...1.0 INTRODUCTION Payroll consists of the process by which a business pays its employees for work performed during a specific period. A payroll system allows businesses to follow a set series of processes in order to make timely, correct payments in compliance with government regulations. A payroll system may be manual or computerized and handled in-house or outsourced to another provider. 2.1 OBJECTIVES A payroll system should be geared toward paying employees what they earn within a reasonable time frame and accurately tracking paycheck amounts as well as tax and benefit withholdings. Payroll systems should be thorough without being overly complex and cumbersome, and they should be designed thoughtfully enough to work well with a minimum of oversight. Having a well-designed payroll system is in the best interest of employees, business owners and human resources staff. 2.2 Scope And Limitation Accuracy Accuracy is an important objective of a payroll system, because employees are entitled to be fairly compensated for the work they have done, and a company's financial well-being depends on not overpaying employees for the time they have worked. In addition, businesses are liable for payroll taxes on employee earnings as well as remitting payroll taxes that have been withheld from employee paychecks. Consistency A payroll system has many components, and the information in each section should be internally consistent. An employee's weekly wages over the...
Words: 333 - Pages: 2
...1.0 INTRODUCTION Payroll consists of the process by which a business pays its employees for work performed during a specific period. A payroll system allows businesses to follow a set series of processes in order to make timely, correct payments in compliance with government regulations. A payroll system may be manual or computerized and handled in-house or outsourced to another provider. 2.1 OBJECTIVES A payroll system should be geared toward paying employees what they earn within a reasonable time frame and accurately tracking paycheck amounts as well as tax and benefit withholdings. Payroll systems should be thorough without being overly complex and cumbersome, and they should be designed thoughtfully enough to work well with a minimum of oversight. Having a well-designed payroll system is in the best interest of employees, business owners and human resources staff. 2.2 Scope And Limitation Accuracy Accuracy is an important objective of a payroll system, because employees are entitled to be fairly compensated for the work they have done, and a company's financial well-being depends on not overpaying employees for the time they have worked. In addition, businesses are liable for payroll taxes on employee earnings as well as remitting payroll taxes that have been withheld from employee paychecks. Consistency A payroll system has many components, and the information in each section should be internally consistent. An employee's weekly wages over the...
Words: 333 - Pages: 2
...Manzana has been facing troubles from intense competition from the Golden Gate Casualty, as well as problems from an inefficient operating procedure leading to late issuance of policies, customer dissatisfaction, and defection of agents to other firms. Situational Analysis Recent complaints from agents about the turnaround time, percentage late figure and the poorly performing renewal business iterate the below average performance of the Fruitvale branch of Manzana. The following points were presented in the case. ? Around 76 independent agents represent Manzana at Fruitvale and dealt directly with the public. There was a difference in the commissions each agent received according to the policy request. ? Exhibit 1 gives an overview of the Operations flow across the four tasks that are performed for every policy request. O A RUN goes through all the four stages [Distribution, Underwriting, Rating and Writing] while a RAP and RERUN bypass the select and classify sub-stages of Underwriting. O After Rating, a RAP was returned back to the distribution clerk. Only 15% of all RAPs result in RUNs and transferred to policy writing. ? On the basis of average processing times, Fruitvale is equipped with enough staff to handle each major task Exhibit 2. Despite the overstaffed Rating and Policy writing teams, there is a noticeable increase in backlogs. ? The company...
Words: 405 - Pages: 2
...when economies of scale are realized. Adam Smith identified the division of labor and specialization as the two key means to achieve a larger return on production. Through these two techniques, employees would not only be able to concentrate on a specific task, but with time, improve the skills necessary to perform their jobs. The tasks could then be performed better and faster. Hence, through such efficiency, time and money could be saved while production levels increased. Just like there are economies of scale, diseconomies of scale (DS) also exist. This occurs when production is less than in proportion to inputs. What this means is that there are inefficiencies within the firm or industry resulting in rising average costs. Internal and External Economies of Scale Alfred Marshall made a distinction between internal and external economies of scale. When a company reduces costs and increases production, internal economies of scale have been achieved. External economies of scale occur outside of a firm, within an industry. Thus, when an industry's scope of operations expands due to, for example, the creation of a better transportation network, resulting in a subsequent decrease in cost for a company working within that industry, external economies of scale are said to have been achieved. With external ES, all firms within the industry will benefit. Where Are Economies of Scale? In...
