...Introduction Your firm has just signed a new client, Legal Plan Services, Inc. In order to acquaint yourself and the firm with the accounting procedures used at Legal Plan Services, your manager has asked you to review, assess, and make any necessary recommendations about the revenue and expense recognition currently used and assess the appropriateness of the associated presentation in the financial statements for Legal Plan Services. Company Information Legal Plan Services, Inc is a company that designs, underwrites, and markets legal services plans, called memberships. In essence, the plan allows the purchaser to use legal services of associated law firms for most types of civil lawsuits. The plans are sold through a network of independent contractor sales associates. Legal Plan Services sells their plans throughout the United States and in several Canadian provinces. In fiscal year 2000, Legal Plan Services achieved the following financial results: 1. They passed the one million family membership level 2. The number of memberships grew by 35%, an increase achieved in all years since 1993 3. Cash flow from operations increased 25% 4. Revenues increased by over 28% 5. Membership persistency is 71.1% In the president’s letter, Harland Rockwriter states, “Our members win because, in most cases, our members are the largest client our provider law firms have. Our members win because our home office provides real-time, continuous monitoring of the...
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...Acct 325 Legal Plan Services, Inc. The company designs, underwrites, and markets legal services plans, called Memberships. The company sells their plans, in the course of a network of independent contractor sales associates, throughout the United States and in several Canadian provinces. 1. Legal Plan Services offers four types of Intangible product lines: * The Family Plan * Business Owners’ Legal Plan * Law Officers’ Legal Plan * Commercial Driver Legal Plan The clients receive benefits under each plan that covers a certain number of hours of legal assistance. The services are limited; however, members receive legal services at a 25% discount from the law firm’s usual hourly rates. Legal services for domestic cases, bankruptcy, and drug and alcohol related matters are limited under the memberships. 2. Legal Plan Services is mandated to follow statement No. 168, the FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles concepts. The statement is effective for financial statements issued for interim and annual periods ending after September 15, 2009. The objective is to prepare all of their products following the same revenue and expense recognition rules (deferral of revenue and accrual recognition of expenses). An explanation of specific recognition rules follows. * ASC 605-10-05-1 “The Revenue Recognition Topic provides guidance for transaction-specific revenue recognition and certain...
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...seek support, as required. 5. Where your work has been deemed as unsatisfactory, you will be permitted to resubmit the assessment. Refer to RGIT reassessment policy and procedure. 6. Unless the assessment task specifically allows pair work or group activities such as brainstorming, you must submit their own original work and are not permitted to copy the work of other students. Plagiarism is never acceptable. 7. Assessments must be submitted on their due dates. 8. Extensions are permitted in consultation with the trainer. Performance objective Candidates will demonstrate knowledge and skills required to influence groups and individuals. Assessment description Using the workplace scenario information provided, you will plan the implementation and resourcing of an organisational change strategy, consult with various stakeholders, and implement a key part of the change strategy. At all stages, you will build support for the implementation. Note: You will need to keep copies of the work you undergo in this Assessment Task for further use in Assessment Task 3. Procedure 1. Review the simulated business documentation, including policies and procedures, in Appendix 1 ‘Max Lionel Realty’. Review templates contained in Appendix 2 ‘Templates’ for possible use or adaptation in completing assessment task requirements....
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...These aircraft are necessary to carry cargo and passengers. Boeing is a global company that serves customers all over the world. There are strict regulations for companies such as Boeing due to the safety and performance concerns with air travel. Because of strict regulations Boeing has to conduct extensive planning so they can operate efficiently. For Boeing business planning is a very complicated process that is influenced by many internal and external factors. Boeing has remained successful over the years because of their strong ethics and planning abilities. Boeings planning function of management is the process of setting goals and objectives for the company to achieve over a set period of time. It is vital to the success of Boeing’s plans to include activities and tasks that upon completion will ensure they reach their goals. It is also necessary to take into account variables and unexpected occurrences that may hinder goals. For Boeing it is vital for each major department to use this method of planning. Boeing is still successfully efficient because they set goals in each major departments such as: sales, engineering, product testing, and all other departments. For every goal Boeing has a set of guidelines that explain how the goal will be achieved. All personnel should be involved in the guidelines. Boeing’s ultimate goal is to be efficient to the highest level. The process of management planning includes five basic steps. The first step is to analyzes the situation...
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...planning function of management. I will explain the influence that legal issues, ethics, and corporate social responsibility have had on management planning. Last I will analyze at least three factors that influence the company’s strategic, tactical, operational, and contingency planning, by the end of this paper I hope that I will have explained all the function’s related to management involving Tyco. Surrounded by actions accepted by the management team, planning is always the main task required where management will lay down the goals and foundation that the business will follow. From a professional viewpoint, goals are established in connection with the views related to the organizations general mission. Tyco has a mission statement that reads, "We will increase the value of our company and our global portfolio of diversified brands by exceeding customers' expectations and achieving market leadership and operating excellence in every segment of our company." (Tyco.com, 2004, 1). The best way of accomplishing such goals, calls for the management team to explain the best plan possible that would improve work for the organization. As those significant factors, must weigh greatly upon the management supervising the Tyco international divisions. Legal issues that would be related to management planning can be a bit overwhelming, it is essential to observe and obey certain factors affected by legal duties. Just as the general public is bind to comply with...
