...1. Be able to analyze the financial data Finance: It is the study of the management of the funds. Key domains of financing are: * Business finance. * Private finance (personal loan). * The public finance. Finance deals with the savings of money and frequently deals with the lending matters. The field of the finance offers with the time concepts, money, the risk and how they are secured. It takes care of how money used in budgeting. The one of the main source of the financing is through individuals and organizations that deposit or invest money. The banks issue money to other natural or lawful people for the expenditure and charge interest. Why the businesses need the financing Commencement of a new business A business needs a financing to buy the equipment, machinery and to spend on personnel. Money will be so necessary to cover the routine functioning expenses. Finance for the expansions of production capacity As growing a business, it has to be able to produce a newer technology and the machinery and to reduce costs and to live a day competitors. To develop product and to market the products A business has to spend money for the development and marketing of products. To enter in newly market Whenever ventures grow, they sell its products on new business markets. It can be new geographic areas to sell or types of customers. That costs money in a way of investigation and of marketing, for example advertising campaigns and the creation of...
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...PUBLIC FINANCIAL MANAGEMENT AND CONTROL LAW FIRST PART General Provisions FIRST SECTION Purpose, Scope and Definitions Purpose Article 1- The purpose of this Law is to regulate the structure and functioning of the public financial management, the preparation and implementation of the public budgets, the accounting and reporting of all financial transactions, and financial control in line with the politics and objectives covered in the development plans and programs, in order to ensure accountability, transparency and the effective, economic and efficient collection and utilization of public resources. Scope Article 2- This Law covers the financial management and control of public administrations within the scope of general government, encompassing public administrations within the scope of central government, social security institutions, and local administrations. Without prejudice to the provisions of international agreements, the utilization and control of European Union funds and domestic and foreign resources allocated to public administrations shall be subject to the provisions of this Law. (Amendment: 22.12.2005 - 5436/10-b art.) Regulatory and supervisory agencies are subject only to the Articles 3, 7, 8, 12, 15, 17, 18, 19, 25, 42, 43, 44, 47, 48, 49, 50, 51, 52, 53, 54, 68 and 76, 78 of this Law. Definitions Article 3- Particularly, in the enforcement of this Law; a) Public administrations within the scope...
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...Institute of Chartered Public Accountants of Uganda. He has over 10 years of diversified professional experience in financial accounting, procurement, audit and investigations, Tax administration, risk management, fraud analysis, project planning and management, including five years in a senior financial management role. He is highly skilled at preparing financial management reports, proposals and budgets, including those for development/humanitarian aid programmes like the Danida, EU, AGRA, USAID, NOVIB, HIVOS, DFID and others. Mr. Ssuuna has demonstrates excellent computer skills including extensive practical application of accounting software and he has an impressive knowledge of International Accounting Standards. In addition, he has proven experience of grant mechanisms through calls for proposals, including their management and administration. Over 5 years of general administration, financial management, capacity building and training. He has the ability to set up and implementing operational manuals, Accounting and internal control systems. He is skilled in preparing, analyzing, and interpreting of monthly and annual financial statements for management and external stakeholders (i.e. Donors). Peter is knowledgeable in budget preparations, monitoring and analysis, managing control accounts like receivables, payables, stock, grant advances and payroll management. He is knowledgeable in the income, V.A.T and corporate tax administration of Uganda. While in JIT Consult, Taxation...
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...Accounting Services For Theta Chi Fraternity Delta Upsilon Chapter at Arizona State University Prepared By Wade Sarchet Arizona State University W.P Carey School of Business Member of Theta Chi Fraternity Report Distributed Dec 7th, 2012 Prepared for Jordan White President of Theta Chi At Arizona State University 2402 E 5th Street Tempe, AZ 85281 December 7, 2012 Jordan White Delta Upsilon Chapter President Theta Chi Fraternity 1424 S. Jentilly Lane Tempe, AZ 85281 Dear Mr. White: This is a report regarding the current financial situation of the Delta Upsilon Chapter of Theta Chi Fraternity at Arizona State University in Tempe, Arizona (hereinafter, “Theta Chi,” or the “Fraternity”) and a proposal to improve management of Fraternity funds. The Fraternity has been in existence since the Fall of 1956. Our chapter is among the largest and strongest active fraternities at Arizona State University and our philanthropic events are much appreciated throughout the community. Despite such success, it has been brought to my attention that we have been facing financial difficulties over the past several semesters, and I believe that with some assistance, we will struggle no more. I am proposing the professional service of an accountant to assist our Treasurer. The addition of this third party service will provide the Fraternity with a checks and balances system as well as professional documentation of all fraternity funds available to the...
