...because it simply exposes what the business owns and owes. In other words the company’s points of power and weakness. It also shows the difference between the two which is known as the owners interest. What the company owns is called assets, and assets includes properties, lands, vehicles, inventory items, basically anything touchable including cash money. The balance sheet is organized similar to the equation: Assets = Liabilities + Shareholder’s equity, where assets are on the left of the sheet and liabilities on the right as well as shareholder’s equity (Walther, 2011). Balance sheet normally reflects a period of time and by the end of the reporting period owners are educated on what they own and owe. Liabilities on this sheet show current and long-term as they are listed based on due dates (Cagan, 2006). The Income Statement The elements of Income statement is revenue, expenses, and net income or net earnings. It gives a clear image to the accountant or owner of the business performance in terms of revenue, sales, and profit for an accounting period that is normally 1 year. The equation for income statement is Revenues - Expenses = net income. Gross revenue is the amount gained from sales of goods and services to customers, whether it is paid in cash or...
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...Chapter1-Thesis-Salesandinventory STI College – Tacloban Tacloban City A Project Proposal entitled COMPUTERIZED MANAGEMENT AND MONITORING SYSTEM FOR MONTEJO NEWSPAPER SUPPLY AND MAGAZINE DISTRIBUTOR In Partial Fulfillment Of the Requirements for the Degree of Bachelor of Science in Computer Science By: Artates, Lynse L. Pagatpat, Bonn Martin S. Piamonte, Joie Ara Mari C. Tupaz, Sieg Wilfred A. Mr. Michael Ellis Thesis Adviser October 2012 1.1. Introduction The used of manual processes in business has decline since the rise of computerized and automated systems. And in fact, nowadays, the use of computer-based business system has become prevalent all throughout the developed and developing countries around the world due to the increased productivity and efficiency of data processing. In the case of Montejo Newspaper Supply and Magazine Distribution they are currently using the manual sales and inventory system wherein computing for these are done manually. But in dealing with these transactions, accuracy, reliability and speed of human skills in performing these transactions are limited because clerical errors are often inevitable. Because of these, they accepted our proposed system. With the Montejo Newspaper Supply and Magazine Distributor, the tracking of sales, controlling of inventory, recording of products, calculating of numerical data and searching, sorting and filtering of item will translated into an automated process which considers speed accuracy...
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...Review of Related Literatures and Studies Computerized sales and inventory systems help manage products and ensure that transactions are completed correctly. These tools track products and provide ongoing inventory controls that reduce shrinkage. Use of these resources makes retail activities much easier and efficient. Using computerized sales and inventory systems allows for much greater accuracy in stocking and product management. They encourage ease of interaction between employees and shoppers as transactions are processed and items move from the business to the consumer. Computerized sales help provide better insight into which products are most popular. It also allows for enhanced marketing, stocking and oversight of critical sales objectives. Computerized sales and inventory systems save time for businesses by speeding up transactions while raising accuracy. This allows for confidence in accounting and accountability among employees as it is easy to verify how much money is in a till and what time transactions took place. They also allow for consistent experiences in terms of customer service. People know there is always a uniform interaction at the register that requires tendering payment, taking a receipt and transition of ownership of products and services. This generates confidence in a business and ensures ongoing consumer relationships. Computerized systems are the most common method of inventory control and sales processing in retail markets. Description of the...
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...Principles of Marketing Referential answers for assignments Chapter1 D3 Discuss the differences between the production, product, selling, marketing, and societal marketing concepts. Identify circumstances where each one may be appropriate. The production concept: consumers will favor products that are available and highly affordable, which is useful when demand for a product exceeds the supply. The product concept: consumers favor products that are highest in quality, performance, and innovative features, which focus on continuous product improvement. The selling concept: consumers will not buy enough of products unless it undertakes a large-scale selling and promotion effort. Firms often practice the selling concept when they face overcapacity. The marketing concept: achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do. It works best in competitive markets where companies are in tune with customer’s product requirements. The societal marketing concept: marketing strategy should deliver value to customers in a way that maintains or improves both the consumer’s and the society’s well-being. This concept is used by firm’s wishing to take a long-term view of their operations. A1 Human needs are a basic desire for things one does not have (e.g., clothing). These needs are transformed into specific wants by one’s individual personality and the culture in which one lives...
