...Life Style Inventory Results Management 591 Leadership and Organizational Behavior Anne Hallcom September 16, 2012 The LSI, life styles inventory, measures twelve specific patterns of thinking that are broken down into three categories: constructive, passive/defensive, and aggressive/defensive. Constructive styles reflect self- thinking to receive your own satisfaction, develop relationships to work with people, and task completion. Passive/defensive styles reflect self- protecting thinking to ensure security needs with people. Aggressive/defensive styles reflect self-promoting thinking to maintain position through security needs by task-related activities. After taking the LSI survey my primary and secondary styles of thinking fall under aggressive/defensive thinking. My limiting style of thinking falls under passive/defensive thinking. My primary thinking style, power, measures your self-worth to a degree that we can control and dominate others. Power thinkers lack confidence in others and try to establish their feelings of self-importance. Power thinkers are characterized to be aggressive and to have a rigid way of thinking. Power thinkers have a high need for control, power, prestige, and status. Power thinkers dictate the actions of others and they are threatened by undermined authority. Consequently, the qualities I found to be true about me regarding power is that I have a lot of aggression, lack confidence in others, and I have a high need of control and influence. At...
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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...
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...Description of the inventory count process: EarthWear’s Procedures: During EarthWear's year-end inventory count in each warehouse, representatives of the company count all inventory items and record the count for each inventory item on an inventory "count tag." Once the count at a particular warehouse is finished, all tags are collected and compared with the Inventory Status Report. Corrections are recorded on the Inventory Status Report and entered into the Inventory program. Auditor’s Procedures: Inventory observation is a required procedure under Generally Accepted Auditing Standards. In addition to inquiry regarding the client’s count controls and procedures and observing the client’s overall inventory count process and the organization of the warehouse, the external auditor performs test counts on a sample of inventory items. Some of the selections are made from count tags, which are then traced to the inventory status report to verify that the inventory status report is complete and accurate. This procedure is often referred to as a “floor to sheet” test (i.e., all inventory items on the warehouse “floor” have been included in the inventory status report “sheet”), and is primarily a test for the completeness and accuracy assertions. The auditor also makes some test count selections from the inventory status report and vouches the selected inventory items to the corresponding inventory count tags to verify that inventory listed on the inventory status report exists and...
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...manufacturing organizations. Purchase processing procedures Purchases procedures include the tasks involved in identifying inventory needs, placing the order, receiving the inventory and recognizing the liability. In general, these procedures apply to both manufacturing and retailing firms. It differs only in the way purchases are authorized. | Manufacturing firms | Merchandising firms | Purchase authorization | Production planning and control function | Inventory control function | Monitor inventory records The inventory control monitors and records finished goods inventory levels, when inventories drop to a predetermined reorder point, a 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...
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...Colgate-Palmolive (CL) report the following sales and accounts receivable balances ($ millions). Compute the 2005 accounts receivable turnover for both companies. a. b. c. d. PG: PG: PG: PG: 13.56 13.11 13.76 15.31 CL: CL: CL: CL: 8.71 8.35 8.67 9.02 2. Abercrombie and Fitch (ANF) and TJ Maxx (TJX) report the following information in their respective January 2006 10-K reports. Compute the 2006 inventory turnover for each of these two retailers. a. b. c. d. ANF: ANF: ANF: ANF: 3.25 7.67 2.98 2.57 TJX: TJX: TJX: TJX: 5.21 6.79 1.31 5.19 Cambridge Business Publishers, ©2010 Quiz 6-1 Financial & Managerial Accounting for MBAs, 2nd Edition 3. Intel Corporation (INTC) and Texas Instruments (TXN) report the following information. Compute the 2005 PPE turnover for both companies. a. b. c. d. INTC: INTC: INTC: INTC: 2.27 2.17 2.50 2.36 TXN: TXN: TXN: TXN: 3.44 3.21 3.50 3.43 4. General Electric Company reports the following footnote in its 10-K report. The company reports its inventories using the LIFO inventory costing method. Assume GE has a 35% income tax rate. As of the 2005 year-end, how much has GE saved in taxes by choosing LIFO over FIFO method for costing inventory? a. b. c. d. $6,705 million $475 million $3,610 million $244 million Cambridge Business Publishers, ©2010 Quiz 6-2 Financial & Managerial Accounting for MBAs, 2nd Edition 5. The inventory footnote from the Deere & Company’s 2005 10-K follows ($ millions). Inventories Most inventories owned by...
