to large companies. 7. A corporation: Is a business legally separate from its owners. Is controlled by the FASB. Has shareholders who have unlimited liability for the acts of the corporation. Is the same as a limited liability partnership. Is not subject to double taxation ...
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...HINDUSTAN/SAMBHAR SALTS LIMITED JOB PROFILE POST NAME: GM (WORKS) POSITION TITLE REPORT TO: FUNCTION LOCATION JOB SUMMARY: TOUCHPOINTS : : : : GM(WORKS) CMD TECHNICAL SSL EXTERNAL -CLIENTS # 1 REPORTED BY AGM,DGM,CM, SR. MGR, MGR,AM,SUPERVISOR DATE: 11.04.2014 VERSION: 1.0 APPROVED BY: CMD AS BUSINESS HEAD FOR SSL UNIT. INTERNAL GM-W,SSL,DIVISIONAL HEAD AT SSL, GM-COMM.,HO,CMD AREAS OF RESPONSIBILITIES ROLE ROLES & RESPONSIBILITIES 2 3 4 5 6 BEHAVIOURAL COMPETENCIES PRODUCTION DRIVER DIRECT AND COORDINATE ACTIVITIES OF BUSINESS OR DEPARTMENT CONCERNED WITH PRODUCTION ,PRICING, SALES, AND /OR DISTRIBUTION OF PRODUCTS. MANAGE STAFF , PREPARING WORK SCHEDULE AND ASSIGNING SPECIFIC DUTIES. ESTABLISH AND IMPLEMENT DEPARTMENTAL POLICIES, GOALS, OBJECTIVE, AND PROCEDURES, CONFERRING ORGANISATION OFFICIALS. PRODUCTION OF SALT AS PER PRODUCTION SCHEDULE, ACHIEVE MAX EFFICIENCY OF THE PLANT, COST OPTIMIZATION, MAINTENANCE OF PLANT EQUIPMENT CO-ORDINATION WITH TECHNICAL TEAM DRIVER CO-ORDINATION WITH TECHNICAL TEAM TO ENSURE MAX. PLANT UTILIZATION RELATIONSHIP MANAGEMENT DRIVER EFFECTIVE TEAM BUILDING WITH ALL DEPT. COST OPTIMIZATION THINKER ACHIEVE MAX. OUTPUT WITH LEAST RESOURCES TRAINING & DEVELOPMENT DRIVER TRAINING & DEVELOPMENT OF STAFF TEAM BUILDING AND SECOND LINE THINKER & DRIVER DEVELOPMENT LEAD THE TEAM WITH THE HIGHEST ETHICAL STANDARDS, BY MAINTAINING EXCELLENT COMMUNICATION, WHICH WILL BE MOTIVATING THE CONFIDENCE OF THE TEAM. WORKING COLLABORATIVELY...
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...the right type of information in achieving sustainability. It helps in reducing default, optimal rotation of portfolio, establishing sustainable interest rates, improving operational efficiency, generating reports at various levels for various stakeholders and review the progress. (Box 1). Common Shortcomings observed in the Information Management Practices: 1.) The basis formats are not comprehensive of them could be combined. 2) The flow and logistic aspects of transfer of information from Society to Federation to HQs and vice versa is not very efficient. 3) The reports produced by the MIS are not in line with the best practices information required. 4) There is no accurate aging analysis of all loans including the past due loans. At best, the aging analysis is approximate and there is no proper asset classification backed up by provisioning. 5) Clients are not classified as good, delinquent and defaulting borrowers based on (international best practices) criteria. 6) Credit history of the borrowers is not available. 7) Clear repayment schedules for borrowers at various levels do not exist. 8) Concise monitoring reports, tailored to the monitoring needs at various levels are not available. 9) There is no incorporation of the accrual system of accounting. 10) Status reports on repayments made by the intermediaries and HQs to semi -wholesalers and wholesalers is not tracked. 11) There is no integration of the network of federation and headquarters through a good and stable...