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...Boeing Manages to Plan March 22, 2011 Boeing is the world’s leading aerospace company and the largest manufacturer of commercial jetliners and military aircraft combined. Boeing has more than 158,000 employees in over 70 countries, including the United States (Boeing.com). This company is known for its innovation and seems to constantly make plans to stay ahead of the competition. A portion of their mission statement includes “we will strive for continuous quality improvement in all that we do, so that we will rank among the world’s premier industrial firms in customer, employee, and community satisfaction” (Boeing.com). It is clear that this company relies heavily on its management staff and planning teams. It is common knowledge that Boeing consists of two business systems which are Boeing Commercial Airplanes and Boeing Defense, Space, and Security. The corporate functions that guide Boeing are Business Development and Strategy, Communications, Engineering, Operations and Technology, Finance, Human Resources and Administration, and the Office of Internal Governance. Each department has its own set of goals and objectives to evaluate and implement with the company’s overall mission in mind. The Business Development and Strategy team is an extension of the management, marketing, and research teams, they provide information and advice on the business goals. Shepard Hill is the head of Boeing’s large Business Development and Strategy team. His role includes “analyzing...
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...The elements ın the company’s envıroment that wıll affect Scott’s suggested plans are The unıon: the uıon’s ınterest ıs legıt because they are the ones that work for the company and layıng them off can affect the company’ performance eıther posıtıvely or negatıvely and the unıon may protestthe decısıon to lay them off whıch can cause a set back for the company. The communıty or socıety: the socıety’s ınterset ıs be consıder because they are the ones that form part of the company’s customer database and employees, the company has to consıder ıts socıal responsıbılıty to the socıety and how layıng off of workers wıll affect the communıty’s economy Government offıcıals cıvıc leaders( legal consıderatıon): scott’s suggested plans wıll be affected ıf he doesnt consıder the ınterest of the government offıcıals and cıvıc leaderds because hıs plan wıll have a negatıve ımpact on the communıty and he has to come up wıth and actıon plan that wıll reduce the harm that wıll be done ıf he carrıes out hıs plan wıthout that actıon plan the government offıcıals and cıvıc leaders may make a law or regulatıon that wıll affect hıs company Competıtıon : scott suggested plan has to ınclude competıtıon and cost advantage because the wood ındustry ıs hıghly competıtıve and he has to ensure hıs plans create a good ımage for the company, a good employer’s brandıng, customer loyalty, value brand and employee’s loyalty that ıs far better than what any of hıs competıtor has to offer and at the lowest...
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...solely be solely based on just that. Most events are held to raise money or awareness of a new product line. Some events could be to raise money for charity and could also improve customer service. There are various purposes for events, these include the following: * Celebrations (fairs, parades, weddings, reunions, birthdays, anniversaries) * Education (conferences, meetings, graduations) * Promotions (product launches, political rallies, fashion shows) * Commemorations (memorials, civic events) Planning Planning is the first stage of the project life cycle, this is because you cannot say you want to hold an event and do nothing about it, or expect everything to come to fruition just by doing nothing whatsoever. One has to plan for an event way ahead of the event date to accommodate for any mishaps and unexpected issues. Planning for an event will entail the delegation of work amongst those involved in the project, now in regards to launching a new product delegation of tasks and activities will have to be a build up to main event. For example within the project officials you may want to delegate different tasks in association with their departments, so in this...
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...formation, sharing, use, preservation, and disposal of electronic records while maintaining compliance to laws and policies. Records management is a useful system if properly integrate and utilized by trained organization personnel. In order, for the system to be utilized, then an organization should develop records management plans prior to purchase and integration should be performed. By preparing and using a plan for an electronic records management system. Then the process of researching and locating a vendor with an organization’s sought ERMS requirements will prove to be stress-free. During the planning process, for the electronic records management system, an organization will uncover the benefits and challenges into integrating a system. Benefits The benefits of developing a records management plans allow an organization to discuss and make a needs assessment of what type of ERMS would best suit their record managing requirements. Essentially, record management plans are conducted to highlight the cost and risk that an electronic records management system would bring if implemented. Cost is one benefit of developing a records management plan, because it...
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...Corporate Social responsibility has become the new essence of the business world. “No longer is it acceptable simply to make good products that satisfy customers while complying with laws and regulations. Businesses are now called upon to consider – and, indeed, intentionally to manage – the wider social and environmental consequences of their actions, beyond the requirements of the legal and regulatory settings in which they operate” (Charles River Center, 2008). Thus it is important for Charles River Printing (CRP) to include this concept into its sustainability vision and mission in order to make it as part of their daily operations and grow as a responsible company. To build the strategic planning practices (SPP) for CRP it is important to develop action plans, the timeline for its planning; the level of stakeholder engagement; the governance structure; risk assessment and mitigation plans; and most importantly measure its progress (Pojasek, 2013. p.1). While doing this it is important to integrate the policies and strategies with respect to the economic sustainability, social responsibility and environmental stewardship of the company. Moreover, the goals have to be aligned with the mission, vision and core value of the company and vice versa. The first step is to develop the SPP would be to understand that of its parent company RR Donnelley. The plant manager should try to align the SPP of CRP with the parent company to have a common methodology and then improvise the...