Words: 1209 - Pages: 5
...Algebra 1: Simplifying Algebraic Expressions Lesson Plan for week 2 Age/Grade level: 9th grade Algebra 1 # of students: 26 Subject: Algebra Major content: Algebraic Expressions Lesson Length: 2 periods of 45 min. each Unit Title: Simplifying Algebraic Expressions using addition, subtraction, multiplication, and division of terms. Lesson #: Algebra1, Week 2 Context This lesson is an introduction to Algebra and its basic concepts. It introduces the familiar arithmetic operators of addition, subtraction, multiplication, and division in the formal context of Algebra. This lesson includes the simplification of monomial and polynomial expressions using the arithmetic operators. Because the computational methods of variable quantities follows from the computational methods of numeric quantities, then it should follow from an understanding of basic mathematical terminology including the arithmetic operators, fractions, radicals, exponents, absolute value, etc., which will be practiced extensively prior to this lesson. Objectives • Students will be able to identify basic algebraic concepts including: terms, expressions, monomial, polynomial, variable, evaluate, factor, product, quotient, etc. • Students will be able to simplify algebraic expressions using the four arithmetic operators. • Students will be able to construct and simplify algebraic expressions from given parameters. • Students will be able to evaluate algebraic expressions. • Students...
Words: 692 - Pages: 3
...Constructing Formulas for Mathematical Operations in Excel (Basic Tips and Techniques) Michelle A. Applequist Computer Information Systems (CIS105) Professor Hari Dhungana Strayer University September 1, 2009 Constructing Formulas for Mathematical Operations in Excel Microsoft Excel uses formulas to construct mathematical operations in a worksheet. After data have been entered into the worksheet, you can perform calculations, analyze data, and create charts. An Excel formula (calculations you create) and functions (formulas pre-existing in Excel) calculates the data entered in the worksheet. Formulas calculate numbers in a particular order. “Excel has one of the most comprehensive set of formulas, not only to perform calculations but also to manage data and records. It also has the ability to instantaneously re-calculate the results as the raw data changes” (Khoo, 2006-9, para. 2). To construct a formula after you have entered data, you must click in the cell that you want the results to appear in, and then type the formula. You can construct formulas by using the sum function, and editing numbers in a cell. It is stated that: Sum is an Excel function—a prewritten formula. Sum indicates the type of calculation that will take place (addition). When the sum function is activated, Excel looks above the active cell for a range of cells to sum. If there is no range above the cell, Excel will look to the left for a range of cells to...
Words: 694 - Pages: 3
...Mathematical Operations of Numbers and Simplifying Algebraic Expressions Section A.: Mathematical Operations of Numbers 1.) 8+((12+5) x 4)/2= 8+(17x4)/2= 8+68/2= 8+34= 42 2.) ((3+4)²+4)-2= (7²+4)-2= (49+4)-2= 53-2= 51 3.) ((12+7)+(8/4)²) (19)+(2)² 19+4 23 4.) ½ + ¼ - ⅓= 6/12+3/12-4/12= 9/12-4/12= 5/12 5.) 2/3 x 3/5 = Multiply straight across 2/3 x 3/5 = 6/15 Find common denominator Reduce to lowest term 6/15 ÷ 3/3 = 2/5 6.) ⅓ ÷ ½ = Multiply by reciprocal ⅓ x 2/1= 2/3 7.) 3/2 ÷ ( 1/5 + 6/10) = 3/2 ÷ (2/10 + 6/10) = 3/2 ÷ 8/10 = Multiply by reciprocal 3/2 x 10/8 = 30/16 = 15/8 = 1 7/8 Section B.: Simplifying Algebraic Expressions 1.) 2x + 3x - 5x + x = 5x - 5x + x = 0 + x = x 2.) 2(6x + 5) = 2(6x) + (2x5) = 12x + 10 = 3.) (14x - 7) /7 = 14x - 7 ÷ 7 = 14x ÷ 7 = 2x -7 ÷ 7 = -1 2x - 1 4.) -(-15x) - 3x = 15x - 3x = 12x 5.) 5(3x+4) - 4 = 15x + 20 - 4 = 15x + 16 = 6.) 5(3x-2)+12x = 15x -10+12x = 27x - 10 = 7.) 4(2y-6)+3(5y+10) = 8y-24+15y+30 = 23y-24+30 = 23y+6= 8.) (x+1) (x-2) = Multiply the first 2, outside 2, inside 2, last 2 xx - 2x + 1x - 2 = xx - 2x + x - 2...