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...trend of businesses as well taking the benefits of programming as a whole. Computers enable the efficient processing and storage of information. As of now many company use computer to make their works faster and lessen the unnecessary time they spend working towards something that they can be done using computer unlike in file processing system every transaction take a lot of time and give bounty of works resulting to waste of time and human energy. It’s not an easy task to manage a business you need to focus to plan and to control your business especially if you are using computation process. It takes time to compute their payments and their balances compare to computer. This is the project is intended to help the user for their inventory system, to perform easier and faster process for information school items to be record. Details are gathered through the conducted interview with the...
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...Krispy Kreme Doughnuts ACCT 6334. Taiwan – Auditing Fall 2013 Class Research Project STUDENT: Chien-Yun Tseng UTD ID# 2021195349 Table of Contents INTRODUCTION................................................................ 3 CHAPTER1. THE CLIENT ACCEPTANCE /CONTINUATION PROCESS, INCLUDING ESTABLISHING AN UNDERSTANDING WITH THE CLIENT ... 4 CHAPTER2. OBTAINING AN UNDERSTANDING OF THE ENTITY AND ITS ENVIRONMENT, INCLUDING INTERNAL CONTROL .................................. 5 CHAPTER3. PRELIMINARY ENGAGEMENT ACTIVITIES ....................... 8 CHAPTER4. ASSESS RISKS AND ESTABLISH MATERIALITY ................. 9 CHAPTER5. CONSIDER INTERNAL CONTROL .................................... 10 CHAPTER6. PLAN THE AUDIT ............................................................ 13 CHAPTER7. COMPLETE THE AUDIT ................................................... 16 CHAPTER8. EVALUATE RESULTS AND ISSUE AN AUDIT REPORT .... 17 REFERENCE ............................................................................................. 18 INDEPENDENT AUDIT REPORT................................................................ 19 ENGAGEMENT LETTER………………………………………………………..20 FINANCIAL STATEMENT .......................................................................... 22 2 INTRODUCTION The history of the Krispy Kreme began in the mid 1930s...
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...I have learned many lessons from him, specifically: patience and credibility. I also dedicate this project to my instructor. He was base and the peak of my enclosed pyramid like studies. Acknowledgement I would like to thank all my friends throughout my study years. I studied with them, enjoyed free time together, and helped one another. I also thank all my instructors for teaching us new information and new studies. Also, for learning from them life experiences and knowledge. In addition, I would like to thank my parents and my family for raising me, teaching me and standing beside in every level in my life. Table of Contents Abstract ……………………………………………………………………………………..10 Executive Summary …………………………………………………………………………11 Chapter1: Introduction……………………………………………………………………….12 1.0 Background ………………………………………………………………………….12 1.1 Brief Description of the project………………………………………………………12 1.2 Objectives ……………………………………………………………………………13 1.3 Mission ……………………………………………………………………………...14 1.4 Statement of the Problem ……………………………………………………………14 1.5 Importance of the Study …………………………………………………………….15 1.6 Scope and Limitation of the Study ………………………………………………….16 1.7 Methodology and Procedure of Research ……………………………………………17 Chapter2: Organization and Management ………………………………………………18 2.0 Form of Business Organization ……………………………………………………..18...
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...Managing Financial Resources and Decisions Mark Anthony R. Casanova Kiyoung Jung (Justin) Section A 2.2 Explain the importance of financial planning The importance of financial planning for the business is best seen when a company is faced with a situation concerning outstanding debts and rising cost. So to be able to be prepared for the situation in advance, the company should have prepared a proper financial plan beforehand. The success of a business is greatly determined by the financial plans they have laid out and how well it is followed to support their business plan. Wealth maximization is the main goal of a financial plan. Wealth maximization is simply explained as maximization of the shareholder. The strategy of wealth maximization usually includes creating financial investment decisions that bring into any risk which is bigger than expected benefits. The objective of wealth maximization is commonly accepted goal of a corporation. As stated by this objective, the manager should be the one who makes decisions that maximize the wealth of shareholders. In other words, this is also to make the shareholder’s investment profitable. Shareholders’ wealth will be maximized when a decision made by manager raises the NPV (net present value). The NPV means the difference between present value of the benefits and present value of the costs. A decision which has a positive net present value will create wealth for shareholders and a decision that has a negative net present...