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... * Planning involves the development of future objectives and the preparation of various budgets to achieve these goals * Controlling involves the steps taken by management to ensure that the objectives set down at the planning stage are attained, and to ensure that all parts of the organization function are in a manner consistent with organizational policies A government budget is a plan for financing its activities for a fiscal year prepared and submitted by responsible executive * The budget is an estimate of the proposed expenditures for specified purposes and periods, and embodies the means of financing them during the same time frames * FORMS AND CONTENTS OF THE NATIONAL BUDGET * A budget message setting forth in brief the government’s budgetary thrust for the budget year, including their impact on development goals, monetary and fiscal objectives, and generally on the implications of the revenue, expenditure and debt proposals and: * Summary financial statements setting forth: * Estimated expenditures and proposed appropriations necessary for the support of government including those financed from operating revenues and from domestic and foreign borrowings * Estimated receipts during the ensuing fiscal year under the laws existing at the time the budget is transmitted and under revenue proposals, if any * FORMS AND CONTENTS OF THE NATIONAL BUDGET * Actual appropriations, expenditures and receipts during the last completed year ...
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...JOURNAL OF MANAGEMENT ACCOUNTING RESEARCH Volume Fifteen 2003 pp. 95–116 Practice Developments in Budgeting: An Overview and Research Perspective Stephen C. Hansen The George Washington University David T. Otley Lancaster University Wim A. Van der Stede University of Southern California Abstract: Practitioners in Europe and the U.S. recently have proposed two distinct approaches to address what they believe are shortcomings of traditional budgeting practices. One approach advocates improving the budgeting process and primarily focuses on the planning problems with budgeting. The other advocates abandoning the budget and primarily focuses on the performance evaluation problems with budgeting. This paper provides an overview and research perspective on these two recent developments. We discuss why practitioners have become dissatisfied with budgets, describe the two distinct approaches, place them in a research context, suggest insights that may aid the practitioners, and use the practitioner perspectives to identify fruitful areas for research. INTRODUCTION udgeting is the cornerstone of the management control process in nearly all organizations, but despite its widespread use, it is far from perfect.1 Practitioners express concerns about using budgets for planning and performance evaluation. The practitioners argue that budgets impede the allocation of organizational resources to their best uses and encourage myopic decision making and other dysfunctional budget games. They...
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...Budget: An estimate of income and expenditure for a set period of time. Budget (from french bougette) generally refers to a list of all planned expenses and revenues. A budget is an important concept in microeconomics, which uses a budget line to illustrate the trade-offs between two or more goods. In other terms, a budget is an organizational plan stated in monetary terms. The budget of a government is a summary or plan of the intended revenues and expenditures of that government. Budget Preparation A full understanding of the budget planning and preparation system is essential, not just to derive expenditure projections but to be able to advise policymakers on the feasibility and desirability of specific budget proposals, from a macroeconomic or microeconomic perspective. It is much easier to control government expenditures at the "upstream" point of budget preparation than later during the execution of the budget. Thus, fiscal economists and general budget advisors need to know: * what is the framework in which budget decisions are made; * who is responsible for planning and preparing the budget; * what are the basic steps; * what are the typical weaknesses in procedures and how can these be overcome; and * how can changes in budget plans be programmed and targeted? Answers to these questions are set out in the subsections below. Budget planning and preparation are (or should be) at the heart of good public expenditure management. To...