Words: 252 - Pages: 2
...loop. I am very familiar with the for loop, but I want to use the other control structures more. I enjoyed learning other methods this week. This week, the for … each loop caused me to wonder. I like thinking about putting a data structure into the top of a for … each loop, and letting the computer decide how many processing iterations to make. In my opinion, this avoids mistakes counting how many iterations to perform. The while and do … while loops, cause me to wonder. I spend time thinking they are good replacements for the if structure. Often, I use if in my programming, but I leave out do, and do … while. I enjoy practicing do, and do … while, so I can use these two control structures in my daily programming practice. I’m gaining efficiency skills by learning all the control structures of Java. I do a lot of Java programming at home. Java is my favorite programming language because of its cross platform portability. Now, with my understanding of each additional control structure, I can improve my program’s performance by using switch where if used to be. Instead of branching out multiple time in an If statement, Its better to use switch. Switch bypasses multiple branch processing, and goes right to the evaluated value in the switch statement. Now, I can bypass long if statements with too many branches. I program video games in my spare time, and I have quite a few long-branched if statements. I read in the book switch statements don’t branch off for each else, and go...
Words: 601 - Pages: 3
...Aaron Sura June 2, 2014 Wiley plus exercise Question 1. (a). $181,500 (b). $41,200 (c). 38,000 (d). 19,200 (e). 9,500 (f). 63,400 Question 3. In its first month of operation, Maze Company purchased 100 units of inventory for $6, then 200 units for $7, and finally 150 units for $8. At the end of the month, 180 units remained. Compute the amount of phantom profit that would result if the company used FIFO rather than LIFO. The company uses the periodic method. FIFO: $1,410 150 units multiplied by $8 equals $1,200 30 units multiplied by $7 equals $210 $1,200 plus $210 equals $1,410 LIFO: $1,160 100 units multiplied by $6 equals $600 80 units multiplied by $7 equals $560 $600 plus $560 equals to $1,160 Therefore, the phantom profit would be $250 if the company were to use the FIFO rather than LIFO. Question 4. Compute the lower of cost or market valuation for O'Connor's inventory. 12,500(camera)+9,000(camcorders)+12,800(DVD’s)= $34,300 Question 5. Establishment of responsibilities: Only cashiers may operate registers. Segregation of duties: The duties of receiving cash, recording cash, and having custody of cash are assigned to different individuals. Independent and internal verifications: Daily cash counts are made by cashier department supervisors. Human resource control: All cashiers are bonded Physical controls: All over-the-counter receipts are registers. Question 6. Segregation of duties: 3 Establishment of responsibilities:...
Words: 259 - Pages: 2
...is to implement the Just In Time Distribution (JITD). This new system, contrary to current system Barilla has will eliminate Bullwhip effect and stock outs by having centralized information, there will be data transparency between Barilla and distributors. Distributors will provide actual sales data which will be the basis of forecasting and production thus increasing in efficiency in operation and alleviating stock out among distributors. JITD will lead to improved supplier-customer relationship which in the long run can be perceived as a win-win situation. Internal resistance coming from Sales and Marketing will be resolved by involving the top management and by presenting the benefits of the JITD in figures and by emphasizing that role of Sales team in JITD is of paramount to the implementation. External resistance will be combated by thorough discussion presenting the long term benefits of all parties involved. Implementation of JITD as soon as possible will position Barilla on even stronger pasta producer and will potentially increase growth rate of the company resulting from increased business efficiencies and reduced cost. Barilla can have a pilot run on the DO (Distribuzione Organizzata) where sales representatives functions are dominant, sales representatives are one of the key factors on the success of JITD implementation. Weekly meeting between Barilla and DO will have to take place for couple of months upon implementation to monitor its status. ISSUE IDENTIFICATION ...
Words: 309 - Pages: 2
...list of Frequently Used Symbols and Notation A text such as Intermediate Financial Theory is, by nature, relatively notation intensive. We have adopted a strategy to minimize the notational burden within each individual chapter at the cost of being, at times, inconsistent in our use of symbols across chapters. We list here a set of symbols regularly used with their specific meaning. At times, however, we have found it more practical to use some of the listed symbols to represent a different concept. In other instances, clarity required making the symbolic representation more precise (e.g., by being more specific as to the time dimension of an interest rate). Roman Alphabet a Amount invested in the risky asset; in Chapter 14, fraction of wealth invested in the risky asset or portfolio AT Transpose of the matrix (or vector)A c Consumption; in Chapter 14 only, consumption is represented by C, while c represents ln C ck Consumption of agent k in state of nature θ θ CE Certainty equivalent CA Price of an American call option CE Price of a European call option d Dividend rate or amount ∆ Number of shares in the replicating portfolio (Chapter xx E The expectations operator ek Endowment of agent k in state of nature θ θ f Futures position (Chapter 16); pf Price of a futures contract (Chapter 16) F, G Cumulative distribution functions associated with densities: f, g Probability density functions K The strike or exercise price of an option K(˜) Kurtosis of the random variable x x ˜ L A lottery...