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...WHY IS PRODUCT OR SERVICE DESIGN IMPORTANT? Service design is an activity of organizing and planning people, communication and material components in order to improve service quality. It is the interaction between the service provider and customers and the customers' experience. A service is anything that is done to or for a client and is created and delivered simultaneously. Product Design combines ergonomics with product and business knowledge to generate ideas and concepts and convert them into physical and usable objects or services. IMPORTANCE OF PRODUCT DESIGN AND SERVICE DESIGN a) Customer Satisfaction and Sustainability Organizations need to continually satisfy their customers to be successful in the marketplace. They are able to do this by improving current products or by designing new ones. b) Reliability Product and Service design ensures reliability. This is a measure of the ability of a product, a part, service, or an entire system to perform its intended function under a prescribed set of conditions. c) Consistent Product life cycle For example, a firm may have produced four different products and each product may have had a product life cycle of ten years. In this case, the firm must design four new products every ten years. Today, in order to be competitive, this firm may produce eight different products with a life cycle of only five years; this firm must introduce eight new products in five years. That represents sixteen new products...
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...Chapter1 Introduction Strategic management : strategic management process: the full set of commitment, decisions, and actions required for a firm to achieve strategic competitiveness and earn above average returns strategic competitiveness: is achieved when a firm successfully formulates and implemens a value-creating strategy (p4) above-average Returns: returns in excess of what an investor expects to earn from other investments risk:an investors uncertainty about the economic gains or losses that will result for a particular investment competitive advantage: when firm implemets strategy that creates superior value for customers and competitors are unable to duplicate or find too costly to immitate resources:imput into a firms production process such as capital equipment, the skills of individuals, employees,patents, finance, and talented managers (pg 17) capabilities:the capacity for a set of resources to perform a task or an activity in an integrative manner core competencies: are resources and capabilities that serve as a source of competitive advantage for a firm over its rivals sustainable competitive Advantage strategic flexibility: set of capabilities used to respond to various demands and opportunities existing in a dynamic& uncertain competitive environment -Causes of firm performance (profitability): industry vs. firm • Profit Pool – entails the total profits earned in an industry at all points along the value chain. – helps...
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...Chapter1 Marketing - the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return. Needs – state of felt deprivation. A. Physical needs- foods, clothing, warmth and safety B. Social needs- belonging and affection C. Individual needs- knowledge and self-expression Wants- The form human needs take as they are shaped by culture and individual personality. Demands- human that are backed by buying power. Market Offerings- some combination of product, services, information, or experiences offered to a market to satisfy a need or want. Market myopia- the mistakes of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products. Exchange- the act of obtaining a desired object from someone by offering something in return. Market- the set of all actual and potential buyers of a product or service. Marketing management – the art and science of choosing target markets and building profitable relationships with them. Market Concept Production Concept- the idea that consumers will favor products that are available and highly affordable and that the organization should therefore focus on improving production and distribution efficiency. Product Concept- holds that consumers will favour products that offer the most in quality, performance, and innovative features. Selling Concept- the idea that consumers will not...
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...Chapter1 Essay Questions 101. Compare and contrast strategic planning with strategic management. Strategic planning is more often used in the business world, whereas strategic management is often used in academia. Sometimes, strategic management is used to refer to strategy formulation, implementation and evaluation, with strategic planning referring only to strategy formulation. The purpose of strategic management is to exploit and create new and different opportunities for tomorrow; long-range planning, in contrast, tries to optimize for tomorrow the trends of today. Page: 5 102. Which stage in the strategic-management process is most difficult? Explain why. Strategy implementation is the most difficult stage in the strategic-management process because it requires personal discipline, commitment and sacrifice. Successful strategy implementation hinges upon managers’ ability to motivate employees, which is more of an art than a science. Page: 6 103. Explain the relationship between strategic management and competitive advantage for firms. How can a firm achieve sustained competitive advantage? Ans: Strategic management is all about gaining and maintaining competitive advantage. Competitive advantage is anything a firm does especially well compared to rival firms. When a firm can do something that rival firms cannot do, or owns something that rival firms desire, that can represent a competitive advantage...