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...system of budgetary control can be given as mentioned below: * Support to top management: In order to make the budgeting system successful, it is necessary that it must have the whole hearted support of every person involved in the organizational set up. In this regard, the initiative must come from the top management; * Definite and reasonable targets or goals: For the successful operations of the budgetary control system, the targets fixed in the budgets should be definite, realistic and attainable. This feeling should come from the various executives who have been assigned the responsibility of various budget centers; * Well defined organization: In order to ensure maximum benefits from budgetary system, well defined budget centers should be created within the organization so that the responsibility of each executive in the organization may be clearly laid down; * Well defined policy: The budgets are prepared to establish the responsibilities of executives to the requirements of a particular policy. As such the policy of the business to be followed during budget period should be clearly defined; * Active participation by executives: The various executives who are made responsible for different budget centers, should be actively involved in the preparation of the budget; * Efficient budget education: The various executives responsible for putting into effect the budgetary proposals, should take active interest in the operation of the budgeting system. It...
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... controlling, coordinating and motivation through money values and departments within an organization. (Ryan, 2007) Budgetary control is a major feature of management control system in most organisations. The use of budgetary control in performance management has become more significant especially as a more integrative control mechanism in most organisations (YÜCEL and GÜNLÜK, 2007). Thus, this essay will assess the claim on the effectiveness of the budgetary control as a more integrative control mechanism for the organisations and how non-financial performance tool can be used to complement the budgetary control to provide accurate reporting on the performance of the organisation. Organisational and Budgetary Control In an organisation, the goals and objectives may differ in within each department, division and individual. It is important that every individual has to change their behaviour towards achieving organisation’s objective. (Flamholtz, Daz and Tsui, 1985). The organisation’s primary objective is to earn profits. The management uses financial measurement tools such as Economic Value Added (EVA), financial ratios, residual income and Master Budgets etc to measure the performance of each division as well as motivation and control. (Otley, 1999 & 2002) Hence there is a need to have a management control system for planning, goal setting and performance evaluation. The Budgeting Cycle as shown below is implemented to bring the...
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...(678) 344-2309 Cell: (678) 227-9497 Email: lgsalmon@hotmail.com BACKGROUND SUMMARY Accounting and Financial professional with considerable experience in various ERP Systems. Very proficient in the GL, AP, AR, AM and eProcurement modules of PeopleSoft. Advanced skills in Financial, Accounting and business Analyses Experienced in Tier 2 support of PeopleSoft, Blackbaud Financial Edge, Concur, AP Secure and PaperSave applications. PROFESSIONAL EXPERIENCE S.P. RICHARDS, (Subsidiary of Genuine Parts) Atlanta 4/2013- Present Technical Analyst (Consulting) Assist with the PeopleSoft financial software upgrade. The company is upgrading its Canadian subsidiary from PeopleSoft 7.5 to 8.8 then to 9.1. Create new queries in PeopleSoft 8.8 similar to queries in the 7.5 version. Create job aids and train users on the processes and procedures of the new version. Update user security matrix. Create report templates. Coordinate user acceptance testing. Assist with identifying and running reports and queries to be migrated to new version of PeopleSoft. ARTHRITIS FOUNDATION, Atlanta 4/2006- 3/2013 Senior Accounting Analyst Analyze and offer recommendations on the feasibility of accounting information system proposals. Analyze the financial feasibility and impact of proposed budget items on operating programs, and provide support in preparing expenditure requests. Prepare highly confidential and technical...
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...Information System Proposal BIS / 220 5 September 2012 TABLE OF CONTENTS 1. Introduction 2. Scenario 3. Accounting Information System 4. Finance Information System 5. POM Information System 6. Marketing Information System 7. Human Resource Information System 8. Reference SCENARIO: I and my business partner are considering starting a small, brick & mortar, nostalgic record store. My friend does not have much experience with information systems or technology, and needs a basic understanding of the different types of information systems available to businesses. In this paper I will give a proposal of the types of information systems that would work well for my business, and their benefits and drawbacks. 1. ACCOUNTING INFORMATION SYSTEM When you hear the word accounting you immediately think of numbers, various paper ledgers, journals and long hours of work. That was years ago, today business owners and managers review their company's financial information using a new cost efficient technique that has improved financial information reporting. The Nostalgic Record Company will use automated function computers servers and intranets for electronically processing financial information. The system will allow our company to collect and gather financial...