Words: 166919 - Pages: 668
...Wharf, qualifying for inclusion in the FTSE 100, the top 100 companies by market capitalisation (value of shares), as at April 2001, importance is placed on the commercial property sector (Freeman, 2005). The property market is also of consideration to the government as well because as much as it is contributing to the economic growth of the nation – as at the end of 2003, the total value of the commercial property stock was a whopping £611bn (RICS, 2005) – it is beclouded by its own issues and failures. This purpose of the paper is to examine the commercial property market, its dynamism i.e. driver of change, it efficiency and inefficiencies and government intervention to cub or reduce the market failures that will be noted. It is structured as follows: Section 2 will give the definition of commercial property market and the description of the market efficiency – both for text book description and for what is obtainable in the market. Section 3 will outline government intervention to...
Words: 3183 - Pages: 13
...On 5th January 1914 the Ford Motor company announced that it would more than double the wages of its workers. Briefly describe the history of this decision and relate to the theory of incentives and efficiency wages. When Henry Ford introduced the five-dollar day on the 12th of January 1914, many of his competitors might have questioned the success of this policy. Today, it is well established that Ford’s strategy was a key reason for the company’s early success and is often documented as an exemplary application of the efficiency-wage theory. This essay will briefly outline the history and implications that have led to the five-dollar day and relate it to the theory of incentives and efficiency wages. Henry Ford founded the Ford Motor Company in 1903. During the first few years the company remained relatively small and it was only with the introduction of the T-Model in 1908 and the transformation to assembly line production that Ford could expand his market share and increase the company’s profitability. However, as Raff and Summers noted, assembly line production resulted in a high degree of specialisation of the different production steps. Work at Ford’s became more and more menial, leading to dissatisfaction among the workforce, which reflected in a significant annual turnover of 370% in 1913. Although there was no evidence that Ford had problems filling his vacancies, the absenteeism and high turnover undoubtedly resulted in costs that Ford had aimed to reduce. It...
Words: 1027 - Pages: 5
...In agriculture, the term ‘resource use efficiency’ may be broadly defined to include three allied concepts viz. technical efficiency, allocative efficiency and environmental efficiency (Haque, 2006: 64). Analytically, technical efficiency means maximising output for given input (at the level of production possibility frontier). Allocative efficiency implies that the usage of input is minimised. Environmental efficiency, which has nowadays acquired critical relevance, implies that the production process should be sustainable. It is possible that a production process is not sustainable over time. For instance, using more water than that is replenished can reduce the ground water level which can have an adverse impact on the cultivation of crops in the subsequent years. Or, inappropriate use of fertilisers can lead to salinity affecting the soil quality. With climate change, adverse implication could also be because of activities outside the production process. At any given time, for given prices, the allocative efficiency (AE) is the ratio of ‘marginal value of product per unit input’ to ‘marginal cost per unit input’ (i.e. AE = MVP/MC). AE is optimal at unity. The overall economic efficiency (EE) is a product of technical efficiency and allocative efficiency (EE = TE*AE). If the latter (i.e. AE) is unity, then economic efficiency is the same as technical efficiency, that is, one ensures maximum income at least cost (Fan,1999, Jha et al, 2000). Factor Combination and Resource...
Words: 376 - Pages: 2
...Competition policy covers the different ways in the competition of national governments and also the EU seeks to make markets work better & achieve higher level of the economic efficiency and economic welfare. The competition policy focus on the discourage of competitive behavior. This wills covers in which the competition of the national governments & EU seek to the better work of the markets to achieve higher level of economic efficiency. The main expectation of competition policy is to make the market contribute to increase efficiency and competitiveness of the UK economy within the single market of EU. There are main objective – * Technological innovation * Protect and secure the standards of anti-competitive behavior. * Effective price competition between suppliers. The coco green company should follow these objectives to gain the UK market. Main Aims of Competition Policy Main aim of competition policy is to promote competition & make markets work better & contribute towards to increased efficiency & competitiveness of the UK economy. within the EU single market. Competition policy is aims to ensure: * Wider consumer choice in the markets for goods & services. * Technological innovation in which promotes gains in the dynamic efficiency. * Effective price competition between the suppliers. * Investigating allegations of the anti-competitive behaviour within the markets which might have negative effect on...
Words: 792 - Pages: 4