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...#2 Inventories The purpose of this assignment is to help you understand how the inventories concepts discussed in Chapters 8 and 9 of the textbook apply in a real-world company. To complete this assignment, you will need to use Starbucks’ 2013 Annual Report (available on Blackboard). Prepare type-written responses to the following questions. Include appropriate references to the Annual Report. The assignment will be graded on correctness and presentation. Hand-written work will not be accepted and late assignments will have five points automatically deducted. 1. What types of inventories does Starbucks have? Coffee (Unroasted and Roasted), other merchandise (serveware and tea) held for sale, breakfast food, packaging and other supplies Pg69, Notes 5 Inventories 2. of the end of fiscal 2013, what is the balance sheet carrying value (book value) of Starbucks’ inventories? $1,111.2 Pg53, “Starbucks Corporation Consolidated Balance sheet” 3. Is this the same amount that Starbucks paid to its suppliers to purchase these inventories? Why or why not? Pg15, “Product supply” No. There were $882 million, comprised of $588 million under fixed-price contracts and an estimated $294 million under price-to-be-fixed contracts.The reason that there will be difference between the price that Starbucks paid to its suppliers and the value shows on balance sheet is $294 million price-to-be-fixed contract. According to the “Product Supply ” section of Starbucks report, ...
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...benefits of inventory control Computerization is the key to maintaining proper inventory levels Corporate Detroit (reprinted with permission) By Donald Reimer, CMC & Ravi Nayar, CMC Today, maintaining the right inventory levels is a tough challenge. If not properly managed, your inventory can result in a significant expense. Looking over your shoulder is the lender who is concerned about the cost of carrying too much inventory - which can affect profitability. Fortunately, there are management information systems that exist which use microcomputers and a variety of industry specific software. The cost of carrying inventory today has become a major expenditure and requires immediate attention. The benefits of inventory control far outweigh the costs. Any reduction in inventories, whether it is raw material, work-in-process, finished goods or supplies, can have a dramatic impact on your bottom line. Industry averages suggest that a 20 percent reduction in inventory is achievable with a computerized inventory control system. For a company with a yearly sales volume of $1 million, such a reduction would result in savings of $14,400 per year and would free up $48,000 of new dollars for reinvestment. For a company with a yearly sales volume of $10 million, the figures are proportionately higher: $144,000 per year in savings and $480,000 in new dollars for reinvestment. | "The benefits of inventory control far outweigh the costs." | | | A computerized inventory control...
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...activities of an entity to various users to aid them in making informed judgments and decisions. TRUE 2. Managerial accounting reports are prepared according to generally accepted accounting principles. FALSE 3. Managerial accounting information includes both historical and estimated data. TRUE 4. Since there are few rules to restrict how an organization chooses to arrange its own internal data for decision making, managerial accounting provides ample opportunity for creativity and change. TRUE 5. A diagram of the operating structure of an organization is called an organization chart. TRUE 6. In most business organizations, the chief accountant is called the treasurer. FALSE 7. In most business organizations, the chief accountant is called the controller. TRUE 8. A staff department or unit is one that provides services, assistance, and advice to the departments with line or other staff responsibilities. TRUE 9. The vice presidents of production and sales and the controller hold line positions in most large organizations. FALSE 10. A staff department has no direct authority over a line department. TRUE 11. The controller's staff consists of management accountants responsible for systems and procedures, general accounting, budgets, taxes, and cost accounting. TRUE 12. Managerial accounting reports must be useful to the user of the information. TRUE 13. Planning is the process of monitoring operating results and comparing...
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...and can serve to deter and minimize risks associated with day-to-day business. Internal controls are designed to safeguard a company’s assets by preventing theft, fraud, and waste of company resources. They are also implemented to ensure compliance with internal and other regulations. Sarbanes-Oxley Act of 2002 (2003) requires information from management and the auditors regarding the effectiveness and efficiency of a company’s internal controls. Effective internal controls will ensure reliability of financial reports. This proposal includes internal controls each company should implement for cash, sales, accounts receivable, inventory, and production. Cash A company must have strong effective internal control to protect against its cash resource. “Cash is highly liquid (easily converted into cash!), not easily identifiable as company property, and highly portable. For these reasons, cash is the favorite target of employee thieves, although theft of inventory is a close second” (Louwers, Ramsay, Sinason, & Strawser, 2007, p, 211). A company should have written processing procedures for cash known by those involved with cash. Additionally cash (includes money orders and checks) should always be stored in a locked and secured area. One main internal control for protection of cash is segregation of duties. Collection, accounting, and reconciliation of cash should be done by different individuals (The Institute of Internal Auditors, 2008). Collusion among employees is...
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...Physical Inventory Guidelines Purpose This document provides guidelines for conducting annual physical inventories, and is applicable to all units that hold inventory for resale to external or internal customers. Annual physical inventories not only help ensure the accuracy of inventory balances reported in the University's financial records but also help you manage the activity in your area. While these guidelines address annual physical inventories, similar concepts apply to cycle counting, but the specific steps are different. Cycle counting is a process that uses regularly scheduled counts but does not count the entire inventory in a single event. Please contact the Controller's Office Business Operations Department at 3-0781 for guidance. The document consists of the following sections and supplemental information in the appendices. Table of Contents Purpose ...........................................................................................................1 Responsibilities ................................................................................................2 Planning for a Physical Inventory .....................................................................2 Conducting the Physical Count ........................................................................5 Reconciling the Physical Inventory ..................................................................6 Appendix ............................................................
