• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

Investigating Financial Control

Extracts from this document...


Unit 3 - Investigating Financial Control Task 1 The business I'll be examining and find out their objectives and aims is Sainsbury. Sainsbury is a retail store that was founded in 1869 by John James and Mary Ann Sainsbury and it is Britain's longest-standing major food retailing chain. They opened their first small dairy shop at 173 Drury Lane, London. Drury Lane was one of London's poorest areas and the Sainsburys' shop quickly became popular for offering high-quality products at low prices. It was so successful that further branches were opened in other market streets in Stepney, Islington and Kentish Town. In addition, their head office is in J Sainsbury plc, 33 Holborn, London, EC1 N2HT. By 1882, John James Sainsbury had four shops and had plans to expand his business further. He opened a depot in Kentish Town, north-west London, to supply this growing chain and, on the same site, built bacon kilns that produced the first Sainsbury brand product. It was also in 1882 that John James opened his first branch in the prosperous suburb of Croydon. This shop sold a wide range of 'high-class' provisions and was more elaborately decorated than the earlier shops. However, between 1890 and 1900 the number of Sainsbury's branches increased from 16 to 48. In addition to a wide range of quality food and grocery products, many stores offer bread baked on the premises, delicatessen, meat and fish counters, pharmacies, coffee shops, restaurants and petrol stations. ...read more.


However this is copy of the store and everything is being recorded at the end of the day. Transaction - Electronic recording If a customer made purchses with cash, credit or debit it is automatically registered in the cash register and this is recorded electronically. This process is easy because at the end of the day the business would know how much money they've made and they could easily retrieve information on the system for future references. The effectiveness and security of recording transaction maually and electronically Manual recording is effective because its way of recording transaction easily and faster by customers' purchasing items from the store. In addition, all the receipts should be kept for future references at the end of the day and they should be stored in a safe and dry place. Manual recording is not secure due to some certain reasons like if: * Customers' reciepts could be lost. * Receipts may not be handled with proper care, that is, a staff could put it in the bin without taking note that it is still a receipt that could be useful for the future. * Time is being wasted because it takes a lot of time to record transaction of customers. * Receipts could get wet mistakely by staff. * Staff could forget to record transaction. ...read more.


If a customer wants to change his/her PIN, they could visit any Sainsbury's Bank, Halifax or Bank of Scotland cash machine and simply follow the on screen instructions. Sainsbury's strongly advise that customers never write down or tell anyone their credit card PIN number. In addition, customers should never give their card, or card number, to anyone unless they are giving them payment details. There is also a contact number, which is 0845 300 0344* in case a customer thinks anyone is in a position to use their card without their permission. Public Action The company encourages members of the public or staffs that if they presume fraud and corruption, they should contact anyone in a higher rank in the store, that is the Chief Executive, Manager or security. My source of information was from www.sainsburybank.co.uk Fraud could also be prevented through this ways too, which are: o Staffs are trainned on how to recognise shop lifters. o CCTV cameras are being installed. o Before employees are employed, their personal record are being checked for any criminal record before they are employed. o Security gaurds. o At the start and at the end of sales for the day, stock are being doubled checked in order to make sure everything is in perfect and not missing. This is an appendix of Sainsbury's group profit and loss account to show how much the business has gained and lost through sales. ?? ?? ?? ?? BTEC First Diploma in Business Lucy Oloko 06/01/2006 1 ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our AS and A Level Accounting & Financial Management section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related AS and A Level Accounting & Financial Management essays

  1. A2 Business CourseWork

    Having a large business in a town can be a real advantage to a council for this very reason. Businesses are constantly trying to win the approval of people and councils benefit from this because they will help fund things for the people of the community.

  2. The maintenance of accurate records supplies the company with the financial data that assists ...

    words it shows the manager where spending is greater, less or equal to the budget plan. It also enables identifying which factors have caused the variance to be adverse or favourable. Forecasted Actual Variance Sales revenue 15 000 14600 (400)

  1. In this section I am going to be looking at various life stages and ...

    terms up to 60 months so this is really good and flexible for the individual. Fixed interest rates so monthly repayments never change. Loan Amount Representative APR Repayment Term* Monthly Repayment Total Payable �3,000 8.4% 60 months �62.38 �3,742.80 �5,000 8.4% 60 months �103.97 �6,238.20 �10,000 8.4% 60 months �207.93

  2. Business Development Plan

    Costs - Businesses often want to recruit staff as cheaply as possible (minimum wage) and this may not be affective in most cases as they may not do the job as efficiently as they may not get motivated by this lack salary towards them.

  1. business plan unit

    This is not a specific objective. It isn't even an objective. It is more like an aim because it isn't specific but is something that the business wants to have made money. It doesn't specify how much they roughly want to make, it just says they want to have made money.

  2. Questions on Financial Management

    of the risks facing the project and their impact on project profitability. Sensitivity Analysis of NPV('000) Assumption Pessimistic Expected or Best Optimistic Market size in year1 (13units-15units-17units) (639.83) 61.93 763.69 Market size in years2-5 (16units-18units-20units) (1982.87) 61.93 2106.73 Price (350-400-450) Variable cost(per unit) (0.14-0.12-0.10) Fixed cost (900-800-700) Investment (12400-11200-10000) (2896.37)

  1. The company I'm reporting on is Kraft Foods Incorporated - accounting principles.

    2002 and they hope it will keep rising for many years to come as they continue to add new products. Trend in Expenses There are numerous categories that make up the expenses for Kraft. These include marketing, administration and research costs (MAR), amortization of goodwill and other intangible assets, interest and other debt expenses.

  2. Justify a proposed comprehensive and integrated nancial service package that is appropriate for the ...

    I suggest that Ifter sets up any direct debits such as a phone bill or insurance to be automatically paid at the beginning of the month. This will be beneficial as he will not have to remember to pay the bills and also having it paid out on the first

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work