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...ntRelative Performance Evaluation and Target Setting MARTIN HOLZHACKER Erasmus University Rotterdam MATTHIAS D. MAHLENDORF WHU – Otto Beisheim School of Management MICHAL MATĚJKA W.P. Carey School of Business, Arizona State University Draft – Please do not cite or circulate without permission of the authors March 2013 2 Relative Performance Evaluation and Target Setting ABSTRACT It is well known that compensation contracts can improve risk sharing by incorporating information about peer performance ex post, i.e., once the performance of a unit as well as its peers is observed. In this study, we examine whether peer performance is also used ex ante, i.e., when setting performance targets at the beginning of a period. We analyze data on 2008– 2010 performance targets from 354 units of a national agency responsible for reintegration of the long-term unemployed into the labor market. We find evidence that a target for a performance measure is strongly positively associated with past peer performance on the same measure as well as past peer performance on a different measure. Thus, performance targets are lower whenever past peer performance is weak on at least one of its dimensions. We also find that the relative weights on different measures of peer performance are proportional to their capacity to filter out common risks. We conclude that using information about past peer performance improves risk sharing and alleviates adverse incentive effects ...
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...venture proposal of the company. Fynalyzer is committed to developing diverse businesses in other parts of the world and are interested in other potential projects. The government of the country is interested in proceeding rapidly with the privatization of selected industries and in encouraging an influx of foreign, private sector capital investment to help revitalize the country’s economy. In order to guarantee the long-term success of both firms and to enable it to compete withtrends of business, it should develop the capability to produce international quality services that will be consistently the benchmark among other firms. Growth in and development of the existing business of Finalyzer will benefit the country, the employees and management of both firms through larger revenues to the government, enhanced prosperity for the community and personnel, transfer of technical and management expertise for both firms, and a large probability of increased number of clients for foreign transactions. Finalyzer proposes to link its major services with E&Y and to collaborate its employees with them, thus creating a partnership for similar services of the firms. This approach can be negotiated and implemented rapidly. This program is expected to act as a magnet that will attract other international clients to the company. This joint venture proposal is preliminary and is intended to assist in discussions and negotiations. This proposal is supported by the management of Finalyzer;...
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...people assets that push and pull an organization toward its goals and objectives. Senior management regards HR policies and programs as success factors because they guide worker performance, which has an impact on profitability. Successful HR professionals in today's competitive global market need to be financially intelligent. Like their counterparts in sales and marketing, they need to understand the language spoken by management: accounting. Budgeting HR managers develop and control departmental budgets. An accounting background prepares them to regard budgeted items such as training, recruitment, staffing, incentives and performance evaluation in terms of their cost and dollar benefit to the organization. When accompanied by and based upon payback analyses, HR budget requests give senior management the information it needs to decide how to allocate available funds. Exposure to accounting also helps an HR manager appreciate corporate cash flow in the budgeting process. Employee vacation costs, for example, might be charged monthly rather than when actually incurred for quarterly financial reporting. Managerial accounting is also helpful when it comes to proposing changes or introducing new policies. Belief that the new activity will solve a problem is not enough; the cost must be justified. The HR manager must anticipate senior management’s questions. If he/she has studied accounting, he/she will be able to demonstrate the viability of his/her idea in dollar terms. This approach...
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...THE EXECUTIVE DIVISION The Board of Trustees As the governing body, the Board of Trustees formulates the institutional objectives, circular thrusts and major policies on the general operation of the University in line with its philosophy, mission, vision and objectives. The Board regularly meets once a semester to deliberate on issue pertinent to these concerns but my convene, if there are matters to be acted upon which cannot be held pending until the next scheduled meeting. Urgent matters of this nature are handled by an Executive Committee of the Board composed of three senior members for tentative action until the next Board meeting. The University Executive Body The executive body of the University is headed by the President, assisted by an Executive Vice President. Under the Executive Vice President is the Senior Vice President and Treasurer. The University President The President is the highest in the University. The functions of the position are as follows: ➢ recommend for the approval of the Board of Trustees institutional policies, plans, and programs consistent with the University's mission and thrusts; ➢ ensures the implementation of the University policies, plans and programs approved by the Board of Trustees; ➢ confers, with the authority from the Board of Trustees, academic degrees, diplomas or certificates to qualified candidates for graduation upon the recommendation of the Vice President for Academic Affairs; ...
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