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...Chapter1 Essay Questions 101. Compare and contrast strategic planning with strategic management. Strategic planning is more often used in the business world, whereas strategic management is often used in academia. Sometimes, strategic management is used to refer to strategy formulation, implementation and evaluation, with strategic planning referring only to strategy formulation. The purpose of strategic management is to exploit and create new and different opportunities for tomorrow; long-range planning, in contrast, tries to optimize for tomorrow the trends of today. Page: 5 102. Which stage in the strategic-management process is most difficult? Explain why. Strategy implementation is the most difficult stage in the strategic-management process because it requires personal discipline, commitment and sacrifice. Successful strategy implementation hinges upon managers’ ability to motivate employees, which is more of an art than a science. Page: 6 103. Explain the relationship between strategic management and competitive advantage for firms. How can a firm achieve sustained competitive advantage? Ans: Strategic management is all about gaining and maintaining competitive advantage. Competitive advantage is anything a firm does especially well compared to rival firms. When a firm can do something that rival firms cannot do, or owns something that rival firms desire, that can represent a competitive advantage. Getting...
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...Instructor’s Manual Fundamentals of Financial Management twelfth edition James C. Van Horne John M. Wachowicz JR. ISBN 0 273 68514 7 Pearson Education Limited 2005 Lecturers adopting the main text are permitted to photocopy the book as required. © Pearson Education Limited 2005 Pearson Education Limited Edinburgh Gate Harlow Essex CM20 2JE England and Associated Companies throughout the world Visit us on the World Wide Web at: www.pearsoned.co.uk Previous editions published under the Prentice-Hall imprint Twelfth edition published under the Financial Times Prentice Hall imprint 2005 © 2001, 1998 by Prentice-Hall, Inc. © Pearson Education Limited 2005 The rights of James C. Van Horne and John M. Wachowicz JR. to be identified as authors of this work have been asserted by them in accordance with the Copyright, Designs and Patent Act 1988. ISBN: 0 273 68514 7 All rights reserved. Permission is hereby given for the material in this publication to be reproduced for OHP transparencies and student handouts, without express permission of the Publishers, for educational purposes only. In all other cases, no part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without the prior written permission of the Publishers or a licence permitting restricted copying in the United Kingdom issued by the Copyright Licensing Agency Ltd, 90 Tottenham Court Road...
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...Instructor’s Manual Fundamentals of Financial Management twelfth edition James C. Van Horne John M. Wachowicz JR. ISBN 0 273 68514 7 Pearson Education Limited 2005 Lecturers adopting the main text are permitted to photocopy the book as required. © Pearson Education Limited 2005 Pearson Education Limited Edinburgh Gate Harlow Essex CM20 2JE England and Associated Companies throughout the world Visit us on the World Wide Web at: www.pearsoned.co.uk Previous editions published under the Prentice-Hall imprint Twelfth edition published under the Financial Times Prentice Hall imprint 2005 © 2001, 1998 by Prentice-Hall, Inc. © Pearson Education Limited 2005 The rights of James C. Van Horne and John M. Wachowicz JR. to be identified as authors of this work have been asserted by them in accordance with the Copyright, Designs and Patent Act 1988. ISBN: 0 273 68514 7 All rights reserved. Permission is hereby given for the material in this publication to be reproduced for OHP transparencies and student handouts, without express permission of the Publishers, for educational purposes only. In all other cases, no part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without the prior written permission of the Publishers or a licence permitting restricted copying in the United Kingdom issued by the Copyright Licensing Agency Ltd, 90 Tottenham Court Road...
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