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...Auditing and Assurance Services Table of Contents Meet the Audit Team 3 Partner Summary 5 Introduction 6 Part 1.1 a) Advanced Analytics in Professional Standards 6 Part 1.1 b) Academic Research on Advanced Analytical 6 Part 1.3 Simple Trend-line Regression 7 Part 2.1 Specific Risk of Material Misstatement 11 Part 2.2 An Appropriate Audit Program 12 Appendix 15 References 16 List of Key Audlish terms 17 Partner Summary In order to better understand the audit reports, we have documented academic research and existing audit standards relevant to planning stage APRs. This background information will provide a summary of professional standards and guidance directly related to APRs. First and foremost, every auditor must follow the standards called the Generally Accepted Auditing Standards (GAAS) which are set by the Public Company Accounting Oversight Board (PCAOB). Important sections within the standards required to know include: Independence, Consideration of Fraud in a Financial Statement Audit, and Communications about Control Deficiencies in Financial Statements, which includes nine rules that deal with identifying and reporting deficiencies found in financial statements. In the second part of our report, we prepared basic ARP’s and identified some key red flags for the Chevron Company. To access client viability, we used vertical and horizontal analysis, where we found...
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...purchase requisition is prepared and sent to the prepare purchase order function to initiate the purchase process. Prepare purchase order The prepare purchase order function receives the purchase requisitions, which are sorted by vendor if necessary. Next, a purchase order (PO) is prepared for each vendor. A copy of the PO is sent to the vendor. In addition, a copy sent to the set up of accounts payable (AP) function for filing temporarily in the AP pending file and a blind copy is sent to the receive goods function, where it is held until the inventories arrive. The last copy is filed in the open/closed purchase order file. Receive Goods The next event in the expenditure cycle is the receipt of the inventory. Goods arriving from the vendor are reconciled with the blind copy of the PO. Blind copy contains no quantity or price information about the products being received. This is an important device to verify the quantity and condition of goods. Upon completion of the physical count and inspection, the receiving clerk prepares a receiving report. One copy of the receiving report...
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...Case Study Week one Pine Valley Furniture Case Study Answers A) PVF went about developing their information systems because the demand for furniture was increased. In the beginning a process oriented approach was utilized. Each separate application had its own data files. The applications automated the manual systems on which they were modeled. In an effort to improve its information systems. They then renovated its information systems, resulting in a company wide database and applications that work with this database. Then the primarily use was in the accounting and financial areas. All applications were built in-house, and when necessary, new information systems staffs were hired to support Pine Valley Furniture’s expanding information systems. I believe the company chose this option because it was the most convenient and easiest way to operate, train staff and keep the business organized and running smoothly. However the primary use being in accounting and financial areas is good, however also implementing a sales and production area would be ideal as well, in order to track and keep record of what pieces sell the most, the increases in demand and so on. Also they may have wanted charts and graphs as records for years of sales, when the down season is, if there is one, and they could also have used a program to keep closer track on employees such as hours, dedication, evaluations and so on in order to better accommodate the hard workers. B) Enterprise wide systems...
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...*5.10 Topic Balancing the accounting equation Financial statement relationships Classifying balance sheet accounts Closing temporary accounts Closing entries of profitable firms Closing entries of unprofitable firms After-closing trial balance Profitability and liquidity Measuring interim revenue The worksheet Learning Objectives 1, 2 1, 2 1, 2 4 4 4 5 6 7 8 Learning Objectives 1-7 1, 2, 6 1, 2, 6 2, 4, 5 2, 4, 5 3 2, 4 2, 4 2, 4 6 6 1, 2, 7 1, 2, 7 2, 3 3, 6 Skills Analysis Analysis Analysis Analysis Analysis Analysis Analysis Analysis Analysis Judgment, communication, analysis Skills Analysis Analysis Analysis Analysis, communication Analysis, communication Analysis, communication Analysis Analysis Analysis, communication Analysis Analysis Analysis Analysis Analysis Communication, analysis Exercises 5.1 5.2 5.3 5.4 5.5 5.6 5.7 5.8 5.9 5.10 5.11 5.12 5.13 5.14 5.15 Topic Accounting terminology Financial statement preparation Financial statement preparation Closing and after-closing trial balance Closing and after-closing trial balance Real World: Circuit City Adequate Disclosure Closing entries of profitable firms Closing entries of unprofitable firms Adjusting versus closing entries Profitability and liquidity measures Profitability and liquidity measures Interim results Interim results Effects of accounting errors Real World: Home Depot, Inc. Using an annual report *Supplemental Topic, " The Worksheet." © The McGraw-Hill Companies, Inc., 2010 Overview Problems...