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...REPORT ON BUSINESS CONSEQUENCES OF NATURAL DISASTERS FOR THE BOARD OF DIRECTORS OF MILLEY LTD Bachelor of Professional Accounting Macquarie University Sydney, Australia 2011 Submitted to the Faculty of Busines and Economics of Macquarie University in partial fulfilment of the requirement for ACCG 224 April, 2011 Word Count = 1484 Table of Contents CONTENTS page Executive Summary Table of Contents Introduction Discussion 1.Research and report on the floors in Queensland 2 Discuss six items 2.1 Items of inventory destroyed or damaged 2.2 Collectability of accounts receivable 2.3 Unfulfilled contract to supply books 2.4 Replacement cost of damaged PP&E 2.5 Cleaning up costs in May 2011 2.6 Receiving Government Assistance Conclusions Recommendations References Appendices EXECUTIVE SUMMARY This research report provides an analysis and evaluation of the current state of Milley Ltd which is a book publisher located in Brisbane. The company's office and warehouse suffered damage during the recent floods and storms. The circumstance resulted accounting issues about the presentation of financial reports for the year ending 31 March 2011. Methods of analysis include background reflection...
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... 2013 Professor Nadonya Jackson Section I: Overview Peachtree Accounting Software is a software program made for small and medium sized businesses sold by Sage. This software enables controllers and mangers to automate and manage the numerous accounting tasks involved in a business. Peachtree software can benefit a company by providing accuracy that manual bookkeeping cannot. Some of these tasks include; reconciling accounts payable and receivables, creating financial statements, creating and checking invoices, tracking banking transfers and payroll, importing and manipulating spreadsheets, and integrating scanned documents like checks, receipts and invoices. Peachtree also makes it easy to manage inventory, tracking which of your items are being sold to which customer and how many. Employee management on performance and how to manage and develop your employees is also available through the use of the subscribers of Peachtree Business Care or Peachtree Payroll Systems, where you can receive access to comprehensive human resources information. Peachtree accounting software is intuitive enough that you may be able to dig in and get started, especially if you have some accounting knowledge. The programs are divided into several functional areas, including customers and sales, vendors and purchases, and company (Yakel). It is easy to find transactions that are related to others, like the quote or sales orders that led to an invoice...
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...belongs. Failure to use an acceptable file naming convention may result in your assignment lodgement being rejected. Refer to the endnotes of the aSSign ment detail s for lodgement options if the Learnline Assignment Lodgement link for this unit is unavailable. o 0 0 . . DO NOT LODGE BY FAX nor EMAIL nor at LECTURER'S OFFICE KEEP A COpy Ensure you have a copy of the assignment lodged. If you have submitted assessment work electronically please make sure you have a backup copy. DECLARATION BY STUDENTS I certify that this assignment is my own work, based on my own personal study and research, and that I have acknowledged all material and sources in the preparation of this assignment, whether they be books, articles reports, lecture notes, any other kind of document or personal communication. I also certify that this assignment has not previously been submitted for assessment in any other course or at any other time in the same course and that I have not copied in part or whole or otherwise plagiarised the...
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...over another project at work seemed less than exciting when I noticed that the program was not running to the best of its ability. In 2010, I was asked to take over the Demo program, meaning to monitor the inventory that was being issued out to Reps (who than used the inventory to close big deals and/or to gain business). Days into my new duty I noticed that the amount of merchandise being issued out was not being returned and/or lost. Reps were not being held accountable for the devices and there was no way to track how much inventory was being issued to each Rep. I knew this was becoming a problem and needed to be addressed immediately, so I emailed my supervisor and asked to have a one-on-one to discuss possible resolutions. During our meeting, I presented him with a Past Due Report, which would keep track of who checked out what inventory, their reporting manager, their associate director and the dollar amount of all equipment that was out in the field. I explained how the report would create responsibility, structure and the opportunity to be more successful for all who was actively involved with this program. Accountability. Since the report was approved and has now become a permanent piece of this program, Reps have become more responsible and careful with the inventory they are demonstrating. I am able to determine what they have checked out and how much it is all worth. Also, the devices are only to be checked out 2 weeks at a time. If a Rep should have their devices...
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...problem. With effective but affordable medicines, it aims to solve the hindrance of what people are facing nowadays which are high-priced medications. Founded by Mr. Mendoza, Mendoza Drugstore was established on March, 2011 in Santa Maria, Bulacan. The company has two employees and one administrator. Although the pharmacy provides cheap but effective medicines to their townsmen, problems arise with the pharmacy performance. The sales and inventory transactions in the store using only calculator has a very slow processing considering they do not have a computerized sales and inventory system yet. The processing of sales and inventory usually begins when a customer buy medicines over the counter. The employee will now perform the sales transaction. After the transaction, receipts should be given to the customers but they still do not have a receipt processing system. On the other hand, the medicines bought by the customers should be automatically reduced in the inventory area. Newly delivered medicines are also processed in the inventory. 1.2 Conceptual Framework Figure 1.0 Conceptual Framework of the Proposed System Figure 1.0 presents the main obstacles of the pharmacy since it settled down to business. From slow point of sale transactions...
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