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...CheckPoint: Incentive Plans Peggy Harrington HRM/240 J. Scott Lodge March 8, 2012 Axia College CheckPoint: Incentive Plans Companies utilize various incentive plans to acquire the best and most skilled employees. The incentive plans can be broken down into individual incentive plans and group incentive plans. Below are a few of the pros and cons for each type. Individual Incentive(s) Piecework Pros - Individuals receive a certain rate for each unit produced Computing rate of pay is simple Labor costs are more accurately predicted Cons - Not an effective motivator Quality may be lacking Standard Hour Plan Pros - Based on “standard time” for job completion, even if completed in less time Best for non-repetitive tasks and requiring varied skills Cons - Quality can suffer due to employees not taking enough time to do the job properly High equipment maintenance due to employees not exercising proper care of the equipment Bonuses/Spot Bonuses Pros - Not part of base pay Typically given at end of year Useful as a retention and motivational tool Cons - Hard to predict labor costs Employees may come to expect the bonus Merit Pay Pros - Based on performance Can be a motivator if increase is large enough Cons - May be perpetuated even if performance declines Employees see it as an entitlement ...
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...function of management, analyzing various factors that influence strategic, tactical, operational, and contingency planning. As well as analyzing the effect that legal issues, ethics, and corporate social responsibility have on management planning. As discussed by Team D, we most certainly agree that we learned the stated, not only as a team, but as individuals. We all come from different walks of life and backgrounds; this diversity is what makes working together as a team so great. We all agree that we can apply what we learned to our professional or personal lives. Analyzing week two, we agreed that we had an inside look on what the six steps are during the planning process. These steps are situational analysis, alternative goals and plans, goals and evaluation, goals and plan selection, implementation, and finally monitor and control. We agree these steps are most important in the planning process and play an important role in setting up alternative goals and plans. We also concur it is a good idea to have an alternative plans, in case the original plan falls through the cracks. Having a backup plan is a great way to run a business and minimize risk. Areg from our team shared an example of how he has applied this to his life, when he was coaching basketball his duties were to analyze the other team and make plans, so the team goals would be accomplished. The kids in his team had to be monitored and controlled as well as the other team to make sure my kids are staying healthy...
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...are preparing a presentation for the board of directors about the organization’s direction. Create a 10- to 15-slide Microsoft® PowerPoint® presentation, with speaker notes, in which you address the following: Evaluate the planning function of management as it relates to the organization’s goals and strategies. Use steps in the planning process outlined in the text. * Analyze the influence that legal issues, ethics, and corporate social responsibility have had on management planning at BP. Provide at least one example for each. * Analyze at least three factors that influence the company's strategic, tactical, operational, and contingency planning. Format your paper consistent with APA guidelines. http://www.scribd.com/doc/95091675/Management-Planning-Presentation Planning Part of the management function that involves setting goals and deciding how to best achieve them is called planning. [ Setting goals and developing plans helps the organization to move in a focused direction while operating in an efficient and effective manner. Strategies or plans are then developed for moving the organization closer to its goals. Types of Planning There are four types of planning a company can use; strategic, tactical, operational and contingency planning. Planning is part of making a decision and a manager can use the following types of planning in making short and long term decisions for a company. Strategic Strategic planning is an “organization's process of defining...
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...it comes to developing strategic pay plans it is important to have a good understanding of some basic factors to determine pay rates. Employee compensation is “all forms of pay going to employees and arising from their employment” (Dessler, 2013, p. 352). According to Dessler (2013), it consists of both “direct financial payments and indirect financial payments.” As we explore the case study of Acme Manufacturing, we will see the salary inequities and the struggles that the newly appointed president, Joe Black, has to go through to fix those issues. In an article titled “Fair Pay or Power Play?” Shin (2013) reported that “pay inequity provides strong motivation for CEOs to restore equity.” For this case, I will identify some issues and recommend some plans to resolve the salary inequities in the Acme case. Some key issues that existed within Acme Manufacturing were: lack of individual equity, internal equity issues, no pay structure for salaried employees, and lack of legal considerations in compensation. Equal Pay Act of 1963 (EPA) “makes it illegal to pay different wages to men and women if they perform equal work in the same workplace.” (“Laws Enforced by EEOC,” n.d.). With the previous president, Bill George, salaried employees bargained their pay. Joe Black identified that there were female supervisors that were earning less than male supervisors. Ultimately the underlying issue was management failed to create a compensation plan that aligned with a reward strategy. ...
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... | |Level |Evidence requirements | |1 |1 Top managers make sure the organisation has a clear purpose and vision supported by a strategy for improving its performance. | | |2 Top managers make sure the organisation has a business plan with measurable performance objectives. | | |3 Top managers make sure there are constructive relationships with representative groups (where they exist) and the groups are consulted when developing the organisation's business plan. | |2&3 |1 Top managers make sure...
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