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...ExxonMobil Analysis Indiana Wesleyan University ExxonMobil Analysis Rex W. Tillerson, Chairman and CEO of ExxonMobil stated in 2012s summary annual report “unrelenting focus on creating long-term value is the commitment we make to all who place their trust in ExxonMobil by investing in our stock… our unique competitive advantages and steadfast commitment to ethical behavior, safe operations, and good corporate citizenship enable us to deliver long-term value to our shareholders while helping to supply the world’s growing demand for energy” (pg. 5). Exxon continues to deliver “superior results” to its shareholders. As I looked over Exxon’s summary annual report for 2011 and 2012, it was clear that the majority of the oil company’s assets were tangible. According to Investopia.com (2014) tangible assets are “assets that have a physical form…they include both fixed assets, such as machinery, buildings and land, and current assets, such as inventory.” Both the 2011 and 2012 summary annual reports have the majority of its tangible assets in its property, plant and equipment portion of the balance sheet. Exxon Mobil Corp.'s current, quick, and cash ratios improved from 2011 to 2012. The company’s Net Income was $41,060, 000 (2011) to $44,880, 000 (2012), which is a positive move and an increase of $3,820,000 or a little of 9%. Cash flows for the same period moved negatively, about $11,305,000 or a little over 65%. The cash flow statement is broken down into three different categories...
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...User Guide AccountRight Plus 2011 AccountRight Standard 2011 MYOB Australia Pty Ltd Website: myob.com.au © MYOB Technology Pty Ltd 2011 All rights reserved. Writers Suchitra Govindarajan, Merrin Hughes, Claire Mahoney, Rachael Mullins, Kylie Nicholson, Steven Rao, Ron Tierney, John Wilson. Disclaimer Information supplied by the member companies of the MYOB group (whether in user documentation and other literature, video or audio material, training courses, websites, advice given by staff, or provided by other means) is intended only to illustrate general principles, and may not be complete, accurate or free of error. As accounting standards, taxation requirements, legislation and the circumstances of individual businesses vary widely, this information cannot be considered authoritative and may not apply to your specific situation. You should obtain competent advice from a qualified accounting, taxation, information‐technology or legal professional before acting on such information. To the extent permitted by law, member companies of the MYOB group are not liable for any special, consequential, direct or indirect damages arising from loss of function, profits or data resulting from your application of such information. In the event that any of the above limitations are found to be unenforceable, the MYOB member company's liability is limited to the return of any fees or monies paid for the purchase of the product or service. Decisions, Inc. in the United States or other countries...
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...INFS7004 Accounting Information Systems Lecture 4 Transaction Cycles: The Revenue Cycle 1 The Conceptual System The Revenue Cycle The revenue cycle is the set of activities in a business which brings about the exchange of goods or services with customers for cash. Most business transactions are conducted on a credit basis. Cash is received after goods are shipped to the customer. 2 Sales Order 1 Credit / Customer Service 2 REVENUE CYCLE (SUBSYSTEM) Cash Receipts/ Collections 6 Shipping 3 Billing/ Accounts Receivable 4/5 Journal Vouchers/Entries: How do we get them? Billing Dept. prepares a journal voucher: Accounts Receivable Sales DR CR Inventory Control Dept. prepares a journal voucher: Cost of Goods Sold Inventory DR CR Cash Receipts Dept. prepares a journal voucher: Cash Accounts Receivable DR CR 4 Sales Order Procedures Sales order procedures include the task involved in receiving and processing a customer order, filling the order and shipping products to the customer at the proper time, and correctly accounting for transaction. 5 Receive Order At this point, sale process begins indicating the type and quantity of merchandise desired by customer. It may or may not be a physical document Orders may arrive by mail, by telephone, or from a field representative who visited the customer After creating the sales order, a copy of it is placed in the customer open order file. 6 Check Credit For...
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